Tinubu orders review of revenue deductions by NNPC, FIRS, Customs, NIMASA, others

President Bola Tinubu has ordered a review of revenue deductions by major federal agencies in Nigeria, including NNPC, FIRS, Customs, NIMASA, and others. This directive aims to improve public savings, boost spending efficiency, stimulate investment, and unlock resource growth.

The review was announced by Minister of Finance and Coordinating Minister of Economy, Wale Edun, after a Federal Executive Council meeting. Tinubu specifically called for a reassessment of NNPC's 30% management fee and 30% frontier exploration deduction as per the Petroleum Industry Act.

The goal is to present actionable recommendations to the FEC for an optimal way forward. Tinubu emphasized the importance of saving to catalyze investment and growth, as part of the administration's Renewed Hope Ward Development Programme to tackle poverty and achieve a 1 trillion economy by 2030.

Tinubu highlighted the need for a minimum growth rate of 7% by 2027, as outlined in the recent.