BREAKING: Tinubu Orders Review of Revenue Deductions by NNPC, FIRS, Customs, NIMASA

President Bola Tinubu has ordered a review of revenue deductions by major federal agencies, including NNPC, FIRS, Customs, and NIMASA, to enhance public savings and spending efficiency. The Minister of Finance, Wale Edun, revealed this directive, emphasizing the need to optimize public savings and increase investments in the economy.

President Tinubu specifically called for a reassessment of NNPC's 30% management fee and frontier exploration deductions under the Petroleum Industry Act. The Economic Management Team, chaired by Edun, will provide actionable recommendations to the Federal Executive Council to improve policy credibility and financing for economic growth.

The review aims to unlock resources for economic growth amid global liquidity constraints and increase public investment in GDP, which currently stands at a low 5%.