A Senior Advocate of Nigeria (SAN) and former President of the Nigerian Bar Affiliation, Olisa Agbakoba, has acknowledged that the present administration’s goal of reaching a $1 trillion economic system shall be unattainable with out basic reforms, notably the adoption of a brand new structure.
Talking in Lagos on Wednesday at a briefing tagged: “Devolution is the Resolution: Foundational Reform Agenda for Nigeria’s Transformation,” he lamented that discussions about constitutional reform have been ongoing for 25 years with none tangible progress.
He expressed disappointment that the onus of constitutional amendments or the creation of a brand new structure has been shifted to the Nationwide Meeting, describing this as a dereliction of obligation on the a part of the President.
The SAN emphasised that devolution of energy is essential to Nigeria’s progress and improvement, noting that the present construction is hindering progress.
He additionally expressed concern that regardless of the emphasis on restructuring by presidential candidates within the final election, there was a deafening silence from the present administration on the problem.
He additional identified that the projected Gross Home Product (GDP) progress charge of three.4% is deceptive, because it doesn’t account for the nation’s speedy inhabitants progress.
In accordance with him, with out significant reforms, Nigeria’s {economic} progress shall be stunted, and the objective of reaching a $1 trillion economic system will stay elusive.
He identified that the nation’s 774 native governments are usually not viable, with none capable of run independently as a consequence of constitutional constraints.
Utilizing the Apapa Native Authorities for instance, he famous that regardless of the port being positioned inside its jurisdiction, the income generated shouldn’t be accessible to the native authorities as a result of it’s assigned to the unique listing.
This, he mentioned, has resulted in native governments being starved of funds and unable to operate successfully.
The SAN expressed disappointment that President Tinubu’s initiative to empower native governments by the courts has not yielded the specified outcomes. He emphasised that except this challenge is addressed, Nigeria will proceed to expertise stagnation and the identical issues will persist.
He additionally criticised using statistical reviews to gauge the nation’s {economic} progress, noting that the true check of {economic} progress lies within the experiences of unusual Nigerians. “The one strategy to know whether or not Nigeria’s {economic} barometer is making progress is to ask a person on the streets,” he mentioned, including that GDP progress figures imply little when individuals are struggling to afford requirements like rice, garri, and foodstuffs as a consequence of excessive costs.
The current 50-basis-point coverage adjustment by the Central {Bank}, he famous, would have little influence on the lives of unusual Nigerians.
Assessing the 2027 frontline presidential hopefuls, Agbakoba emphasised that the perfect candidate needs to be chosen based mostly on their coverage outlook.
“The presidential candidate with the perfect coverage outlook on devolution, non-public sector empowerment, and income era is the chief Nigeria wants.
Any candidate unable to articulate clear, time-bound commitments to those foundational reforms needs to be disqualified from severe consideration. We can not afford one other cycle of centralised {economic} tinkering whereas Nigeria’s governance basis crumbles.”
He mentioned, “If these foundational reforms are absolutely implemented- constitutional substitute, real devolution, fiscal federalism, authorities withdrawal from enterprise, non-public sector empowerment, and the income era measures outlined–Nigeria will enter a golden age of improvement.
“This isn’t hyperbole however mathematical certainty. With N500 trillion annual budgets, double-digit GDP progress, practical credit score techniques, and over 200 million Nigerians unleashed into formal {economic} participation, we are going to witness: Infrastructure transformation rivaling Asia’s miracle economies; Schooling and healthcare techniques matching developed nations; Expertise and innovation hubs competing globally; Agricultural abundance feeding Africa; Industrial revolution creating hundreds of thousands of jobs; Cities reworked into fashionable, livable areas; Rural areas related and affluent; A center class numbering 100+ million; Youth employment and alternative explosion and Nigeria ascending to prime 10 international economies.
“This golden age shouldn’t be a distant dream–it might probably start inside 5 years of implementing these reforms. The foundations laid by 2030 will produce prosperity lasting generations. The time for debate has handed. The time for motion has arrived.
“Historical past will decide this era by one criterion: Did we’ve got the braveness to restructure Nigeria once we had the possibility, or did we squander the chance and depart our youngsters to inherit the whirlwind? The reply should be written within the poll field of 2027 and inscribed in a brand new structure by 2030.”