President Bola Tinubu on Wednesday ordered a review of deductions and revenue retentions by the Nigerian National Petroleum Company Limited (NNPCL) and other major revenue-generating agencies in the country, to boost public savings, improve spending efficiency, and unlock resources for growth.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the directive public while speaking to newsmen after the Federal Executive Council meeting at Council Chambers, State House, Abuja, which was presided over by the president.
The directive applied to not just NNPCL, but also the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian Maritime Administration and Safety Agency (NIMASA).
Tinubu specifically called for a reassessment of NNPCL’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act (PIA).
The president tasked the Economic Management Team, led by Edun, to present actionable recommendations to FEC on the best way forward.
Tinubu said the directive was part of efforts to sustain reforms that had dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investors’ confidence.
According to him, the reforms have created a transparent and competitive business environment attractive to local and foreign investors in critical sectors, such as infrastructure, oil and gas, health, and manufacturing.