Finance minister says reform-locking bill is being prepared for consultation and executive review
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What happened
Finance Minister Taiwo Oyedele said on 26 October that the Federal Government is working on legislation to protect its economic reforms from reversal. He said public consultation will continue until 27 November, after which the draft is expected to go to the Federal Executive Council and then the National Economic Council.
Why it matters
The government has moved from defending its reform package politically to preparing a legal mechanism that could bind future policy choices. That creates a dated approval path through consultation and executive bodies where state governments, labour groups and affected business interests can try to amend, delay or block parts of the framework.
On 26 October, Finance Minister Taiwo Oyedele said the Federal Government is preparing legislation to embed its economic-reform framework in law, with public consultation running until 27 November before the draft goes to the Federal Executive Council and then the National Economic Council. The stated aim is to reduce the chance that subsidy removal and related tax, tariff and investment measures are reversed by later political pressure. Because the proposal must pass consultation and two executive-political review stages, it opens a live channel for objections from states, organised labour and other actors affected by the cost-of-living fallout.
Watch for
Federal Ministry of Finance publication, on or before 2026-10-29, of consultation terms or a draft outline naming the reform areas to be codified Federal Executive Council agenda or presidency briefing, by 2026-10-29, confirming whether the reform bill drafting process has been tabled for cabinet sequencing Nigeria Governors' Forum or National Economic Council secretariat signal, by 2026-10-29, on whether states will demand amendments before NEC consideration Nigeria Labour Congress public statement, by 2026-10-29, explicitly opposing legal entrenchment of subsidy-removal or tax measures
Sources
- FG considers law to prevent reversal of economic reforms · punchng.com