“TINUBU ORDERS SWEEPING REVIEW OF REVENUE DEDUCTIONS TO BOOST PUBLIC SAVINGS”
GREATRIBUNETVNEWS–President Bola Tinubu has directed a comprehensive review of deductions and revenue retention practices by major federal revenue-generating agencies. The move aims to boost public savings, improve spending efficiency, and unlock resources for economic growth.
Key Agencies Affected:
– Federal Inland Revenue Service (FIRS): Responsible for collecting taxes and other government revenue.
– *lNigeria Customs Service (NCS): Collects customs duties and regulates imports and exports.
– Nigerian Upstream Petroleum Regulatory Commission (NUPRC): Regulates the upstream oil and gas sector.
– *lNigerian Maritime Administration and Safety Agency (NIMASA): Regulates maritime activities and collects revenue.
– Nigerian National Petroleum Company (NNPC) Limited: Affects NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act .
Objectives:
– Increase Public Savings: By reviewing deductions and retention practices, the government aims to increase public savings and reduce waste.
– Improve Spending Efficiency: The review will help channel funds towards critical growth areas.
– Unlock Resources for Growth: The move is expected to stimulate investment and accelerate economic growth.
Economic Goals:
– $1 Trillion Economy: President Tinubu aims to achieve a $1 trillion economy by 2030, requiring an annual growth rate of at least 7% starting from 2027.
– Poverty Reduction: The President emphasized that higher growth is essential to reducing poverty and achieving inclusive development
“The President is committed to accountability and efficiency in managing Nigeria’s natural resources,” Edun said.
He reaffirmed Tinubu’s target of building a $1 trillion economy by 2030.
“To achieve that, we must grow the economy by at least 7 per cent annually from 2027,” he said.
He noted that savings are the foundation of all investment, domestic or foreign, and must be urgently increased by the public sector.
“The President’s charge is clear: we must boost savings to unlock sustainable development,” Edun stated.
He said the President also highlighted the Renewed Hope Ward Development Programme, a ward-based scheme covering all 8,809 wards across Nigeria’s 774 local government areas.
The initiative targets grassroots empowerment using a micro-level poverty reduction strategy.
“It will support economically active citizens with tools to lift themselves out of poverty,” he said.
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