President Bola Tinubu has ordered a comprehensive review of the revenue deduction and retention practices of major federal revenue-generating agencies. The directive, announced by Minister of Finance Wale Edun after wednesday’s Federal Executive Council (FEC) meeting in Abuja, is a key component of the administration’s strategy to boost public revenue, stimulate investment, and accelerate economic growth.
The review is specifically targeting key agencies that include the NNPC, Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and Nigerian Maritime Administration and Safety Agency (NIMASA), among others. The initiative aims to enhance fiscal discipline and ensure that a larger portion of the revenue generated by these agencies is remitted to the consolidated revenue fund of the federation.
The move signals a firm commitment by the government to addressing long-standing fiscal challenges. By scrutinizing the financial practices of these institutions, the Tinubu administration seeks to optimize government income, thereby providing the necessary resources to fund national development projects and improve economic stability.
Edun stressed the goal is to optimise public savings, cut waste, and channel funds towards critical growth areas.
Tinubu, he added, called for a specific review of NNPC’s 30 per cent management fee and the 30 per cent frontier exploration deduction under the Petroleum Industry Act.
“The President is committed to accountability and efficiency in managing Nigeria’s natural resources,” Edun said.
He reaffirmed Tinubu’s target of building a $1 trillion economy by 2030.
“To achieve that, we must grow the economy by at least 7 per cent annually from 2027,” he said.
He noted that savings are the foundation of all investment, domestic or foreign, and must be urgently increased by the public sector.
“The President’s charge is clear: we must boost savings to unlock sustainable development,” Edun stated.
He said the President also highlighted the Renewed Hope Ward Development Programme, a ward-based scheme covering all 8,809 wards across Nigeria’s 774 local government areas.
The initiative targets grassroots empowerment using a micro-level poverty reduction strategy.
“It will support economically active citizens with tools to lift themselves out of poverty,” he said.
