President Bola Tinubu on Wednesday directed a review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies.
The move is in a bid to boost public savings, improve spending efficiency, and unlock resources for growth. The agencies include the Federal Inland Revenue Service, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Maritime Administration and Safety Agency, and the Nigerian National Petroleum Company Limited.
Tinubu gave the directive during the Federal Executive Council meeting on Wednesday in Abuja. The President’s directive was disclosed to journalists by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to Edun, Tinubu specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act.
He tasked the Economic Management Team, chaired by Edun, to present actionable recommendations to FEC on the optimal way forward.
