By Muhammad Mamman
President Bola Tinubu has mandated a thorough overhaul of revenue management practices across the nation’s top revenue-generating agencies. The directive, announced during Wednesday’s Federal Executive Council (FEC) meeting in Abuja, targets inefficiencies to unlock public savings and drive sustainable development.
The probe zeroes in on powerhouse agencies, including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company Limited (NNPC). The goal? To streamline operations, curb wasteful deductions, and channel resources into high-impact economic initiatives.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, briefed the press on the President’s orders, spotlighting a critical review of the NNPC’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act (PIA). Edun, leading the Economic Management Team, has been tasked with delivering actionable recommendations to the FEC, paving the way for a leaner, more efficient revenue framework.
