President Bola Tinubu has invited members of the public to submit suggestions for the 2027 Finance Bill as the Federal Government considers measures that could shape the country’s economic direction.
A Finance Bill is used to introduce proposed changes to taxation and other financial policies, while zero-based budgeting requires government spending to be justified from the beginning rather than relying automatically on previous budgets.
Public input could help identify areas requiring reform and improve the effectiveness of government policies.
One proposal is the regionalisation of Nigeria’s economy, including moving mines and minerals from the Exclusive Legislative List to the Concurrent Legislative List. Under such an arrangement, states could have greater authority to exploit their mineral resources while remitting an agreed percentage to the Federal Government.
The proposal also suggests that the Federal Government should concentrate on responsibilities such as customs, immigration, policing, prisons and courts, foreign affairs, the Central Bank of Nigeria, meteorological services and museums.
Infrastructure responsibilities could also be shared between federal and state governments, while the private sector focuses more strongly on strategic and consumer-oriented economic activities.
The broader argument is that greater decentralisation and improved revenue allocation could encourage economic development across Nigeria’s regions.
