President Bola Tinubu says his administration has introduced bold, sometimes difficult, policy changes aimed at removing long-standing distortions in Nigeria’s economy and restoring credibility to economic management.
Speaking during Wednesday’s Federal Executive Council meeting, the President outlined reforms initiated from the first day of his tenure, including the elimination of the fuel subsidy and the scrapping of the dual exchange rate regime—steps his government credits with helping stabilise the economy.
He commended his cabinet for their “unwavering commitment, resilience, and hard work in supporting this administration’s reform agenda.” According to him, these policies have “enhanced our 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,” he stated.
President Tinubu reaffirmed that his “Renewed Hope” agenda is set on achieving a $1 trillion economy by 2030, adding that Nigeria “must now accelerate our efforts to achieve a minimum growth rate of 7.0% by 2027. 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.”
Referencing the “recent IMF Article IV Report published in July 2025,” the President noted that it confirms Nigeria’s current economic trajectory and emphasises the need for investment-led growth.
Among other initiatives, he pointed to the recently launched Renewed Hope Ward Development Programme, which covers all 8,809 wards in the 774 local government areas across the country. Describing it as “close to my heart,” Tinubu said the ward-level scheme aims to empower grassroots economic players and apply a micro-level approach to fighting poverty.
The programme, implemented in collaboration with the National Economic Council, is focusing on boosting productivity, improving food security, and strengthening partnerships with local governments.
He further stressed the need for higher savings to spur investment, noting that “currently, public investment as a share of GDP stands at a low 5.0%, largely due to insufficient public savings.”
The President urged Ministries, Departments, and Agencies to improve spending efficiency and review deductions from the Federation Account, including collection costs charged by agencies like the FIRS, Customs, NUPRC, and NIMASA. He also called for a reassessment of “the 30% management fee and the 30% 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,” Tinubu said. He has directed the Economic Management Team, led 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 the Council.
