Nigeria Undergoing Major Reset After Subsidy Removal — Gov Soludo

Nigeria Undergoing Major Reset After Subsidy Removal — Gov Soludo

Anambra State Governor, Prof Chukwuma Soludo, has stated that Nigeria is undergoing a fundamental and disruptive reset, following the removal of subsidies by President Bola Tinubu.

Soludo made this remark during 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.

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

He explained that the country has ended the harmful fuel, foreign exchange, and electricity subsidies.

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

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 United States Marshal Plan used to rebuild Europe after World War II.

He encouraged Nigerian leaders to draw inspiration from the marshal 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.

He said, “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.”

He encouraged them to participate in shaping the nation’s destiny.