Dr. Olisa Agbakoba, SAN, a former President of the Nigerian Bar Association, has projected that Nigeria’s national budget could rise to N100 trillion by 2026, provided the government adopts innovative approaches to revenue generation and eliminates inefficiencies.
Agbakoba, in a recent statement, highlighted the risks of unsustainable fiscal growth if wasteful spending and low productivity persist. He emphasized that a significant overhaul of governance and economic strategies is required to turn the budget increase into tangible benefits for Nigerians.
Agbakoba recommended enhancing productivity, curbing inflation, and reducing government waste through the establishment of a Department of Efficiency, Innovation, and Transformation. He also called for educational and healthcare reforms, suggesting the federal government devolve responsibilities to states and local governments to improve funding and service delivery.
The legal expert proposed a leaner government, urging President Tinubu to reduce cabinet size and prioritize efficient leadership to address the nation’s economic challenges.
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“Inflation will go down if productivity improves. The pain all Nigerians feel at present is resolvable with decisive leadership and innovative strategies,” Agbakoba asserted.
He concluded that with bold decisions and targeted investments in manufacturing and infrastructure, Nigeria could achieve a budget of N500 trillion annually by 2030, setting the stage for sustainable economic growth.