Lagos, Nigeria – Prominent legal expert and former President of the Nigerian Bar Association, Dr. Olisa Agbakoba, SAN, has proposed a bold N500 trillion national budget for the year 2027, emphasizing that such a transformative goal is only attainable through far-reaching political and economic reforms.
Speaking during an interview on Arise TV on Monday, Agbakoba acknowledged the seemingly “ridiculous” nature of the figure but insisted that it is both realistic and necessary—provided Nigeria adopts a disruptive and innovative approach to governance.
“At face value, it does seem ridiculous. But let me provide a bit of context,” he said. “Despite 60 to 70 years of national development plans and budgeting, Nigeria has little to show in terms of tangible outcomes. What I’m proposing isn’t just another plan—it’s a fundamentally different, disruptive development blueprint.”
Harnessing Nigeria’s Vast Resources
Agbakoba pointed out that while Nigeria is richly endowed with both natural and human resources, the real challenge lies in effectively managing and utilizing them.
“Nobody disputes that Nigeria is richly endowed. The issue is how we manage and deploy these resources,” he said.
He drew parallels with global economic strategies, citing examples such as Donald Trump’s bold fiscal policies, Mark Carney’s monetary reforms, and China’s decoupling strategies as demonstrations of what’s possible when nations take charge of their development agenda.
Key Pillars of Reform: Governance, Sovereignty, and Taxation
To make the N500 trillion budget feasible, Agbakoba outlined three fundamental reform pillars:
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Political Governance Reform
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He criticized Nigeria’s current political structure, calling for downsizing the Federal Government and devolving more powers to states and local governments.
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Citing the Oronsaye Report, he urged the elimination of redundant government offices, such as the overlapping roles of the Office of the Head of Service, the SGF, and the Chief of Staff.
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Agbakoba argued that Nigeria only needs about ten ministries, comparing its bloated bureaucracy unfavorably to the U.S., which runs with 16 departments.
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“Reducing the size and cost of governance is the first step to wealth creation,” he asserted.
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Economic Sovereignty
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He criticized Nigeria’s reliance on international oil companies, advocating for a shift to service contracts similar to the Saudi Arabian model.
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He emphasized the need to retain control of oil wealth, ensuring that 80–90% of revenue stays within Nigeria, compared to the current figure of less than 10%.
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“These companies are often wealthier than the Nigerian state. We must reverse this capital flight.”
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Tax Reform
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Applauding the Federal Inland Revenue Service (FIRS) under Zacch Adedeji, Agbakoba noted a surge in tax revenue from N2 trillion to over N50 trillion, with projections aiming for N100 trillion.
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He presented this as proof that “transformational growth is possible when systems are well-designed and implemented.”
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A Vision for Nigeria’s Future
Agbakoba concluded by reiterating that achieving a N500 trillion national budget is not a fantasy but a bold national aspiration.
“It won’t happen overnight. But with political restructuring, economic sovereignty, and strategic reforms, it becomes a credible goal. It’s all about doing things differently—with boldness and intention.”
