President Bola Tinubu has directed a review of deductions and revenue retention by major Nigerian agencies like Federal Inland Revenue Service (FIRS)Nigeria custom service (NCS) Nigerian upstream regulatory commission ( NUPRC) , Nigerian Maritime Administration and Safety Agency NIMASA, and Nigerian National Petroleum Corporation NNPC to boost public savings and spending efficiency.
The directive, announced by Finance Minister Wale Edun after a Federal Executive Council meeting, includes reassessing NNPC’s 30% management fee and frontier exploration deduction. The Economic Management Team, led by Edun, will provide recommendations ,as Tinubu emphasized that these reforms align with the Renewed Hope Agenda, aiming for a $1 trillion economy by 2030 with 7% annual growth from 2027.
He highlighted the Renewed Hope Ward Development Programme to reduce poverty and noted improving macroeconomic indicators. Edun also presented plans for $125m Islamic Development Bank financing for Abia State infrastructure and a phased N4tn electricity debt resolution.
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