Nigeria's president, Bola Tinubu, has ordered a review of all deductions and revenue retention practices by major revenue-generating agencies.

These agencies include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company Limited (NNPC).

CBI News notes that the directive, given at the Federal Executive Council (FEC) meeting on Wednesday in Abuja, is aimed at optimising public savings, enhancing spending efficiency, and freeing up more resources to finance growth.

Tinubu specifically called for a reassessment of NNPC’s 30% management fee and 30% frontier exploration deduction provided under the Petroleum Industry Act.

The President expressed appreciation for members of the Council for their commitment and hard work in implementing bold and difficult reforms that have dismantled longstanding economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.

He said these reforms had created a transparent, competitive business environment that now positions Nigeria to attract more domestic and foreign investment in critical sectors such as infrastructure, oil and gas, health, and manufactured exports.

He described the growth target as “not just an economic target but a moral imperative,” noting that higher growth is the only sustainable path to tackling poverty.