President Bola Ahmed Tinubu has set a new target of achieving a 7 per cent growth rate by 2027 while reaffirming the commitment of his administration to the ongoing economic reforms and the Renewed Hope Agenda’s drive towards a $1 trillion economy by 2030.
Tinubu, who presided over the Federal Executive Council (FEC) meeting on Wednesday at the Presidential Villa, Abuja, expressed satisfaction with his administration for restoring macroeconomic stability in the country.
He urged his ministers to intensify efforts at optimising public savings to finance growth sustainably.
The President reminded the Council that upon assuming office in 2023, his administration undertook far-reaching economic reforms, including floating the naira and removing fuel subsidies, tough measures that initially unsettled the economy but have since paved the way for stability and investor confidence.
“Together, we have implemented bold and difficult reforms that have dismantled longstanding distortions in our economy and restored policy credibility,” Tinubu said.
“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.”
While acknowledging the progress made, Tinubu lamented that public investment remains low at just 5 percent of GDP, largely due to insufficient public savings.
He, therefore, called for urgent steps to enhance spending efficiency, review deductions from the Federation Account, including cost-of-collection charges by revenue agencies such as the Federal Inland Revenue Service (FIRS), Customs, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) formerly the Department of Petroleum Resources (DPR) , and Nigerian Maritime Administration and Safety Agency (NIMASA), and Reassess NNPC’s 30 per cent management fee and frontier exploration deductions under the Petroleum Industry Act.
“This is not just an economic target; it is a moral imperative,” the President stressed, adding, “stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria.”
He also highlighted the Renewed Hope Ward Development Programme, covering all 8,809 wards in Nigeria, aimed at empowering grassroots economic actors and deepening collaboration with state and local governments.
While reiterating his recent charge to the Nigerian Governors Forum, Tinubu urged governors to prioritise productivity-enhancing investments, strengthen food security, and work more closely with local governments to ensure resources reach the last tier of governance.
On the Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Tinubu directed a “comprehensive review of all deductions and revenue retention practices” and demanded actionable recommendations to FEC.
“The task ahead is great, but so is our resolve,” he told the Council. “Let us continue to work together with unity of purpose, guided by the Renewed Hope Agenda, to build a prosperous, inclusive, and resilient Nigeria.”
