President Bola Tinubu has ordered a review of deductions and revenue retentions by the Nigerian National Petroleum Company Limited (NNPCL) and other key revenue-generating agencies.
The goal is to “boost public savings, improve spending efficiency, and unlock resources for growth.”
This directive was announced on Wednesday by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, after the Federal Executive Council meeting.
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The directive applies to several agencies, including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian Maritime Administration and Safety Agency (NIMASA).
President Tinubu specifically called for a reassessment of the NNPCL’s “30 per cent management fee and 30 per cent frontier exploration deduction” under the Petroleum Industry Act (PIA).
He has tasked the Economic Management Team to present actionable recommendations to the Federal Executive Council.
The President stated that the move is part of the administration’s efforts to sustain reforms that have “dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investors’ confidence.”
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