The Centre for Social Justice (CSJ) has unveiled an ambitious economic agenda for Nigeria’s newly elected President, Bola Tinubu. The agenda focuses on critical issues aimed at increasing revenue earnings for the Federal Government of Nigeria (FGN) while cutting down on wastages in the system. The recommendations put forward assume a significant reduction in insecurity and a determined fight against corruption, with governance and public finance management decisions anchored on the rule of law and due process.

One of the key areas of focus in the economic agenda is the oil and gas industry. The CSJ acknowledges the need to address the issue of petrol subsidy, which has had a significant impact on Nigeria’s fiscal position. It is proposed that petrol subsidy should be gradually phased out, with engaging organized labour, the private sector, and the public in good faith negotiations to design a social intervention program to cushion the hardship in critical sectors like transport, agriculture/food, and health. The agenda also recommends the revival of existing refineries and exploring options for private sector participation in local oil refining to avoid creating undue monopolies.

The CSJ highlights the alarming issue of oil theft, which has resulted in significant losses for Nigeria over the years. The recommendations call for holding accountable public officers under whose watch industrial-scale oil theft occurs and demanding value for money in contracts related to pipeline protection. Additionally, the agenda suggests implementing a certification and authentication system, similar to the “blood diamonds” model, to trace Nigerian crude oil from wells to refineries and export terminals to eradicate oil theft.

In terms of oil production, Nigeria has struggled to meet production quotas and budget benchmarks in recent years. The CSJ urges the government to maximize investments in improving oil reserves and production, targeting not less than 3 million barrels per day in the medium term. To achieve this, the CSJ recommends revamping the management of the Nigerian National Petroleum Corporation (NNPC) and other relevant agencies to attract world-class managers who can drive the necessary reforms. Full implementation of the relevant sections of the recently passed Petroleum Industry Act (PIA) is also emphasized.

The agenda recognizes the significance of gas investments in Nigeria’s energy landscape. It calls for increased investments in gas reserves, gathering, processing, local utilization, and export. Similar to the recommendations for the oil sector, revamping the management of NNPC and other relevant agencies is seen as crucial to driving reforms in the gas sector. Full implementation of the Petroleum Industry Act in relation to gas investments is also highlighted.

Debt management is another critical area addressed in the economic agenda. The CSJ raises concerns over Nigeria’s increasing debt profile, which has reached alarming levels. The recommendations call for a moratorium on new debts, especially foreign debts, except in exceptional circumstances, and involve the private sector in more public-private partnerships to reduce the need for sovereign debts. Restructuring debts to ensure longer amortization periods and setting a debt ceiling in accordance with the provisions of the Fiscal Responsibility Act are also proposed.

The CSJ emphasizes the importance of tax efficiency in increasing revenue for the government. Introducing appropriate technology to ensure the automatic sweeping of VAT payments into government coffers is recommended to plug leakages in the tax system. The economic agenda also emphasizes the need to strengthen the administration and management of the Treasury Single Account (TSA) to ensure all income and expenditure are recorded within the system.

The CSJ highlights the need for comprehensive reforms in public financial management and accountability. It recommends strengthening the powers of the Auditor General for the Federation and enacting a new audit legislation that provides financial, organizational, and operational autonomy for the office. The agenda also emphasizes the establishment of the National Council on Public Procurement to enhance value for money and transparency in public procurement processes.

Statutory transfers and the management of independent revenue are addressed in the agenda, calling for the disaggregation and publication of details of all lump sums in statutory transfers and the establishment of mechanisms to ensure adequate operating surpluses by government-owned enterprises. The economic agenda also addresses the issue of the exchange rate, suggesting steps to increase foreign exchange earnings, improve security, and attract more foreign direct investment.

Recognizing the potential of Nigeria’s diaspora community, the CSJ recommends designing a coherent policy framework to harness diaspora remittances for investment. Creating transparent platforms and special purpose vehicles, along with facilitating investments in medium and small-scale enterprises, are proposed to tap into the resources of the diaspora community.

The economic agenda presented by the CSJ provides a comprehensive roadmap for President Bola Tinubu’s administration to tackle key economic challenges and drive sustainable growth in Nigeria. By implementing the recommendations, the government can enhance revenue generation, improve governance and transparency, attract investments, and create a conducive environment for economic development and prosperity.