Former Nigerian Bar Association President, Olisa Agbakoba, has praised Executive Order 10 as the most significant fiscal reform in decades, describing it as a potential game-cer that could shift Nigeria from a borrowing-dependent economy to one fueled by internally generated revenue.
Speaking at a media briefing on political and economic developments, Agbakoba called the order a decisive step toward reclaiming Nigeria’s sovereignty over its oil and natural resources. He said, “I was absolutely thrilled when I saw Executive Order 10. It followed word for word what we have been advocating. It is the most foundational piece of policy ever because we need money.”
Agbakoba cited Section 44(3) of the 1999 Constitution, stressing that Nigerians are the constitutional owners of the country’s oil. He criticized the Nigerian National Petroleum Company Limited and International Oil Companies for controlling significant portions of the nation’s crude revenue. “NNPC was gulping 70 per cent of our crude oil resources. How can a private company take 70 per cent of our crude oil revenue? Kudos to the President for realizing this was a big error. It is going to add a lot of money to us,” he said.
He further criticized provisions in the Petroleum Industry Act that allowed NNPC to retain major revenue influence, insisting the company should operate strictly as a commercial entity under the Minister of Petroleum who sets policy. Agbakoba also highlighted the need to reform joint ventures with IOCs to ensure Nigeria retains full ownership and sovereignty over its natural resources.
Linking the nation’s fiscal challenges to weak revenue structures, he explained, “When you borrow and you are earning 100 naira but paying 90 naira in debt, you are left with 10 naira for 200 million people. That is not enough. The entire fiscal policy is based on borrowing.” He advocated for centralized revenue collection, urging the removal of revenue-retention powers from federal agencies to ensure all funds go into a single account.
Agbakoba concluded that Executive Order 10 represents a critical step toward restoring Nigeria’s fiscal independence and ensuring the country’s natural wealth directly benefits its citizens.
Leave a comment