The Federal Government is considering a law to protect its economic policy framework from being reversed by future administrations, particularly policies covering taxation, trade tariffs, fuel subsidies and industrial development.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the proposal on Monday, October 26, 2026, during the 32nd Nigerian Economic Summit in Abuja.
Oyedele explained that the government wants to establish a lasting economic framework that would promote policy consistency, reduce uncertainty for businesses and investors, and discourage successive administrations from abandoning existing reforms.
According to the minister, the government is exploring ways to support the framework through legislation, stronger institutions and a long-term policy structure that can survive changes in political leadership.
He said the objective was to ensure that the country’s economic direction would not change abruptly whenever a new administration takes office.
The proposed framework would cover major areas of economic policy, including taxation, trade tariffs, subsidies, investment and industrial development.
One of its key objectives is to discourage sudden policy reversals, particularly the possible restoration of petrol subsidies, which the Tinubu administration removed in May 2023.
Oyedele has maintained that restoring the previous fuel subsidy arrangement could recreate economic distortions and undermine efforts to stabilise public finances.
The proposal also seeks to ensure that major economic decisions are based on evidence and proper assessments before implementation.
Under the proposed framework, significant policy changes would require policymakers to explain the problems being addressed, the evidence supporting the intervention, the expected beneficiaries, the associated costs and the conditions under which the policy should end.
The government is also proposing an annual National Economic Scorecard to measure Nigeria’s economic progress using indicators such as real wages, productive employment and poverty levels, rather than relying solely on gross domestic product growth.
However, the proposal has not yet become law. The Nigeria Economic Policy Framework remains a consultation draft and is subject to further review.
Public consultation is expected to continue until November 27, 2026, after which the document is expected to proceed to the Federal Executive Council for approval and the National Economic Council for endorsement.