Nigeria undergoing major reset after subsidy removal — Soludo

The Governor of Anambra State, 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 stated that he benefitted 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.