President Bola Tinubu has ordered a review of deductions and revenue retention practices by major federal revenue-generating agencies in the country.
The Minister of Finance, Wale Edun, announced the directive after the Federal Executive Council (FEC) meeting chaired by Tinubu at the Presidential Villa in Abuja on Wednesday, August 13, 2025.
Edun said the move forms part of broader efforts to boost public revenue, stimulate investment, and accelerate economic growth.
The directive targets agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company (NNPC) Limited, among others.
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.
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“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, saying: “To achieve that, we must grow the economy by at least 7 per cent annually from 2027.”
Edun 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.
The minister added that Tinubu 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,” Edun said.
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