Overview

The report, prepared by the Policy Advisory Council sub-committee on the National Economy for the incoming administration of President Bola Tinubu, outlines an ambitious 8-year economic transformation agenda for Nigeria. Key targets include doubling the economy to $1 trillion, achieving an average annual GDP growth rate of 7%, lifting 100 million people out of poverty, and generating over 50 million jobs. The document identifies major challenges such as rising unemployment, inadequate infrastructure, security issues, low skill levels, and reduced manufacturing capacity. It presents a three-phase reform roadmap: short-term (100 days), medium-term (12-18 months), and long-term (3-4 years). Priority actions include addressing oil theft and pipeline vandalism, announcing the elimination of PMS subsidy, rationalizing government assets, deepening tax collection through automation, optimizing operating expenditure, transitioning to a unified foreign exchange rate system, resolving cash shortages, establishing a coordinating body for fiscal and monetary policy, reforming the Central Bank of Nigeria's operating model, and improving the regulatory environment. The report also emphasizes critical success factors: passing an Emergency Economic Reform Bill to grant special powers, strong political will, establishing a Presidential Performance and Delivery Unit, and creating a strategic coordinating organ chaired by the President to align monetary and fiscal policies. The sub-committee is chaired by Senator Tokunbo Abiru, with members including Dr. Yemi Cardoso, Samaila Zubairu, and Dr. Doris Anite, with support from consultants KPMG. The document is dated May 17, 2023.

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