Agbakoba Calls for  Overhaul of Nigeria’s Governance, Economic Structure

Proposes N500tn disruptive development plan 

Funmi Ogundare

Former President of the Nigerian Bar Association (NBA) and prominent human rights activist, Dr. Olisa Agbakoba (SAN), yesterday called for a complete dismantling of Nigeria’s current political and economic governance structures, proposing a bold and disruptive N500 trillion development plan aimed at reshaping the nation’s future.

Agbakoba, a guest on The Morning Show on Arise TV Channel, who spoke at the backdrop of a proposed N500 trillion budget for 2027, criticised the failure of Nigeria’s decades-long development plans and budgets, stating that “none of these budgets or development plans have absolutely really worked.”

He argued that Nigeria’s real issue is not a lack of resources, but systemic mismanagement and structural inefficiencies rooted in over-centralized governance.

“There is no way Nigeria can be successful unless it decapitates its current political arrangements,” he declared, urging an urgent devolution of power from the federal government to states and local governments. According to him, shrinking an ‘over-bloated’ federal public service that consumes up to 80 per cent of public revenue is non-negotiable. 

“If America has 16 departments, Nigeria should not have more than 10,” he added.

Agbakoba also called for a fundamental shift in the oil sector, arguing that Nigeria must move from contract-based oil operations to full ownership models, similar to Saudi Arabia’s approach. This, he claims, could generate N85 trillion alone. “Right now, less than 10 percent of oil wealth stays in the country. We need to reverse that,” he said.

While acknowledging the limitations of oil in the long term, including dwindling reserves and existing forward sales, Agbakoba emphasised the need to rapidly diversify the economy. He admitted that certain key details, such as electricity, inflation, and minimum wage figures, were left out of his report, clarifying that his focus was on the legal and institutional frameworks needed for reform.

“The government must focus only on policy, regulatory, and legal frameworks. Government has no business in business. Let the private sector drive the economy,” he stated.

Although his report is built on broad assumptions, Agbakoba maintains that Nigeria has the potential to leap into unprecedented economic growth, provided it makes tough, sweeping reforms; politically, economically, and institutionally.