President Bola Tinubu and Finance Minister, Wale Edun shortly after FEC meeting in Abuja
By DAVID IORJA, Abuja-
President Bola Tinubu has mandated a comprehensive review of revenue retention and deduction practices by key federal agencies to enhance Nigeria’s financial framework.
The directive was disclosed by Finance Minister Wale Edun following the Federal Executive Council meeting, presided over by Tinubu, on Wednesday at the Presidential Villa.
Edun explained that the initiative is aimed at increasing public revenue, encouraging investment, and driving economic progress. The review will focus on major revenue-generating bodies, including the NNPC, FIRS, Nigeria Customs Service, and NIMASA.
The minister emphasized the need to maximize public savings, eliminate wasteful expenditure, and redirect resources to critical sectors for growth. Specifically, Tinubu ordered an evaluation of the NNPC’s 30% management fee and the 30% frontier exploration deduction outlined in the Petroleum Industry Act.
“President Tinubu is dedicated to ensuring transparency and efficiency in the management of Nigeria’s resources,” Edun stated.
He reiterated the administration’s ambition to achieve a $1 trillion economy by 2030, noting that this requires a minimum annual economic growth rate of 7% starting in 2027. Edun underscored that boosting public savings is essential to attract both domestic and foreign investment.
“The President’s directive is unequivocal: increasing savings is critical for sustainable development,” he added.
Additionally, Edun highlighted the Renewed Hope Ward Development Programme, a nationwide initiative targeting all 8,809 wards across Nigeria’s 774 local government areas. The program focuses on grassroots empowerment through a micro-level strategy to reduce poverty.
“It is designed to equip economically active citizens with the resources to escape poverty,” Edun noted.
