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Olugbemi. Adeyinka Ogunleye
1 month ago
Overview
Agbakoba proposes N500trn budget for 2027, demands sweeping reforms
Legal luminary and former President of the Nigerian Bar Association, Dr. Olisa Agbakoba, SAN, has proposed a N500 trillion national budget for 2027, asserting that such an ambitious fiscal goal is achievable only if “Nigeria undergoes deep-rooted political and economic reforms.” Speaking during an interview on Arise TV on Monday, Agbakoba acknowledged that the proposed figure may appear “ridiculous” at first glance, but argued that it is both realistic and necessary, provided the Federal Government embraces a disruptive approach to governance and development.
“I completely understand; it may sound ironic, even far-fetched, to propose a national budget of N500 trillion. At face value, it does seem ridiculous. But let me provide a bit of context,” Agbakoba said. He noted that despite decades of budgeting and national development plans spanning over 60 to 70 years, Nigeria has little to show in terms of measurable impact. “I would argue that, frankly, none of them have truly delivered the desired outcomes. So what I am proposing is not just another plan, it’s a disruptive development blueprint, something fundamentally different from what we’ve done before.”
Agbakoba emphasised that Nigeria’s vast resources, both natural and human, are not in doubt. What is lacking, he said, is an effective mechanism for harnessing them. “Nobody disputes that Nigeria is richly endowed. The real issue lies in how we manage and deploy these resources.” Citing international examples, he pointed to the bold economic manoeuvres by former U.S. President Donald Trump, monetary strategies under Mark Carney, and China’s ongoing efforts to decouple from global supply chains as evidence of what is possible when nations take control of their development trajectory.
“These examples show what is possible when countries take bold, unconventional steps,” he added. On how to make the N500 trillion budget a reality, Agbakoba outlined three key reform pillars: political governance, economic sovereignty, and tax reform. According to him, the current political structure is a major obstacle to progress and must be reengineered.
“Nigeria cannot thrive under its current political framework. The Federal Government must downsize and devolve more powers to states and Local Governments, enabling them to become economically productive entities.” He referenced the Oronsaye Report on public sector reform and called for the elimination of redundant government offices. “I don’t see why we still maintain overlapping offices like the Office of the Head of Service, the SGF, and the Chief of Staff. The Office of the Head of Service, for instance, is a colonial relic.”
More: https://punchng.com/agbakoba-proposes-n500tn-budget-for-2027-demands-sweeping-reforms/
