Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba, has called on President Bola Tinubu to adopt a rapid, decisive implementation strategy—similar to that of former U.S. President Donald Trump—to achieve an ambitious ₦500 trillion national budget by 2026/2027.
In a 35-page policy report titled “OAL Governance and Economic Analysis and Forecast 2025: To Nigeria Can Succeed,” Agbakoba commended Tinubu’s fuel subsidy removal but stressed that economic reforms must translate into tangible improvements for everyday Nigerians.
“The paper presents a comprehensive strategy for transforming Nigeria from a resource-dependent to a production-driven economy capable of generating a ₦500 trillion budget,” he said.
“This target requires reimagining Nigeria’s economic architecture and governance to reduce debt and boost revenue.”
Agbakoba cited the need to replace extractive institutions—those concentrating wealth among elites—with inclusive ones that spread economic and political power more broadly, drawing on the book “Why Nations Fail” by Acemoglu and Robinson.
Two Imperatives for Economic Transformation:
Restructure Governance:
Devolve power to states and local governments
Enact constitutional reforms to reflect true federalism
Ensure judicial independence
Tackle corruption and reform public services
Sectoral Interventions to Unlock ₦500 Trillion:
₦85tn: Oil & gas reform (shift from “Contract Oil” to “Development Oil”)
₦65tn: Tax reform and revenue collection
₦50tn: Asset monetization via MOFI and PPPs
₦45tn: Development of critical minerals
₦40tn: Unlocking dead capital through property rights
₦35tn: Maritime and blue economy
₦30tn each: Aviation sector and digital economy
₦25tn each: Local content enforcement and strategic trade policy
₦10tn: Space industry development
Agbakoba emphasized that executing this plan requires “Trumpian speed”—rapid, concurrent actions across multiple fronts, bureaucratic streamlining, and leveraging technology.
“The success of these policies will not be judged by statistics or international praise, but by their impact on ordinary Nigerians,” he stated.
“Can the market trader in Onitsha earn more? Is food more affordable in Kano? Can a farmer in Benue access healthcare and education?”
He reiterated that Nigeria’s economic underperformance is due more to institutional failure than resource scarcity.
“With strategic reforms across sectors like maritime, aviation, oil and gas, digital economy, and trade, Nigeria can become a ₦500 trillion economic powerhouse,” Agbakoba said.
“This transformation is not just necessary—it is the moral imperative of our time.”
He concluded with a rallying call: “With our natural resources, strategic location, and resilient people, Nigeria has all it takes for economic greatness. It’s time to make Nigeria and Africa great again.”
