Nigeria Undergoing Major Reset After Subsidy Removal — Governor Soludo

Governor of Anambra State, Professor Chukwuma Soludo, has emphasized that Nigeria is in the midst of a significant transformation following the removal of fuel, foreign exchange, and electricity subsidies by President Bola Tinubu. Speaking at Veritas University in Abuja during its 13th convocation lecture, Soludo described the current period as a disruptive yet essential “reset” for Nigeria.

In his lecture, titled “Let Us Make a New Deal for Nigeria,” Soludo discussed strategies to address the nation’s pressing challenges. He advocated for a shift from subsidy policies that primarily benefitted urban elites, proposing a new social contract aimed at promoting productivity and broadening economic opportunities for all Nigerians.

Acknowledging the complexity of this transition, Soludo referred to the current period as a “muddling-through” phase requiring careful policy management. He further emphasized the need for a comprehensive national infrastructure plan, drawing parallels with the United States’ Marshall Plan that rebuilt Europe after World War II. According to Soludo, a similar approach—focused on public works, financial reforms, and regulatory adjustments—could catalyze transformative progress for Nigeria.

In light of recent government initiatives, Soludo cited positive developments including the minimum wage increase, the draft tax reform bill, and planned cash transfer programs. He also underscored the need for historic coordination between federal and state governments to accelerate these reforms.

Speaking directly to the graduating students, Soludo urged them to actively participate 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 encouraged.