Nigeria wants completely disruptive growth plan to attain N500 trillion funds by 2027 – Agbakoba
Former President of the Nigerian Bar Affiliation, Dr. Olisa Agbakoba (SAN), has referred to as for an entire and radical shift in Nigeria’s political and {economic} technique, stating that solely a “disruptive growth plan” can allow the nation to achieve a nationwide funds of N500 trillion by 2027.
Agbakoba made the remarks throughout an interview with ARISE NEWS on Monday whereas discussing his newly launched coverage report, “Governance and {Economic} Evaluation and Forecast 2025.”
“It does look ironic that this form of proposal will come—going to a nationwide funds of N500 trillion appears to be like completely ridiculous, however I insist, it’s completely doable if Nigeria is prepared to desert enterprise as traditional,“ he admitted
Agbakoba emphasised that the nation’s growth historical past, dominated by conventional long-term plans, has didn’t ship actual transformation. Based on him, the difficulty isn’t the dearth of sources however poor utilization, misaligned governance, and outdated political preparations.
“We’ve had nationwide growth plans for the final 60 or 70 years, and I counsel to you that none have actually labored. What I’m suggesting with the intention to drive this course of is a wholly disruptive growth plan,” he stated.
Drawing inspiration from main world {economic} shifts—comparable to Donald Trump’s tariff reforms within the U.S., Mark Carney’s interventions within the bond market, and China’s try to decouple from world commerce methods—Agbakoba argued that Nigeria should additionally chart a brand new path, beginning with two key interventions: governance reform and {economic} reorientation.
Downsizing governance and devolution
In his evaluation, Nigeria’s present federal construction isn’t solely bloated however basically unproductive. He referred to as for a radical trimming of federal establishments and the decentralization of energy to the states and native governments.
“There’s no means Nigeria might be profitable until it decapitates its present political preparations. The federal authorities should downsize,” he stated.
“The Oronsaye report remains to be gathering mud. Why do we’ve got the Workplace of the Head of Service, the SGF, and the Chief of Workers all coexisting? The Workplace of HOS is a colonial relic.”
He urged the federal government to emulate methods with leaner constructions, mentioning that america operates effectively with simply 16 federal departments. In distinction, Nigeria has proliferated ministries and companies with overlapping mandates.
Agbakoba confused the necessity for states and native governments to develop into {economic} powerhouses by devolving each political and monetary powers to them.
“The federal authorities should devolve powers to the states and the native governments so all of them develop into economic-bearing entities,” he stated.
{Economic} Reform: Nationwide Management and Strategic Possession
The authorized luminary additionally spotlighted the oil and gasoline sector as certainly one of Nigeria’s largest missed alternatives. Based on him, the nation continues to outsource its oil capability to worldwide oil corporations—leaving solely a small fraction of generated wealth inside its borders.
“My proposal is to do what the Saudi Arabians do—use solely service contracts. We should personal every thing, in order that 80 to 90 p.c of the wealth from oil stays within the nation. Proper now, lower than 10 p.c does.”
He referenced current successes in home income technology as an indication of what could possibly be achieved with intentional reform. Citing the Federal Inland Income Service (FIRS) underneath its present management, Agbakoba famous the company’s progress from producing N9 trillion to N50 trillion in tax income, with expectations of reaching N100 trillion within the close to future.
“Folks doubted after we projected a N9 trillion financial system. Now, have a look at what Zacch Adedeji has achieved. This reveals it’s doable to scale even greater.”
Agbakoba’s proposal for a N500 trillion nationwide funds by 2027 could seem outlandish by right now’s requirements, however he believes the goal is attainable with daring, decisive, and disruptive change throughout each governance and {economic} spheres.
“It’s doable, it’s only a approach to get issues executed another way”, he affirmed.
Nigeria is at present grappling with {economic} headwinds, together with rising debt ranges, excessive inflation, and dwindling oil revenues.
