Soludo also suggested that Nigeria should have 5 vice-presidents from each geo-political zones to solve the problem of marginalisation.
He also said Nigeria should have five vice-presidents from each geo-political zone, with all of them serving simultaneously.
Soludo made the suggestions on Monday, May 22, at the ongoing the south-east summit on restructuring Nigeria which is being held in Awka, Anambra state.
According to him, a vice-president from each geo-political zones would ensure the representation of all Nigerians in government.
"The tenure of office of the president shall be a single term of six years. There shall be five vice presidents. One from each of the six geopolitical zones", the ex-CBN governor said.
Soludo said his proposal would solve the problem of marginalisation causing various agitations by different ethnic groups, especially the Igbo.
He added that the Igbo demand a new constitution and a constitutional conference - backed by law "where the people of Nigeria will agree on a new, truly, federal constitution."
"A constituent assembly should be constituted to agree on a new constitution for a new Nigeria.
"Such a constitution, the People's constitution should be approved by the people of Nigeria through a referendum to give it legitimacy and validity," he said.
The former CBN governor is the latest prominent figure to join in the call for the restructuring of Nigeria. Various stakeholders across the country have also repeatedly made cases for restructuring which they all believe is the solution to some of Nigeria's major problems.