President Bola Tinubu has said that his administration’s bold economic reforms, like the removal of the fuel subsidy and the unification of the foreign exchange market, have dismantled longstanding distortions in Nigeria’s economy, restored policy credibility and bolstered investor confidence.
Speaking at Wednesday’s Federal Executive Council (FEC) meeting, the President commended members of the cabinet for their “unwavering commitment, resilience, and hard work” in supporting the reform agenda since the beginning of his administration.
Tinubu stated that the measures, implemented from his first days in office, have strengthened economic resilience, restored macroeconomic stability, and created a transparent, competitive business environment that is attracting both domestic and foreign private investment.
“As a result, our economy is now better positioned to attract investment critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty,” he said.
The President reiterated his administration’s target of building a $1 trillion economy by 2030, with a minimum GDP growth rate of 7% by 2027.
He described the target as “not just an economic goal but a moral imperative,” noting that sustained high growth is the only viable path to reducing poverty on a national scale.
Citing the July 2025 IMF Article IV Report, Tinubu said the institution’s assessment affirms Nigeria’s growth trajectory and highlights the importance of investment-led expansion.
The President also outlined the Renewed Hope Ward Development Programme, an initiative covering all 8,809 wards across Nigeria’s 774 local government areas, designed to empower grassroots economic actors and tackle poverty using a micro-level approach.
The programme, implemented in collaboration with the National Economic Council, prioritises productivity-enhancing investments, food security, and stronger cooperation with sub-national governments.
Tinubu further emphasised the need to improve public savings to boost investment. He noted that public investment as a share of GDP stands at only 5%, largely due to insufficient savings and revenue retention practices.
To address this, he 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 arrangements by agencies including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Maritime Administration and Safety Agency (NIMASA).
Tinubu also called for a reassessment of the Nigerian National Petroleum Company Limited’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act, stressing the need to optimise every available naira to sustain momentum and finance the country’s growth trajectory.
