Renowned legal expert and Senior Advocate of Nigeria (SAN), Dr Olisa Agbakoba, has shared his perspectives on Nigeria's proposed national budget for 2025, which has reached an unprecedented N50 trillion.
In a press release, Dr Agbakoba underscored the need for innovative governance, robust leadership, and transformative economic strategies to address Nigeria's fiscal challenges and unlock its revenue potential.
Dr Agbakoba pointed out that Nigeria's budget could double to N100 trillion by 2026 and potentially reach N500 trillion annually by 2030 if a dual strategy focusing on tax reforms and governance efficiency is implemented.
He noted that the current reliance on taxation overlooks the governance aspect of revenue generation, which could significantly enhance the country's economic capacity.
“The twin effort of tax and governance revenue must be escalated,” he stated, emphasizing the urgency of adopting practical, innovative approaches over bureaucratic procedures.
To ease the hardship faced by Nigerians due to ongoing economic corrections, Dr Agbakoba proposed quantitative easing and large-scale palliatives.
He suggested measures such as waiving all fees for primary and secondary education and making healthcare universally free, akin to the UK's National Health Service (NHS).
“More imaginative palliatives are urgently needed to cushion the impact of the tough correction in progress,” he urged.
Dr Agbakoba highlighted the critical role of reducing government waste, advocating for the establishment of a Department of Efficiency, Innovation, and Transformation.
He drew parallels to successful global examples, citing Margaret Thatcher's Efficiency Office in the UK and Donald Trump's recent appointment of Elon Musk for similar responsibilities in the United States.
“There is far too much waste of government resources in Nigeria. An effective efficiency drive can cut this significantly,” he said.
He also called for strategic borrowing to boost manufacturing and productivity, stressing that economic recovery is contingent on reducing waste and fostering production.
Addressing the chronic underfunding of education, particularly tertiary institutions, Dr Agbakoba advocated for granting greater autonomy to universities and reducing tight government control over education.
He also urged the federal government to devolve powers to states and local governments to promote a leaner, more efficient governance structure.
Concluding his remarks, Dr Agbakoba called for decisive leadership to adopt new tools and strategies capable of transforming Nigeria's economic landscape.
He maintained that with improved productivity and effective governance, the ongoing inflationary pressures could be alleviated, ultimately delivering a better quality of life for Nigerians.
“The pain all Nigerians feel at present is completely resolvable with new tools applied,” he assured.
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