FG moves to protect economic reforms from future reversal
The Federal Government is considering legislation to prevent future administrations from reversing major economic reforms, including petrol subsidy removal, as part of efforts to ensure long-term policy stability.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Monday at the 32nd Nigerian Economic Summit in Abuja.
Oyedele said the government was developing a national economic policy framework that could be backed by law to guide decisions on taxation, subsidies, tariffs, investment and industrial development.
“We now need to lock it in, in institutions, in law, as well as policy framework, so that it can be enduring,” he said.
The minister argued that frequent policy reversals had discouraged investment and weakened economic confidence.
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HIS EXCELLENCY, RT. HON. AHMADU UMARU FINTIRI
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“Policy uncertainty is an invisible tax on enterprise. And unlike most taxes, it generates no revenue for government; it only destroys value and discourages investment,” he said.
Oyedele maintained that Nigeria should not return to petrol subsidies, arguing that artificially suppressing prices had created economic distortions.
“Let’s not suppress prices. Let’s focus on raising income,” he said.
He explained that the proposed Nigeria Economic Policy Framework remained a consultation draft and had not received government approval.
Public consultations will continue until 27 November 2026, after which the document is expected to be submitted to the Federal Executive Council and National Economic Council.
The framework proposes mandatory assessments before major economic policy decisions and an annual National Economic Scorecard measuring employment, wages and poverty reduction.
Oyedele also disclosed that the government was targeting low single-digit inflation before the end of 2027, with the longer-term objective of reducing borrowing costs.
The Minister of Budget and Economic Planning, Abubakar Bagudu, reinforced the government’s position, insisting that the administration would sustain its reforms.
“There will be no return to subsidy. There will be no return to those distortions,” he said.
Anambra State Governor Charles Soludo welcomed efforts to maintain macroeconomic stability but warned that Nigeria’s growth rate of about four per cent remained insufficient to significantly reduce poverty and unemployment.
Other participants called for improved electricity supply, lower interest rates, stronger industrial competitiveness and increased investment.
The proposed legislation would require further government consideration and legislative approval before becoming law.