The Federal Government is considering a law to prevent successive administrations from reversing major economic reforms, as it seeks to ensure policy stability and create a more predictable environment for businesses and investors.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the plan on Monday at the 32nd Nigerian Economic Summit in Abuja.
The summit, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” focused on strategies to promote economic growth, job creation and improved living standards.
Oyedele said the government was working towards a national consensus on an economic policy framework that could be backed by legislation, making it more difficult for future administrations to abandon agreed policies for short-term political gains.
He said the proposed framework would cover key areas, including taxation, tariffs, subsidies, 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,” the minister said.
He specifically opposed any attempt to restore the petrol subsidy, arguing that the government needed to establish a durable policy framework that would prevent a reversal of the reform.
“Any ideas of returning it, we should forget about it,” he said, adding that the government was considering how legislation and stronger institutions could sustain the policies.
According to Oyedele, the framework could also influence the selection and orientation of public officials, with political appointees expected to understand and adhere to the country’s agreed economic principles.
He suggested that copies of the framework could accompany appointment letters to guide officials in implementing government policies.
However, the minister clarified that the proposed Nigeria Economic Policy Framework was still a consultation draft and had not received official approval.
He said consultations would continue until November 27, 2026, after which the document would be presented to the Federal Executive Council for approval and the National Economic Council for endorsement.
Oyedele also criticised Nigeria’s history of inconsistent economic policies, warning that frequent changes in government decisions discouraged investment and weakened business confidence.
“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.
The proposed framework includes mandatory Policy Impact Assessments before major economic interventions. Under the plan, regulators would be required to provide evidence supporting proposed measures, identify their costs and beneficiaries, and specify how long the interventions would remain in effect.
It also proposes an annual National Economic Scorecard, to be published by Independence Day, to track progress in real wages, productive employment and poverty reduction.
On industrial development, Oyedele questioned the effectiveness of Nigeria’s existing protectionist policies, citing the automobile industry as an example. He said locally assembled vehicles contained only about five per cent local content despite benefiting from tariffs and levies of up to 60 per cent.
He advocated temporary protection for domestic industries tied to measurable performance, alongside improvements in electricity supply, logistics and manufacturing capacity.
The minister further disclosed that the government was targeting low single-digit inflation before the end of 2027, with the aim of creating conditions for single-digit interest rates. He, however, did not provide a definite timeline for achieving lower borrowing costs.
Oyedele maintained that economic policy should focus on raising household incomes rather than artificially suppressing prices.
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“Let’s not suppress prices. Let’s focus on raising income,” he said.
The Minister of Budget and Economic Planning, Abubakar Bagudu, also defended the government’s reform agenda, saying President Bola Tinubu had directed officials to sustain the measures despite their immediate effects on households.
“There will be no return to subsidy. There will be no return to those distortions,” Bagudu declared.
He said the Federal Government had reached agreements with state governments on improving fiscal and monetary policy coordination, infrastructure, security and domestic production.
Meanwhile, Anambra State Governor, Charles Soludo, warned that Nigeria must not take the restoration of macroeconomic stability for granted.
Although he acknowledged the importance of stability, Soludo argued that economic growth of about four per cent remained inadequate to deliver rapid poverty reduction and create sufficient jobs.
Other participants at the summit stressed the need for reliable electricity, improved logistics, lower borrowing costs, stronger agricultural productivity and greater export diversification to strengthen the economy.
The Chairman of the Nigerian Economic Summit Group, Olaniyi Yusuf, urged the government to ensure that economic reforms translated into lower living costs, productive employment and measurable improvements in household welfare.
The debate comes as the government seeks to establish a more consistent economic policy direction while addressing concerns about the cost of living, investment conditions and the pace at which reforms are improving Nigerians’ living standards.