Former Nigerian Bar Association (NBA) President, Olisa Agbakoba, on Wednesday praised Executive Order 10 as the most significant fiscal reform in decades, saying it could transform Nigeria from a borrowing-dependent economy to one driven by internally generated revenue.
Speaking at a media briefing on political and economic developments, Agbakoba described the order as a decisive step toward reclaiming Nigeria’s sovereignty over its oil and natural resources.
“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,” he said.
Citing Section 44(3) of the 1999 Constitution, Agbakoba stressed that Nigerians are the constitutional owners of the country’s oil, but control has effectively been ceded to the Nigerian National Petroleum Company Limited and International Oil Companies (IOCs).
“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 added.
He criticized aspects of the Petroleum Industry Act that converted NNPC into a limited liability company while allowing it to retain significant revenue influence, insisting that NNPC should operate strictly as a commercial entity under a Minister of Petroleum who sets policy.
Agbakoba also highlighted flaws in joint venture arrangements with IOCs, emphasizing that Nigeria must retain full ownership and sovereignty over its resources.
Linking the nation’s fiscal crisis 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 centralised revenue collection and the removal of revenue-retention powers from federal agencies: “The job of Customs is to enforce customs laws, not to raise revenue. Every federal agency, not a penny should be kept. Let one central revenue authority sweep everything into a single account.”
On infrastructure deficits, Agbakoba stated: “When we say we have no roads, no hospitals, no schools, it’s because we have no money. If this executive order is the beginning of expanding our resources, then it makes me very happy.”
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The former NBA President concluded that Executive Order 10 represents a critical step toward restoring Nigeria’s fiscal independence and ensuring that the country’s natural wealth benefits its citizens directly.
