President Bola Tinubu has directed a comprehensive review of deductions and revenue retention practices by major revenue-generating agencies, including the Federal Inland Revenue Service, Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Maritime Administration and Safety Agency, and the Nigerian National Petroleum Company Limited.
The order, disclosed by Finance Minister Wale Edun after yesterday Federal Executive Council meeting, includes a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act.
The Economic Management Team, chaired by Edun, will present recommendations aimed at raising public savings, improving spending efficiency, and unlocking resources for growth.
President Tinubu said the directive is part of reforms to restore policy credibility, strengthen investor confidence, and position Nigeria to achieve its $1tn economy target by 2030, requiring at least seven per cent annual growth from 2027.
He highlighted the low public investment-to-GDP ratio of five per cent, stressing the need to optimise “every available naira” amid global liquidity constraints. The President also underscored grassroots empowerment through the Renewed Hope Ward Development Programme, which targets all 8,809 wards nationwide for poverty reduction, and urged state governors to prioritise productivity-enhancing investments, food security, and collaboration with local governments.