No more policy changes without impact assessment – FG – Daily Trust

The minister of finance and coordinating minister of the economic system, Taiwo Oyedele says the federal authorities is proposing necessary impact assessments earlier than main financial policy changes to scale back uncertainty for companies and traders.

He made the disclosure on Monday on the ongoing thirty second Nigerian financial summit (NES) in Abuja, whereas presenting the proposed Nigeria financial policy framework for public session.

He stated the framework would require policymakers to clarify the issues a proposed intervention seeks to resolve, the proof supporting it, who would profit, who would bear the price, and the situations beneath which the policy would finish.

The framework, which he stated remains to be a session draft, is meant to determine enduring ideas for financial policymaking throughout successive administrations somewhat than function a improvement plan or the manifesto of a selected authorities.

“Our challenge has never been a shortage of ambition or good ideas. It has been the absence of an enduring economic philosophy, consistent policy making, and disciplined implementation,” Oyedele stated.

He stated frequent policy reversals, insufficient impact assessments and restricted session with companies had undermined funding and financial development.

“Policy uncertainty is an invisible tax on enterprise, and unlike most taxes, it generates no revenue for the government. It only destroys value and discourages investment,” he stated.

According to Oyedele, the proposed framework would organise Nigeria’s financial priorities round seven interconnected areas: stability, productiveness, enterprise, capital, folks, markets and establishments.

He stated the framework would additionally introduce an annual nationwide financial scorecard, to be revealed on or earlier than October 1, to trace indicators reminiscent of actual wages, productive employment, and poverty.

“GDP growth matters, but per capita income matters even more,” he stated, including that financial progress ought to be measured by enhancements in family incomes, employment, and enterprise productiveness somewhat than combination figures alone.

Oyedele stated the framework can be guided by three ideas: enterprise because the engine of development, open however truthful markets, and coordination throughout authorities establishments.

He stated the federal government would help non-public enterprise by offering public items, sustaining the rule of regulation, addressing market failures and defending weak teams.

On commerce policy, he stated tariffs ought to help the event of native industries somewhat than protect inefficient companies from competitors indefinitely.

“A tariff must serve as a runway for local industry to take off, never a permanent shelter from competition,” he stated.

Oyedele stated the framework will probably be open for public session from November 27, 2026, with Nigerians invited to answer 17 questions by the federal ministry of finance’s web site.

He stated the draft would proceed to the federal govt council for approval and the nationwide financial council for endorsement after the session and validation course of.

Also talking, the Chairman of NESG, Niyi Yusuf famous that transformation can’t be delivered by any single establishment, because it requires collaborative effort.

“Government should maintain stability, and deepen reforms that decrease manufacturing prices, strengthen infrastructure, safe lives and enhance shared prosperity. State Governments should enhance their funding climates and develop their productive benefits.

“Governments ought to do more to privatise public belongings that may profit from non-public sector administration, experience, know-how and capital to unlock investments. Businesses should make investments, innovate, develop abilities and create first rate jobs.

“Development partners, civil society and the media must support evidence and accountability. Our priority is to strengthen the transmission from stability to investment, from investment to productivity, from productivity to jobs, and from jobs to rising incomes and shared prosperity,” he defined.