President Bola Tinubu has ordered the review of deductions and revenue retention practices by major federal agencies in the country.
The Minister of Finance, Wale Edun, disclosed this after Wednesday’s Federal Executive Council meeting, chaired by President Tinubu at the Presidential Villa, Abuja.
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 the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and Nigerian Maritime Administration and Safety Agency (NIMASA), among others.
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Edun stressed that the goal was 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 percent management fee and the 30 percent frontier exploration deduction under the Petroleum Industry Act.
“The President is committed to accountability and efficiency in managing Nigeria’s natural resources,” the minister stated.
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 concluded.
