Agbakoba Projects N100 Trillion National Budget by 2026, Urges Strategic Reforms
In a recent statement, Dr. Olisa Agbakoba, SAN, former President of the Nigerian Bar Association (NBA), predicted that Nigeria’s national budget could reach an unprecedented N100 trillion by 2026.
Reacting to the current N50 trillion budget, Agbakoba emphasized the need for innovative reforms to enhance revenue collection and cut wasteful government spending.
According to Agbakoba, the country’s current focus on taxation overlooks significant opportunities within governance to boost revenue.
He proposed a dual strategy, combining efficient tax collection with governance-driven revenue generation, which could potentially drive the national budget to N500 trillion annually by 2030.
However, he stressed that achieving this would require bold leadership and practical solutions to Nigeria’s economic challenges.
Agbakoba highlighted critical reforms necessary to stabilize the economy and improve productivity.
1. Streamlined Governance: He advocated for the establishment of a Department of Efficiency, Innovation, and Transformation, modeled after initiatives like Margaret Thatcher’s efficiency office in the UK and Elon Musk’s recent appointment by Donald Trump to streamline operations in the US.
2. Investment in Manufacturing: To address the country’s low production levels, he called for substantial borrowing to revive the manufacturing sector, alongside reducing government waste and consumption.
3. Education and Healthcare Reforms: Agbakoba urged the government to waive fees for primary and secondary education and provide free healthcare, akin to the UK’s NHS model.
He also proposed granting autonomy to the Academic Staff Union of Universities (ASUU) to alleviate decades of underfunding.
4. Easing Inflation: Suggesting quantitative easing and comprehensive palliatives, he called for imaginative solutions to mitigate the hardships Nigerians face due to current economic corrections.
Agbakoba commended President Bola Tinubu for the bold decision to remove fuel subsidies but noted that the administration should reduce the size of the federal government.
He proposed decentralizing power to states and local governments to enhance efficiency and alleviate the financial burden on the federal system.
He concluded by stressing the importance of improving productivity to combat inflation and urged the government to adopt modern governance tools.
While acknowledging the pain Nigerians are enduring, Agbakoba expressed optimism that effective leadership could deliver a better quality of life.
This comprehensive reform agenda, according to Agbakoba, holds the key to unlocking Nigeria’s economic potential and addressing its pressing challenges.
Leave a Reply