The Federal Government is considering introducing legislation that would make it difficult for subsequent administrations to discard major economic decisions taken by President Bola Tinubu, particularly the withdrawal of government support for petrol prices.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known on Monday while speaking at the 32nd Nigerian Economic Summit in Abuja. He advocated the creation of a legally enforceable structure that would guarantee consistency in economic management beyond the tenure of the present administration.
Oyedele explained that the proposed national economic blueprint would establish long-term guidelines for successive governments on revenue generation, import charges, government assistance, capital investment and industrial expansion.
He noted that repeated changes in government decisions had disrupted planning, discouraged potential investors and reduced the effectiveness of earlier economic interventions.
The minister maintained that embedding the proposed arrangement in legislation and strengthening relevant institutions would help preserve its provisions regardless of changes in political leadership.
According to him, the government wants to establish a lasting system that would prevent important economic decisions from being abandoned whenever a new administration assumes office.
Oyedele equally opposed proposals to reinstate petrol subsidies, arguing that the arrangement had contributed to financial imbalances and increased pressure on public resources.
He insisted that the possibility of bringing back the subsidy should no longer be entertained, adding that officials were examining legal and institutional measures that could protect the government’s economic direction against unnecessary reversals.
Since taking office on May 29, 2023, President Tinubu has introduced several major economic adjustments, including ending petrol subsidy payments and bringing together previously separate foreign exchange market arrangements.
The administration defended these decisions as necessary steps towards correcting structural weaknesses in the economy and improving public finances. Nevertheless, the changes have attracted criticism from Nigerians facing higher transportation fares, increased commodity prices and mounting household expenses.
Oyedele further suggested that the proposed policy document could become part of the orientation process for individuals appointed to public offices. Under the arrangement, appointees would be expected to understand the government’s established economic principles before making decisions.
He proposed attaching the document to appointment letters issued to political officeholders and other government representatives to ensure they are familiar with the policies guiding economic administration.
However, Oyedele clarified that the proposed Nigeria Economic Policy Framework was still being reviewed and had not yet received official government approval.
He disclosed that Nigerians and other interested parties could submit their contributions through the Ministry of Finance’s website until November 27, 2026.
After the consultation period, the document would be forwarded to the Federal Executive Council for consideration before being presented to the National Economic Council for endorsement.
Explaining the importance of the initiative, the minister identified inconsistent government decisions as a major challenge affecting businesses and investment activities.
He argued that unpredictable regulations make business operations more expensive, undermine long-term planning and discourage investors from committing resources to the Nigerian economy.
Oyedele described uncertainty surrounding government policies as an additional burden on businesses that increases their expenses without providing corresponding income for the state.
He maintained that maintaining a predictable economic direction would improve confidence among investors, encourage commercial activities and create better conditions for sustained national development.
