By Atoyebi Nike
President Bola Tinubu has directed a comprehensive review of deductions and revenue retention practices by major federal revenue-generating agencies to improve public savings, enhance spending efficiency, and unlock resources for economic growth.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the directive while briefing State House correspondents after Wednesday’s Federal Executive Council (FEC) meeting in Abuja.
Agencies targeted for review include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigerian National Petroleum Company (NNPC) Limited.
According to Edun, the president specifically ordered a reassessment of NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act. The Economic Management Team, chaired by Edun, is to present actionable recommendations to the FEC.
“Currently, public investment as a share of GDP stands at just 5%, largely due to insufficient public savings,” Edun quoted the President as saying. “We must optimize every available naira to sustain our momentum and finance growth, especially in a time of global liquidity constraints.”
Tinubu linked the move to broader reforms aimed at dismantling economic distortions, restoring policy credibility, and attracting investment. He reiterated his administration’s goal of achieving a $1 trillion economy by 2030, with a minimum growth rate of 7% by 2027.
He also referenced the International Monetary Fund’s July 2025 Article IV Report, which he said affirms Nigeria’s investment-led growth trajectory.
