By: Manoah Kikekon
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| Bola Tinubu |
President Bola Tinubu has taken a bold step to plug revenue leakages in Nigeria’s financial system by ordering a sweeping review of deductions and revenue retention practices by key federal agencies.
The move aims to boost public funds, drive investment, and fast-track economic growth.
Finance Minister Wale Edun revealed the President’s directive after Wednesday’s Federal Executive Council (FEC) meeting at the Presidential Villa. The review targets major revenue-generating agencies, including, NNPC (Nigerian National Petroleum Company Limited), FIRS (Federal Inland Revenue Service), Nigeria Customs Service and NIMASA (Nigerian Maritime Administration and Safety Agency).
A key part of the review will assess NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act (PIA). Tinubu’s goal? To cut waste, maximize savings, and redirect funds to critical sectors for national development.
“The President is committed to accountability and efficiency in managing Nigeria’s natural resources,” Edun stated.
Tinubu’s vision is clear Nigeria must achieve a $1 trillion economy by 2030. To get there, the country needs at least 7% annual GDP growth from 2027.
“Savings are the foundation of all investment, whether domestic or foreign. We must urgently increase public sector savings to unlock sustainable development,” Edun emphasized.
Beyond revenue reforms, Tinubu is pushing the Renewed Hope Ward Development Programme, a micro-level poverty reduction strategy covering all 8,809 wards across Nigeria’s 774 LGAs. The initiative will provide economic tools to empower citizens at the grassroots level.
“It will support economically active Nigerians with resources to lift themselves out of poverty,” Edun explained.
(NAN)