President Bola Tinubu has directed the Ministry of Finance to review all deductions and revenue retention practices by key revenue-generating agencies.
Gatekeepers News reports that the directive aims to free up funds for investment and accelerate economic growth.
According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the review will cover the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company (NNPC) Limited.
“We have been directed to review all deductions and revenue retention practices by key revenue-generating agencies to optimise public savings, enhance spending efficiency, and free up more resources to finance growth,” Edun said.
The President specifically called for a reassessment of NNPC’s 30 percent management fee and 30 percent frontier exploration deduction under the Petroleum Industry Act (PIA).
Tinubu’s directive is part of efforts to achieve his administration’s target of building a $1 trillion economy by 2030, which requires at least 7 percent annual economic growth from 2027.
“The goal is not just an economic target but a moral imperative,” Edun quoted the President as saying, stressing that higher growth is essential to sustainably tackling poverty.
