Agbakoba: Nigeria Needs Innovation to Create N500 Trillion 2026 Budget
•Canvasses radical overhaul of Nigeria’s governance
Wale Igbintade
Former President of the Nigerian Bar Association, Olisa Agbakoba (SAN), has stressed that for Nigeria to thrive, the nation must prioritize innovation and efficiency to establish a N500 trillion budget for the 2026/2027 period.
He emphasised that tackling corruption, building strong institutions, and embracing innovation are critical to unlocking Nigeria’s economic potential.
Speaking in Lagos during the presentation of a policy report titled “OAL Governance and Economic Analysis and Forecast 2025: Nigeria Can Succeed Rather Than Fail – Innovation and Efficiency to Create a N500 Trillion Budget for 2026”, Agbakoba said the country must implement strategic reforms at “Trumpian speed” – rapid, focused, and technologically driven.
Key proposals include streamlining anti-corruption agencies, implementing real-time budget tracking, reforming procurement processes, and enhancing whistleblower protections.
He also stressed the urgency of legal and justice sector reforms, including a “speed-of-justice” policy and modernization of court rules, to improve the business environment.
Agbakoba argued that Nigeria’s current resource-dependent economy must evolve into a diversified, production-driven model.
This, he said, requires a complete overhaul of governance, including true federalism, judicial independence, public service reform, and devolution of power to states and local governments.
He projected that over N500 trillion in value could be unlocked through strategic reforms in oil and gas, tax restructuring, monetization of public assets via the Ministry of Finance Incorporated (MOFI), and expansion of sectors like critical minerals, blue economy, aviation, and digital technology.
He also highlighted untapped opportunities in enforcing local content laws, adopting strategic trade policies, and exploring the space economy.
Despite recent signs of economic recovery—such as a 3.84% GDP growth in Q4 2024, the highest in three years—Agbakoba warned that Nigeria is still far from realizing its potential.
He credited reforms like subsidy removal, exchange rate unification, and tax administration improvements for the progress made, but emphasised that macroeconomic statistics alone are not the true measure of success.
“The real question,” he said, “is whether the market trader in Onitsha has more disposable income, whether food is more affordable for the factory worker in Kano, and whether the farmer in Benue has better access to healthcare and education.”
He warned that high inflation, food insecurity affecting over 33 million Nigerians, and a dangerously high debt service-to-revenue ratio—162% by mid-2024—are undermining growth.
Nigeria spent N6.04 trillion on debt servicing in the first half of 2024, a 69% increase from the previous year, now accounting for over 50% of government expenditure.
Agbakoba stated that Nigeria’s debt crisis is a symptom of deeper institutional failures.
According to him, to secure its future, the country must move beyond cosmetic changes and embrace structural reforms that prioritize inclusive institutions, innovation, and accountable governance.
