THUR AUG 14 2025-theGBJournal| President Bola Tinubu on Wednesday reminded members of the Federal Executive Council (FEC) of the focus of the Renewed Hope Agenda, saying it remains the attainment of a $1 trillion 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,” he said.
According to the President, ”This is not just an economic target; it is a moral imperative. Stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria.”
He noted that the recent IMF Article IV Report published in July 2025 also affirms this trajectory and underscores the importance of investment-led growth.
The President also harped on enhancing spending efficiency while calling for the Review of the deductions from the Federation Account, such as the cost of collection by revenue agencies such as FIRS, Customs, NUPRIC and NIMASA etc.
He said 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,” the President emphasized.
Consequently, the President directed 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.
The President reiterated his call on State Governors to accelerate growth by: Prioritising productivity-enhancing investments, Strengthening food security, and Deepening collaboration with local governments.
”These efforts are essential to fully addressing the poverty challenge and ensuring that no Nigerian is left behind.”
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