The Governor of Anambra State, Prof. Chukwuma Soludo, has stated that Nigeria is undergoing a crucial and transformative reset with the removal of subsidies by President Bola Tinubu’s administration.
Soludo made this statement during the 13th Convocation Lecture at Veritas University in Abuja on Thursday, where he delivered a lecture titled “Let Us Make a New Deal for Nigeria.”
The lecture focused on addressing the country’s deep-rooted challenges and charting a new path forward.
According to Soludo, the removal of subsidies marks a significant shift away from policies that mainly benefited the urban elite, towards a more equitable and productive social contract that can provide opportunities for all Nigerians.
“We have entered a ‘muddling-through’ phase that requires careful navigation,” Soludo said, referencing the removal of harmful subsidies on fuel, foreign exchange, and electricity.
He shared his personal experience, recalling how he benefited from free and quality education at the primary, secondary, and university levels, along with subsidized meals in public universities.
However, he noted that such benefits became unsustainable as government funding dwindled over time. Despite the country’s challenges, Soludo acknowledged that previous military governments made significant investments in education during the early oil boom years.
Soludo emphasized the need for Nigeria to adopt a pragmatic, forward-thinking approach, proposing the creation of a “new deal” for the country.
He suggested implementing an emergency national infrastructure plan akin to the U.S. Marshall Plan, which was instrumental in rebuilding Europe after World War II.
Drawing inspiration from the Marshall Plan, Soludo urged Nigerian leaders to focus on public works, financial reforms, and regulatory changes to transform the nation’s economy and infrastructure.
He also pointed to positive developments such as the recent minimum wage legislation, the draft tax reform bill, and planned cash transfer programs as encouraging steps.
However, he stressed the importance of historic coordination between the federal and state governments to ensure the swift and effective implementation of these reforms.
Addressing the graduating students, Soludo encouraged them to take an active role in shaping Nigeria’s future.
“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 said.
In his welcome speech, the Vice Chancellor of Veritas University, Prof. Hyacinth Ichoku, praised Soludo for his ongoing commitment to youth education.
He reaffirmed the university’s dedication to providing high-quality education and fostering strong moral values in students.
Dr. Matthew Kukah, Pro-Chancellor and Chairman of the Governing Council, highlighted the alarming rise of banditry and insecurity in the country, which he attributed to the lack of education.
He stressed the urgent need to address this issue to secure a safer future for generations to come.
