Former Nigerian Bar Association (NBA) president, Olisa Agbakoba (SAN), has warned that President Bola Tinubu’s ambition of building a $1 trillion economy will remain a fantasy unless Nigeria adopts a new constitution and devolves power from the centre.
Speaking in Lagos at a forum titled “Devolution is the Solution: Foundational Reform Agenda for Nigeria’s Transformation,” Agbakoba said constitutional reform has been debated for 25 years without any concrete progress. He faulted the presidency for leaving the task to the National Assembly, calling it “a dereliction of duty.”
The senior lawyer stressed that true devolution and fiscal federalism are vital to national growth. He argued that the current system traps resources in Abuja while leaving states and local councils powerless.
Citing Apapa Local Government in Lagos as an example, he lamented that despite hosting a major port, the council cannot access port revenues because they fall under the federal exclusive list. “No local government in Nigeria is viable under this structure,” he said.
Agbakoba criticised the government’s reliance on statistics to measure progress, describing GDP growth of 3.4% as misleading when millions of Nigerians struggle to afford basic food items. “Ask the man on the street—his experience is the true measure of economic progress,” he added.
He also dismissed the Central Bank’s recent 50-basis-point adjustment as inconsequential to ordinary Nigerians, saying it does nothing to address deep structural issues.
Looking ahead to 2027, Agbakoba urged voters to judge presidential candidates by their policy ideas on devolution, private sector empowerment, and revenue generation. He argued that only a candidate with a clear plan for constitutional and economic reform can transform Nigeria.
“If these foundational reforms—new constitution, genuine devolution, fiscal federalism, and government withdrawal from business—are implemented, Nigeria will enter a golden age within five years,” he declared.
He envisioned a nation with double-digit growth, a strong middle class, booming industries, and modern cities. “This is not a dream but mathematical certainty,” he said. “History will judge this generation by one question: did we have the courage to restructure Nigeria, or did we squander the opportunity?”
