President Bola Ahmed Tinubu has directed a review of deductions and revenue retention by major revenue-generating agencies.
The purpose, according to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, is to boost public savings, check profligacy, and unlock resources for economic growth.
Revenue-generating agencies covered by the order are the Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Maritime Administration and Safety Agency (NIMASA).
The review order was given by President Tinubu at yesterday’s Federal Executive Council (FEC) meeting in Abuja.
According to Edun, the President specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act (PIA).
The Economic Management Team, chaired by the Finance Minister, is to present actionable recommendations to the FEC on the best way forward.
The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.
According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.
Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1 trillion economy by 2030 requires growth of at least 7% annually from 2027. He described the target as “not just economic, but a moral imperative ” in tackling poverty.
