The Governor of Anambra State, Prof. Chukwuma Soludo, has stated that Nigeria is undergoing a significant transformation, which he described as a “fundamental and disruptive reset,” following the removal of fuel and other subsidies by President Bola Tinubu. Soludo made these remarks during Veritas University’s 13th Convocation Lecture, which took place in Abuja on Thursday. The lecture, titled “Let Us Make a New Deal for Nigeria,” focused on addressing the country’s longstanding challenges and exploring ways to create a better future for all Nigerians.
Soludo’s address centered on the idea that Nigeria needs to break free from the cycle of reliance on subsidies, which he argued largely benefited the urban elite while leaving the broader population disadvantaged. He emphasized that the country must transition to a more productive and inclusive social contract, one that creates opportunities for all citizens, rather than just a select few. “We have entered a ‘muddling-through’ phase that requires careful navigation,” Soludo said, highlighting the importance of strategic leadership and caution in the face of these major changes.
The Anambra State governor highlighted that Nigeria is now operating in an environment where harmful fuel, foreign exchange, and electricity subsidies have been phased out. These subsidies, he argued, had long placed a strain on the nation’s economy without yielding significant benefits for the masses. “We have ended the harmful fuel, foreign exchange, and electricity subsidies,” Soludo noted, suggesting that the country is now in a phase where policymakers must make deliberate, yet thoughtful, decisions to ensure the country’s growth and stability.
Reflecting on his own educational journey, Soludo shared a personal account of how he benefited from a system that once provided free, quality education at all levels. “I benefited from free, quality education at the primary, secondary, and university levels,” Soludo recalled, pointing out that government-subsidized meals were also available in public universities. However, he acknowledged that the sustainability of such initiatives had become difficult as the nation’s economic situation worsened over time.
While discussing the historical context of Nigeria’s development, Soludo also recognized that military regimes, despite their many shortcomings, had made significant investments in education during the early years of Nigeria’s oil boom. He acknowledged the need for such investments to be revived and restructured in a way that meets contemporary challenges and creates a better future for Nigerians. He argued that moving away from subsidies was a necessary first step, but it must be coupled with careful planning and visionary leadership to avoid negative consequences for the populace.
Soludo urged the government and the people of Nigeria to come together and craft a pragmatic “new deal” for the nation. This new deal, he proposed, would focus on public works, economic reforms, and a nationwide infrastructure plan. Drawing inspiration from the United States’ Marshall Plan, which helped rebuild Europe after World War II, Soludo called for similar large-scale public investments in infrastructure, financial reforms, and regulatory changes to drive Nigeria’s economic revival.
“The lessons of the Marshall Plan can help guide us in creating a transformative plan for our own nation,” he said, emphasizing the need for a concerted effort by all levels of government. He also pointed to some positive developments in the country, such as the introduction of minimum wage legislation, the ongoing draft of a tax reform bill, and plans for targeted cash transfers aimed at assisting the most vulnerable Nigerians.
However, Soludo stressed that the success of these reforms would depend on the historic coordination between federal and state governments. He called for more effective collaboration to ensure the swift and efficient implementation of these reforms, which he argued would be essential to the country’s long-term prosperity. “The future of Nigeria depends on our ability to work together to make these changes a reality,” he said, underlining the urgency of political cooperation.
Turning his attention to the students at the convocation, Soludo delivered a powerful message, urging the graduates to take an active role in shaping the future of Nigeria. “The future you seek is in your hands. Only those who plan can control the future,” he told the graduates. He acknowledged that Nigeria may not have given them everything they needed, but he encouraged them to give back more than they had received in order to contribute to the nation’s growth.
Soludo also urged the graduates to remain committed to the development of Nigeria and to be willing to lead with integrity and vision. “While Nigeria may not have given you much, you are expected to give more than you have received,” he added. His words were aimed at motivating the new graduates to take pride in their country and actively contribute to its advancement.
The Vice Chancellor of Veritas University, Prof. Hyacinth Ichoku, welcomed the governor’s address, praising his ongoing commitment to youth education and the future of Nigeria. Ichoku reaffirmed the university’s dedication to providing quality education and fostering strong moral values among its students, preparing them for the responsibilities that lay ahead in their careers and as citizens.
During his remarks, the Pro-Chancellor and Chairman of the Governing Council, Dr. Matthew Kukah, raised concerns about the rise of banditry and insecurity across Nigeria. He attributed much of this unrest to the growing number of uneducated individuals, stressing that the lack of quality education is a root cause of many of the country’s security challenges. “We must address this issue for the safety of future generations,” Kukah warned, urging the government to place more focus on ensuring that all Nigerian children have access to quality education.
As the convocation ceremony concluded, it was clear that the speeches had made a profound impact on the graduates, many of whom were inspired to contribute to the future of the country. The message of unity, responsibility, and national reform resonated deeply with the students, who are poised to become part of the next generation of Nigerian leaders. With Soludo’s call for a new deal for Nigeria, the focus now shifts to whether the country’s leaders will heed these calls for transformative change.
