The Federal Government is considering legislation that would make it significantly harder for future administrations to reverse key economic reforms introduced under President Bola Tinubu, including changes to taxation, tariffs, and the removal of fuel subsidies.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the plan on Monday during the 32nd Nigerian Economic Summit in Abuja. He presented a draft of the Nigeria Economic Policy Framework aimed at institutionalising policy consistency and shielding the reforms from short-term political reversals.
“We now need to lock it in, in institutions, in law, as well as policy framework, so that it can be enduring,” Oyedele said during a panel session.
The proposed framework seeks national consensus on binding principles that would guide future decisions on taxation, tariffs, subsidies, investment, and industrial development. Oyedele specifically ruled out any return to the petrol subsidy regime, stating: “Any ideas of returning it, we should forget about it.”
The reforms, introduced after Tinubu assumed office in May 2023, include the removal of fuel subsidies and the unification of the foreign exchange market. While the government maintains these measures were necessary to correct long-standing economic distortions, they have faced criticism over their impact on the cost of living.
Oyedele clarified that the document remains a consultation draft and has not yet been approved as official government policy. Public feedback is being sought until 27 November 2026 through the Ministry of Finance website. After the consultation period, the framework is expected to proceed to the Federal Executive Council for approval and the National Economic Council for endorsement.
Minister of Budget and Economic Planning, Abubakar Bagudu, reinforced the administration’s position at the same event, declaring: “There will be no return to subsidy. There will be no return to those distortions.”
If enacted, the legislation would represent one of the strongest attempts yet by a Nigerian government to ensure the continuity of major economic policies beyond a single administration.