Former Governor of Central Bank of Nigeria, Chukwuma Soludo has explained the rationale behind his decision to support President Muhammadu Buhari over former President, Goodluck Jonathan.
At the last presidential election, Soludo had chosen to pitch his tent with Buhari ahead of the incumbent president.
Speaking at the third anniversary lecture of the RealNews magazine, Soludo said Jonathan had the worst economic management team in history of Nigeria.
He then proceeded to state the 3 reasons why he backed Buhari’s election:
1. “First, I supported President Muhammadu Buhari (PMB) over Jonathan not because I was convinced about the credibility of the APC manifesto (and I said so in my article in January this year) but for three reasons. I was convinced that the last economic team was bankrupting the economy and had no clue as to how to fix it.”
We must support them to succeed by contributing when we can, and criticising when we must — tough love! I am enjoying my status as ‘an independent’ (I don’t belong to APC or PDP) and I therefore have the liberty to say it as I see it from the balcony! “As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country. On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999.”
2. “PMB is the first president of Nigeria under a democracy to have seriously desired the job and struggled for it for over 12 years. To me therefore, he must have a few points to prove, and I was willing to bet on a man who purposefully wanted the job than otherwise.”
3. “I was convinced that it would be in the enlightened self-interest of the APC, once in power, to do their utmost to keep power by delivering on the economy unlike the PDP which had taken power for granted. I am still confident that PMB can deliver change (although as I had indicated in my article in January, I didn’t believe that any of the two parties could deliver on their manifesto) but he and his team now need to run at the speed of a 1000 km per hour.”
“After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government.”
“For the better part of this year, the external shocks to the economy have been complicated or accentuated by a gamut of the ‘tried and failed’ command and control policy regime: de facto fixed exchange rate, largely fixed CBN monetary policy rate, crude capital controls, veiled form of import bans through a long list of ‘ineligible for foreign exchange’, de facto scrapping of domiciliary account established by law, etc.”