President Bola Ahmed Tinubu has ordered a comprehensive review of all deductions and revenue retention practices by major revenue-generating agencies.
The agencies include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company Limited (NNPC).
The directive, given at the Federal Executive Council (FEC) meeting on Wednesday in Abuja, is targeted at increasing public savings, boosting spending efficiency, and providing more resources to finance growth.
In his remarks to the Council the President called for a reassessment of NNPC’s 30% management fee and 30% frontier exploration deduction provided under the Petroleum Industry Act.
President Tinubu expressed appreciation for their commitment and hard work in implementing bold and difficult reforms that have dismantled longstanding economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.
He said these reforms had created a transparent, competitive business environment that now positions Nigeria to attract more domestic and foreign investment in critical sectors such as infrastructure, oil and gas, health, and manufactured exports.
Reaffirming his administration’s Renewed Hope Agenda, President Tinubu said the target remains to build a $1 trillion economy by 2030. To achieve this, the economy must grow by at least 7% annually from 2027.
