The Federal Government is considering a law that would prevent future administrations from reversing key economic reforms introduced under President Bola Tinubu, including those on taxation, tariffs and subsidies.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the plan on Monday during the 32nd Nigerian Economic Summit in Abuja. The summit carried the theme “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”
Oyedele said the government wants to build national consensus around a Nigerian Economic Policy Framework that could be backed by law. The framework would set binding principles for future decisions on 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,” he told participants during a panel session.
The minister explained that the proposal aims to stop successive governments from abandoning reforms for short-term political gains. He singled out the removal of petrol subsidy as one policy that must not be reversed.
“Any ideas of returning it, we should forget about it,” Oyedele said. He added that part of the consultation process would ask whether the framework should be enacted into law and how institutions could be strengthened to support it.
President Tinubu removed the petrol subsidy and unified the foreign exchange market shortly after taking office in May 2023. Officials argue the steps were necessary to end long-running economic distortions, even though they raised living costs for many households.
The draft framework remains open for public input. It has not yet been approved as official policy. After consultation ends, it is expected to go before the Federal Executive Council and the National Economic Council.
Oyedele also said the framework would require major policy changes to pass impact assessments. Officials would need to show the problem a measure seeks to solve, the evidence behind it, who benefits, who bears the cost, and when the measure should end.
Minister of Budget and Economic Planning, Abubakar Bagudu, backed the position. He said President Tinubu had directed officials to stay the course on the reforms despite pressure on households and businesses. Bagudu stated clearly that there would be no return to subsidy or to earlier distortions.
Policy uncertainty has long been described by officials as an invisible tax that generates no revenue for government but discourages investment and raises the cost of capital. The proposed law and framework are presented as tools to reduce that uncertainty and give businesses clearer long-term signals.
Public comments on the draft are expected to run until late November before the next stages of review.
