Nigeria Undergoing a Funndamental Reset with Subsidy Removal, says Governor Soludo

Governor Charles Soludo of Anambra State has stated that Nigeria is experiencing a “fundamental and disruptive reset” following the removal of subsidies under President Bola Tinubu’s administration.

Soludo made this remark during the 13th Convocation Lecture at Veritas University in Abuja on Thursday.

In his lecture titled “Let Us Make a New Deal for Nigeria,” Soludo addressed the nation’s pressing challenges and emphasized the need to shift from subsidies, which primarily benefited the urban elite, toward a productive social contract that creates opportunities for all Nigerians.

He noted that the era of fuel, foreign exchange, and electricity subsidies has ended, describing these changes as necessary for the country’s growth.

Reflecting on his own experience, Soludo recalled benefiting from free, quality education and subsidized meals during his school years, though he acknowledged that government funding for such support became unsustainable over time.

The former Central Bank governor also praised military regimes for their investments in education during Nigeria’s oil boom years but stressed the need for an updated, pragmatic approach to national development.

He urged Nigerians to forge a “new deal” for the country, suggesting the adoption of an emergency national infrastructure plan modeled after the U.S. Marshall Plan that rebuilt Europe after World War II.

Soludo called on Nigerian leaders to draw inspiration from the Marshall Plan to drive public works projects, financial reforms, and regulatory changes capable of transforming the nation.

He highlighted recent reforms, including the minimum wage legislation, a draft tax reform bill, and planned cash transfers, as positive indicators of progress.

The governor further emphasized the need for unprecedented coordination between federal and state governments to ensure the swift and effective implementation of these reforms.

Addressing graduating students, Soludo encouraged them to contribute actively to Nigeria’s future, saying, “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.”