BREAKING: Tinubu Orders Review of Revenue Deductions by NNPC, FIRS, Customs, NIMASA

President Tinubu

President Tinubu has ordered the review of Revenue Deductions by NNPC, FIRS, Customs, and NIMASA.

NewsOnline Nigeria reports that President Bola Tinubu has directed a review of deductions and revenue retention practices by major federal revenue agencies, including NNPC Limited, FIRS, NCS, NUPRC, and NIMASA, in a bid to boost public savings, enhance spending efficiency, and unlock resources for economic growth.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the directive while briefing state house correspondents at the Presidential Villa on Wednesday.

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President Tinubu specifically called for a reassessment of NNPC’s 30% management fee and the 30% frontier exploration deduction under the Petroleum Industry Act. He tasked the Economic Management Team, chaired by Edun, to provide actionable recommendations to the Federal Executive Council (FEC).

Edun said the President emphasized the need to optimize public savings, noting that “public investment as a share of GDP stands at a low 5% due to insufficient savings.” He stressed that reviewing deductions by revenue agencies and optimizing every naira is critical to sustaining reforms, restoring policy credibility, and financing growth amid global liquidity constraints.

“The Economic Management Team is to conduct a comprehensive review of all deductions and revenue retention practices and present actionable recommendations to FEC for the optimal way forward,” Edun added.