The Nigeria 1999 economic policy and objective: An unfulfilled mission of expectation

• Author: Ajagbe Toriola Oyewo
• Position: Professor A. Toriola Oyewo Ph.D (Law), Ph.D (Admin). MPA, M.phil, MA, MILGA ACIS, FCE (Nig.) FCE (Ghana) BL, Jp, Profesor of Law, Lead City University, Ibadan
• Pages: 31-43

AGORA International Journal of Juridical Sciences, www.juridicalj ournal.univagora.ro

ISSN 1843-570X, E-ISSN 2067-7677

No. 3 (2014), pp. 31-43

31

THE NIGERIA 1999 ECONOMIC POLICY AND OBJECTIVE:

AN UNFULFILLED MISSION OF EXPECTATION

A. T. Oyewo

Ajagbe Toriola Oyewo

Professor A. Toriola Oyewo Ph.D (Law), Ph.D (Admin). MPA, M.phil, MA, MILGA ACIS,

FCE (Nig.) FCE (Ghana) BL,

Jp, Profesor of Law, Lead City University, Ibadan.

www.facebook.com/pages/Moboluwaduro-Chamber-by-Prof-Ajagbe-Toriola-Oyewo

Abstract

The 1999 Constitution of Nigeria contains beautiful provisions for economic policy

and objective under chapter two of the country’s fundamental objectives and direct principles

of the state policy. And by section 16 of the said Constitution, the economic objectives of the

state are well spelt out that if followed to the letters, Nigeria would have been a paradise on

earth and a country to be recognized as a developed nation. But alas, the operators of the

Constitution have woefully failed in this direction. Thus the majority of the people in Nigeria

are left to wallow in despicable hunger, unemployment, poor living condition and lack of

many indices of social and welfare developmental services.

The condition is so bad that unless all these unpalatable and monumental factors are

well addressed, the country may sooner or later reach its waterloo of extinction.

Introduction

The people of the Federal Republic of Nigeria have made a Constitution in 1999 for

the purpose of promoting the good government and welfare of all persons in their country on

the principles of freedom, equality and justice, and for the purpose of consolidating unity

among themselves.

It must be noted however that CHAPTER II of the said Constitution deals with the

FUNDAMENTAL OBJECTIVES AND DIRECTIVE PRINCIPLES OF STATE POLILCY,

while section 16 of it deals essentially with the economic objectives of the state.

The provisions in section 16 may be stated essentially in a nutshell as follows:

1. That the state should control the resources of the Nation in such a way as to

promote national prosperity for every citizen on the basis of social justice and equality of

status and opportunity.

2. That the state should control the national economy in such manner as to secure the

maximum welfare, freedom and happiness of every citizen on the basis of social justice and

equality of status and opportunity.

The state should protect the right of every citizen to engage in any economic activities

outside the major sectors of the economy.

3. Lastly it is provided that the state shall direct its policy towards ensuring

(a) The promotion of a planned and balanced economy.

(b) That the material resources of the nation are harnessed and distributed as best as

possible to serve the common good.

(c) That the economic system is not operated in such a manner as to permit the

concentration of wealth or the means of production and exchange on the hands of few

individuals or a group; and

(d) That suitable and adequate shelter, suitable and adequate food, reasonable national

minimum living wage, old care and pensions, and unemployment, sick benefits and welfare of

the disabled are provided for all citizens.