Nigeria undergoing reset through subsidy removal – Soludo

Governor Charles Soludo of Anambra State says Nigeria is undergoing a fundamental and disruptive reset with the removal of subsidies by President Bola Tinubu.

Soludo stated this at Veritas University’s 13th Convocation Lecture in Abuja on Thursday.

The lecture, titled ‘Let Us Make a New Deal for Nigeria’, explored ways to address the country’s challenges.

The governor emphasized the need to transition from subsidies, which largely benefitted the urban elite, to a productive social contract that creates opportunities for all.

According to him, the country has ended the harmful fuel, foreign exchange, and electricity subsidies.

The former governor of the Central Bank of Nigeria stated that he benefited from free, quality education at the primary, secondary, and university levels, with subsidised meals in public universities until government funding became unsustainable.

He acknowledged that, despite other issues, the military regimes invested in education during Nigeria’s early oil booms.

Soludo urged Nigerians to craft a pragmatic new deal for the country, as well as an emergency national infrastructure plan, similar to the U.S. Marshall Plan used to rebuild Europe after World War II.

He encouraged Nigerian leaders to draw inspiration from the Marshall Plan to implement public works projects, financial reforms, and regulatory changes that could transform the nation.

He also highlighted positive signs, such as the minimum wage legislation, the draft tax reform bill, and planned cash transfers.

He called for historic coordination between federal and state governments to ensure swift implementation of these reforms.

Soludo urged the graduating students to actively contribute to the country’s future.

“We have entered a ‘muddling-through’ phase that requires careful navigation.

“The future you seek is in your hands. Only those who plan can control the future, While Nigeria may not have given you much, you are expected to give more than you have received,” Soludo said.