Navigating Subsidy Shift: Prudence Required in Economic Transition

Subsidy Removal: We Are In A Phase That Requires Careful Navigation – Soludo

Anambra State Governor, Chukwuma Soludo, Identifies a New Path Forward for Nigeria

In his keynote address at Veritas University’s 13th Convocation Lecture, Soludo emphasized the need for a transformative social contract that prioritizes opportunities for all Nigerians, rather than merely benefiting the elite.

The lecture, titled “Let Us Make a New Deal for Nigeria,” focused on strategies to address the country’s most pressing challenges.

According to Soludo, Nigeria has undergone a significant shift, ending harmful subsidies on fuel, foreign exchange, and electricity. This change marks a critical turning point in the country’s history.

“We have entered a period of uncertainty, requiring careful navigation and strategic decision-making,” he noted.

Soludo shared personal anecdotes, recalling the free, quality education he received at all levels, from primary to university, and subsidized meals in public universities. He acknowledged the country’s early oil booms, during which military regimes invested in education.

The governor urged Nigerians to develop a pragmatic new deal, as well as an emergency national infrastructure plan inspired by the U.S. Marshall Plan. He called on leaders to implement public works projects, financial reforms, and regulatory changes that could propel the nation forward.

Soludo highlighted several positive developments, including minimum wage legislation, a draft tax reform bill, and planned cash transfers. He emphasized the importance of coordination between federal and state governments to swiftly implement these reforms.

Soludo charged graduating students to actively contribute to the country’s future, emphasizing that their vision and dedication are crucial in shaping Nigeria’s trajectory.

“Your future is in your hands. Those who plan can control their destiny. Nigeria may not have given you much, but you are expected to give more than you have received,” he said.