Nigeria: Drama As Adams Oshiomhole Blast Soludo Over Alleged Comment On Recession - eritvnews

Nigeria: Drama As Adams Oshiomhole Blast Soludo Over Alleged Comment On Recession

It was a dramatic scene yesterday as the immediate
past Governor of Edo State, Comrade Adams
Oshiomhole, and a former Governor of the Central
Bank of Nigeria (CBN), Prof. Charles Soludo, nearly
engaged in fisticuffs. The duo threw caution and
decorum to the wind while engaging in
counteraccusations at the Vanguard Economic
Discourse held in Lagos.

But Soludo had hardly rounded off when the ex
governor engaged him in verbal exchanges.
According to Soludo; “the situation called for a
state of emergency with a progress responsive plan
to lay the foundation for a post-oil economy.
The foreign exchange controls have wreaked havoc
on business confidence and private investments,
with massive capital flight and had driven the macro
economy into recession. Most macro variables had
worsened in the last two years.

I need to add that the president was elected this
month, two years ago. “Inflation rate from about
nine per cent to about 19 per cent, unemployment
from 7.5 per cent to 14 per cent. Market
capitalisation of the Nigerian Stock Exchange from
N11 trillion to about N8.65 trillion. Poverty is
escalating and the youth agitation increasing.
Business confidence remains very low while
competitive index has remained low. Foreign
reserves remain depleted and current account
balance is negative.’ The former CBN governor
didn’t only stopped at faulting the poor handling of
the economy by the present government but also
took a swipe at the fight against corruption and
carpeted the ruling All Progressives Party (APC) for
what he termed failed promises saying that, the
country is drifting apart and almost at the

Soludo’s presentation was well received but there
was a mood swing when it came to the turn of
Oshiomhole who was a member of the panel to
make his presentation.
He started on the comic note, describing Soludo as
the only governor in Nigeria who became a
governor without passing through the electoral
process and that when he had an opportunity to run
for office, he failed woefully as he couldn’t make it
beyond the primary stage in Anambra State.
The former governor didn’t stop at that as he ran
the gauntlet accusing Soludo of running the
economy aground when he was the CBN governor
alleging that a number of Soludo’s policies favoured
his cronies, specifically accusing him of enriching
two young men in new generation banks with
allocation of $8 billion, only for him to devalue the
naira a day later to benefit his two friends.
While tongue-lashing Soludo, he added that it was
easy for someone that is out of government to
blame people in power whereas when they were in
power they were failures and achieved less.
Oshiomhole also pointed out that the former CBN
governor, who was then the Chairman of Economic
Empowerment Development Strategy (NEEDS),
promised Nigerians 7,000 jobs which until now was
yet to materialise. “There is no such thing as free
market. Every nation has a central bank and they
manage their currencies. I have seen how the IMF
laments how China refused to allow its currency to

Whether we like it or not, in spite of their outright
rejection of IMF’s prescriptions by rigidly managing
their exchange rates, the Chinese economy has
enjoyed sustained growth. But drama set into the
discourse again when Soludo was asked to take the
floor again, as he angrily retorted to the earlier
accusations by Oshiomhole by saying; ‘‘Oshiomhole
is a liar, shut up if you don’t have anything to say in
an event.’’
He went ahead to explain his actions as the CBN
governor, insisting that it was very wrong for
Oshiomhole or any person to accuse him of wrong
doing during his time and that he did his best for
the country by strengthening the financial base and
institutions, building heavy reserve for the country.


Post a Comment