Nigerian government has approved a plan to reduce revenue shares retained by key revenue-generating agencies, a decision made during the Federal Executive Council meeting led by President Bola Tinubu.
Finance Minister Wale Edun explained that the aim is to increase public savings, curb excess spending, and promote economic growth. The review targets agencies such as NNPC, FIRS, Nigeria Customs Service, NUPRC, and NIMASA, with a specific focus on reassessing NNPC’s management fee and frontier exploration deductions under the Petroleum Industry Act.
This move follows recent government measures restricting ministries and agencies from issuing capital contracts without proper authorization, amidst concerns over delayed contractor payments.
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