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Tinubu orders FIRS, Customs to review revenue deductions, Says Edun
President Bola Tinubu on Wednesday directed a review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, 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, President 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.
The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.
According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.
Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1tn economy by 2030 requires growth of at least seven per cent annually from 2027 — a target he described as “not just economic, but a moral imperative,” as higher growth is the surest path to tackling poverty.
He cited the July 2025 International Monetary Fund Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth.
On grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies in collaboration with states, local governments, and private partners.
Tinubu noted that public investment accounts for just five per cent of Gross Domestic Product due to low savings, stressing that optimising “every available naira” is vital, especially under current global liquidity constraints.
Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues, and debt-to-GDP ratios now within range. He described savings as the foundation of investment and said the President’s directive aims to quickly raise public sector savings by reviewing deductions and retention practices.
Meanwhile, Edun said he presented two memoranda to Council — a $125m Islamic Development Bank financing for infrastructure in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba; and a plan to refinance N4tn in outstanding electricity sector obligations.
The electricity debt resolution will be executed in phases, with the first phase expected within three to four weeks under the coordination of the Debt Management Office and other agencies.
According to the talking points by President Bola Tinubu obtained by our correspondent, he commended members of the Federal Executive Council for implementing bold reforms “that have dismantled longstanding distortions in our economy and restored policy credibility.”
Tinubu said the reforms have enhanced economic resilience, restored macroeconomic stability, created a transparent and competitive business environment, and bolstered investor confidence.
“As a result, our economy is now better positioned to attract both domestic and foreign private investment-investment that is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.
“Our Renewed Hope Agenda remains focused on achieving a $1tn economy by the year 2030. To realise this vision, we must now accelerate our efforts to achieve a minimum growth rate of 7.0 per cent by 2027,” Tinubu said.
According to him, stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria. “The recent IMF Article IV Report, published in July 2025, also affirms this trajectory and underscores the importance of investment-led growth.
“In line with our commitment to inclusive development, I recently launched the Renewed Hope Ward Development Programme-a ward-based initiative covering all 8,809 wards across the 774 Local Government Areas in Nigeria.
“This programme is close to my heart. It is designed to empower active grassroots economic players, using a micro-level approach to tackle poverty. We aim to bring sub-national governments and private sector partners on board to ensure efficient and impactful implementation,” he stated.
He urged governors to accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments to address the poverty challenge and ensuring that no Nigerian is left behind.
Speaking on savings and investment as catalysts for growth, the President emphasized the critical role of savings in catalyzing investment and growth. “Currently, public investment as a share of GDP stands at a low 5.0 per cent, largely due to insufficient public savings.
“We must urgently review and optimize our savings. This includes enhancing spending efficiency and reviewing deductions from the Federation Account, such as the cost of collection by revenue agencies, such as FIRS, Customs, NUPRC, and NIMASA, etc.
“There is also the need to reassess the 30 per cent management fee and the 30 per cent frontier exploration deduction by NNPC based on the Petroleum Industry Act. We must optimise every available Naira to sustain our momentum and finance our growth trajectory-especially in a time of global liquidity constraints.
“Accordingly, I am directing the Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, to conduct a comprehensive review of all deductions and revenue retention practices, and present actionable recommendations to this Council for an optimal way forward.”
Security presence surged around the Federal High Court in Kaduna on Tuesday as operatives from multiple agencies were deployed ahead of the arraignment of former Kaduna State Governor, Nasir El-Rufai, over alleged corruption-related offences.
By about 7:00 a.m., heavily armed personnel of the Department of State Services, Nigeria Police Force, Mobile Police Force, and Nigeria Security and Civil Defence Corps had taken positions at strategic locations leading to the court complex situated within the old Nigerian Defence Academy area.
Access roads to the venue witnessed restrictions, forcing vehicles into a single lane from the Ungwan Sarki axis through Kawo and triggering early morning gridlock.
The heavy security followed a prior notice by the Independent Corrupt Practices and Other Related Offences Commission that it would arraign El-Rufai on Tuesday, March 24, 2026, before the Federal High Court sitting in Kaduna.
In a statement issued by its Head of Media and Public Communications, John Odey, the commission said the former governor would be docked alongside one Joel Adoga in suit number FHC/KD/73/2026.
The agency explained that the charges against the defendants include alleged conversion, unlawful possession of public property, and money laundering.
“The Independent Corrupt Practices and Other Related Offences Commission is set to arraign the former Governor of Kaduna State, Malam Nasir El-Rufa’i, and one Joel Adoga at the Federal High Court of Nigeria in the Kaduna Judicial Division on Tuesday, March 24, 2026. The charges range from conversion of and possession of public property to money laundering,” the statement read.
It further disclosed that another case, marked KDH/KAD/ICPC/01/26, had been instituted against El-Rufai and one Amadu Sule before a Kaduna State High Court.
According to the commission, the state charges border on abuse of office, fraud, intent to commit fraud, and conferring undue advantage.
“Similarly, another charge against Malam Nasir El-Rufa’i and one Amadu Sule has been filed before a Kaduna State High Court in the Kaduna Judicial Division. The charges range from abuse of office and fraud to intent to commit fraud and conferring undue advantage, among others,” the statement added.
The ICPC said both cases were filed on March 18, 2026, adding that a date for arraignment in the state court would be announced later.
It also insisted that El-Rufai had been properly served, stressing its adherence to due process and the rule of law.
The development came amid growing pressure from stakeholders, including the African Democratic Congress, which called for his immediate release or arraignment, describing his continued detention without formal charges as unconstitutional.
In the same vein, the Muslim Rights Concern criticised his prolonged detention, while members of his family also alleged a breach of his fundamental rights.
El-Rufai was first arrested by the Economic and Financial Crimes Commission on February 16, 2026, granted bail two days later, and subsequently re-arrested by the ICPC.
He has remained in the custody of the anti-graft agency since then, pending his arraignment.
Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.
In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.
The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.
As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.
Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.
Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.
President Bola Tinubu is currently meeting with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at strengthening ties between Nigeria and Britain.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Monday, said the meeting will culminate in the signing of various Memoranda of Understanding and agreements, including those on trade, investment, defence, and cultural cooperation.
The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.
It added that a major highlight of the visit was the signing of a £746 million financing agreement between UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.
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The statement said the deal will fund the refurbishment of two key maritime infrastructures — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.
The President and the First Lady had earlier been the guests of their Majesties King Charles III and Queen Camilla at Windsor Castle.
Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.
Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
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