FG plans law to lock in reforms; you can comment until 27 November

The federal government is considering a law that would make it harder for future governments to reverse reforms such as the removal of the petrol subsidy. Finance Minister Taiwo Oyedele presented a draft Nigeria Economic Policy Framework at the Nigerian Economic Summit in Abuja on Monday 26 October and asked the public to respond.

“We now need to lock it in, in institutions, in law, as well as policy framework, so that it can be enduring,” Oyedele, who is also Coordinating Minister of the Economy, said at the 32nd summit, Punch reported. On the petrol subsidy, he said: “Any ideas of returning it, we should forget about it.”

Under the draft, officials would have to explain, before any major economic policy change, what problem it solves, what evidence supports it, who benefits, who bears the cost and when it will end, TheCable reported. It also proposes a yearly national economic scorecard, published by 1 October, tracking real wages, jobs and poverty. “Policy uncertainty is an invisible tax on enterprise,” Oyedele said.

The minister said the framework could become part of the screening of political appointees, with copies attached to appointment letters. He stressed that it is still a consultation draft and has not been approved. Nigerians can respond to the questions on the Federal Ministry of Finance website until 27 November, after which it goes to the Federal Executive Council for approval and the National Economic Council for endorsement.

Reaction online has been split. Supporters say consistent rules would reassure investors and stop policy U-turns. Critics point out that the reforms have been hard on households, and that any law passed now can be amended or repealed by a future National Assembly.

Pidgin: Federal Government wan make law so dat any government wey come later no go fit easily reverse reforms like fuel subsidy removal. Finance Minister Oyedele talk am for Abuja on Monday. Na draft still; Nigerians fit send their view for Ministry of Finance website until 27 November.

How this affects you: Nothing changes yet: this is a draft open for public comment. If it becomes law, decisions on fuel prices, taxes and tariffs would need published impact checks, and you could judge results each year against a public scorecard on wages, jobs and poverty. Businesses, unions and citizens can send views to the Ministry of Finance before 27 November.