Senior Advocate of Nigeria and former Nigerian Bar Association president, Dr Olisa Agbakoba, has proposed a ₦500 trillion national budget for 2027, describing it as possible only if Nigeria undertakes radical political and economic reforms.
Speaking on Arise TV on Monday, April 14, Agbakoba admitted the figure may seem far-fetched, but argued that it is both realistic and necessary.
“I completely understand; it may sound ironic, even far-fetched, to propose a national budget of ₦500 trillion. At face value, it does seem ridiculous. But let me provide a bit of context,” he said.
He lamented that decades of national development plans have produced little progress. “I would argue that, frankly, none of them have truly delivered the desired outcomes. So what I am proposing is not just another plan, it’s a disruptive development blueprint, something fundamentally different from what we’ve done before.”
According to him, Nigeria’s challenges are not about resources, but poor management.
“Nobody disputes that Nigeria is richly endowed. The real issue lies in how we manage and deploy these resources,” Agbakoba said.
He referenced bold moves made by world leaders like Donald Trump and former Bank of England governor Mark Carney, as well as China’s development strategy, to argue that audacious reforms can unlock national prosperity.
“These examples show what is possible when countries take bold, unconventional steps,” he added.
Agbakoba identified three pillars for achieving the ₦500 trillion budget: political governance, economic sovereignty, and tax reform. He said the present political system must be restructured to devolve power to states and local governments.
“Nigeria cannot thrive under its current political framework. The Federal Government must downsize and devolve more powers to states and Local Governments, enabling them to become economically productive entities,” he said.
He also called for implementation of the Oronsaye Report and criticised the continued existence of overlapping government offices.
“I don’t see why we still maintain overlapping offices like the Office of the Head of Service, the SGF, and the Chief of Staff. The Office of the Head of Service, for instance, is a colonial relic.”
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Comparing Nigeria’s government size to that of the United States, he said, “If the United States operates with 16 departments, Nigeria certainly does not need more than 10. Reducing the size and cost of governance is the first step to wealth creation.”
Agbakoba described Nigeria’s civil service as unsustainable, saying it consumes 80% of public revenue while employing about three million people.
On economic sovereignty, he criticised Nigeria’s dependence on international oil firms and urged a shift to the Saudi model of service contracts.
“Nigeria is one of the few oil-producing nations that has effectively outsourced its core oil production capacity. These companies are, in many cases, wealthier than the Nigerian state itself.”
“We must retain ownership and control, ensuring that 80–90% of the wealth from our oil resources remains within Nigeria. Currently, less than 10% stays here—that has to change.”
Agbakoba also praised recent tax reforms by the Federal Inland Revenue Service, noting a remarkable increase in revenue.
“When we initially projected a ₦9 trillion economy, many said it wasn’t feasible. At the time, our tax revenue was around ₦2 trillion.”
“But under the leadership at FIRS—we’ve seen that figure climb from ₦9 trillion to over ₦50 trillion. And now, with the current reform trajectory, I understand we could hit ₦100 trillion.”
He said this shows that “transformational growth is possible when systems are well-designed and properly implemented.”
Concluding, he maintained that the ₦500 trillion goal is not a fantasy but a serious national objective that requires strategic decisions.
“So yes, achieving a ₦500 trillion budget will not happen overnight. But with political restructuring, economic sovereignty, and strategic reforms, it becomes a credible national aspiration,” he said. “It’s all about doing things differently, with boldness and intention.”