Dismossed Tinubu’s economic reforms
A former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has assessed the three frontline presidential hopefuls for the 2027 election in Nigeria.
In his analysis, President Bola Tinubu of the All Progressives Congress (APC) since his emergence has engaged in fundamental policy corrections, including fuel subsidy removal, forex market harmonisation and tax reforms, stressing that these interventions were technically correct and necessary.
He, however, said the President has failed to address the economic structures, the issues of federalism and devolution—the very governance structure, which he noted, has limited the impact of his economic policies.
The Senior Advocate of Nigeria spoke on Wednesday during the presentation of a comprehensive policy framework for constitutional replacement, fiscal federalism and economic transformation with the theme: ‘Devolution is the solution: Foundational reform agenda for Nigeria’s transformation,’ in Lagos.
The document was prepared by him and the Head of Government Relations and Public Sector Practice at the Olisa Agbakoba Legal, Barr. Collins Okeke.
The human rights activist also noted former Vice-President, Atiku Abubakar, of the African Democratic Congress (ADC) “appears to understand Nigeria’s foundational issues of devolution”.
He noted that Atiku played a pivotal role in the Olusegun Obasanjo administration’s reforms but was cast aside, which ended the foundational reforms of that era.
Agbakoba said Atiku’s historical understanding of restructuring is evident, but whether he can deliver on these foundational issues going forward, with clear timelines and unwavering commitment, remains to be demonstrated.
In his remarks on the 2023 presidential candidate of the Labour Party, Mr Peter Obi, he said he possesses fresh perspectives and innovative ideas to Nigeria’s challenges.
He however noted that, whether he possesses the political architecture, coalition-building capacity, and institutional leverage to implement transformational reforms remains an open question requiring scrutiny.
“All the candidates bring value to the national conversation.
“However, Nigerians must understand they have a voice and must make their assessment based on what matters most—foundational reforms that devolve power and resources.
“The candidate who demonstrates the clearest commitment to constitutional replacement, genuine devolution, and fiscal federalism deserves the mandate, regardless of party affiliation or ethnic consideration.
“Nigeria’s challenges are not policy failures—they are system outputs. President Tinubu’s economic reforms, while technically correct, cannot achieve a transformational impact within the current dysfunctional 90% governance structure.
“The current system reliably produces insecurity, economic stagnation, infrastructure collapse, and institutional decay because politics and economics are inherently local.
“Wrong diagnosis leads to wrong treatment, producing wrong results. For too long, Nigeria has diagnosed its problems as economic when they are fundamentally political.
“We have prescribed economic remedies for governance diseases.
“Nigeria suffers from extreme over-centralisation, creating a capacity trap where the federal government is overburdened and sub-national governments are underpowered.
“This produces: Artificial concentration of economic activity at the federal level; exclusion of 200 million Nigerians from the formal economy; inability to achieve growth rates above 3-4% revenue generation far below potential, and infrastructure provision impossible at current budget levels,” he stated.
Agbakoba added that Nigerians must demand that presidential hopefuls must answer whether they will deliver a new constitution, implement genuine devolution of powers, establish fiscal federalism with resource control, withdraw government completely from business, and empower the private sector as primary economic driver.
He stressed that they should also answer whether they will achieve double-digit GDP growth, implement single-digit interest rates and a functional credit system, unlock N25-35 trillion in identified revenue opportunities, develop critical minerals to $20-30 billion annually and transform infrastructure, judiciary, and institutions
“The presidential candidate with the best policy outlook on devolution, private sector empowerment, and revenue generation is the leader Nigeria needs.
“Any candidate unable to articulate clear, time-bound commitments to these foundational reforms should be disqualified from serious consideration.
“We cannot afford another cycle of centralised economic tinkering while Nigeria’s governance foundation crumbles,” he stated.
