President Bola Tinubu has ordered a review of revenue retention and deduction practices by key federal revenue-generating agencies, as part of efforts to boost public savings and accelerate economic growth.

Minister of Finance, Wale Edun, announced the directive after Wednesday’s FEC meeting, noting that it would target agencies such as the Nigerian National Petroleum Company (NNPC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and the Nigerian Maritime Administration and Safety Agency (NIMASA).

Tinubu specifically called for a review of NNPC’s 30 per cent management fee and its 30 per cent frontier exploration deduction under the Petroleum Industry Act.

Edun said the reforms aimed to eliminate waste and channel more funds into critical development areas. He reaffirmed Tinubu’s commitment to building a $1 trillion economy by 2030, which would require annual GDP growth of at least 7 per cent from 2027.

He added that the Renewed Hope Ward Development Programme — covering all 8,809 wards in Nigeria — would support economically active citizens with tools to lift themselves out of poverty.