Tinubu Orders Review of Revenue Deductions by FIRS, Customs, Others

President Bola Tinubu has ordered a review of deductions and revenue retention practices by Nigeria’s top revenue-generating agencies to boost public savings and improve spending efficiency.

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

Finance Minister and Coordinating Minister of the Economy, Wale Edun, said Tinubu gave the directive during Wednesday’s Federal Executive Council meeting in Abuja.

Tinubu also called for a reassessment of NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act. He tasked the Economic Management Team to recommend the best way forward.

The President said the move is part of reforms aimed at eliminating economic distortions, restoring policy credibility, strengthening resilience, and attracting investors.

He reaffirmed his Renewed Hope Agenda, stating that Nigeria’s target of becoming a $1 trillion economy by 2030 requires annual growth of at least 7% from 2027, calling it both an economic and moral obligation to reduce poverty.