Tinubu orders review of revenue deductions

President Bola Tinubu has ordered a review of deductions and revenue retention practices by major federal revenue-generating agencies in the country.

Minister of Finance, Wale Edun, announced the directive after Wednesday’s Federal Executive Council meeting chaired by Tinubu at the Presidential Villa.

He said the move forms part of broader efforts to boost public revenue, stimulate investment, and accelerate economic growth.

The directive targets agencies such as NNPC, FIRS, Nigeria Customs Service, and NIMASA, 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.

“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.