FG considers law to prevent reversal of economic reforms

The Nigerian government is contemplating legislation to safeguard the country's economic reforms from being overturned by future administrations. This move aims to institutionalize policy consistency and avert a return to practices detrimental to the economy. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, revealed this during the 32nd Nigerian Economic Summit in Abuja, themed "Growth that Works: Delivering Jobs, Productivity and Shared Prosperity."

Oyedele emphasized the importance of establishing a binding economic policy framework that could withstand future administrations' short-term political considerations. He stated that any attempts to revert to previous policies, such as reintroducing petrol subsidies, should be dismissed. The government envisions a system where public officials and political appointees must adhere to the agreed economic principles, potentially influencing the screening process for government appointments.

However, Oyedele clarified that the proposed framework is still a consultation draft and has not been officially approved. Public consultation on the framework will continue until November 27, 2026, through the Ministry of Finance's website, after which it will be presented to the Federal Executive Council for approval and the National Economic Council for endorsement.

The economic policy framework proposes mandatory Policy Impact Assessments before major economic interventions, which would require regulators to evaluate the evidence, costs, beneficiaries, and expected duration of proposed measures. The framework also advocates for an annual National Economic Scorecard, to be released on Independence Day, measuring changes in real wages, productive employment, and poverty.