A review of deductions and revenue retention by major revenue-generating agencies has been directed by President Bola Ahmed Tinubu. The purpose, according to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, is to boost public savings, check profligacy, and unlock resources for economic growth. Revenue-generating agencies covered by the order are the Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS), Nigeria Customs Service(NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Maritime Administration and Safety Agency (NIMASA). The review order was given by President Tinubu at yesterday’s Federal Executive Council (FEC) meeting in Abuja. According to Edun, the President specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act (PIA). The Economic Management Team, chaired by the Finance Minister, is to present actionable recommendations to the FEC on the best way forward. The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence. According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing. Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1 trillion economy by 2030 requires growth of at least 7% annually from 2027. He described the target as “not just economic, but a moral imperative ” in tackling poverty. He cited the July 2025 IMF(International Monetary Fund) Article IV report, which endorsed Nigeria’s economic trajectory and the need for investment-led growth. Highlighting grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies. Tinubu noted that public investment accounts for just five per cent of the nation’s Gross Domestic Product( GDP) due to low savings. He also stressed that optimising “every available naira” is vital, especially under current global liquidity constraints. Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues and an acceptable debt-to-GDP ratio. Read Also: NNPCL urges Africa to embrace tech in energy transition Edun also explained that he presented two memoranda to FEC— a $125 million Islamic Development Bank financing for infrastructure in Abia State. The fund will be spent on 35 kilometres of roads in Umuahia, 126 kilometres in Aba,and N4 trillion for the refinancing of outstanding electricity sector obligations. N13bn for ROW compensation, $34m for transformers FEC also approved four major proposals from the Ministry of Power in a renewed drive to reform and strengthen the national grid and meet rising electricity demand nationwide. Power Minister Adebayo Adelabu said the first approval is the release of N13 billion for compensation on right-of-way acquisitions under the Lagos Industrial Transmission Project, funded through a $238 million development loan from the Japan International Cooperation Agency (JICA). The project is for boosting power supply to key industrial clusters in Lagos, which accounts for a large share of the nation’s manufacturing output. “This funding covers compensation to property owners and communities affected by the transmission lines’ route. Once completed, the Lagos Industrial Transmission Project will ensure that our industrial estates have the dedicated, stable power they need to drive economic growth and create jobs,” Adelabu explained. The other three approvals, according to him, centred on the procurement and installation of high-capacity transformers to replace weak, overloaded and obsolete units on the national grid. The equipment procurement is valued at $34 million, with an additional N5.2 billion for associated costs. The breakdown includes: two units of 150MVA 330/132kV transformers; three units of 100MVA 132/33kV transformers; five units of 60MVA 132/33kV transformers; and two units of 30MVA 132/33kV transformers. “These transformers will be deployed strategically across the grid to relieve overloaded facilities, improve voltage stability, and accommodate the increased transmission capacity we are building,” the minister said. Adelabu described Nigeria’s national grid as an ageing system, much of which has been in operation for over 50 years. He said: “Many of the transformers, cables and related components are weak and prone to failure. Regular maintenance and timely replacement are essential if we are to achieve a stable, reliable and effective grid that meets the needs of households, offices, small businesses and industries.” MDAs get next month deadline Ministries, Departments and Agencies (MDAs) still processing contracts under last year’s Appropriation yesterday got end of next month’s deadline to complete their procurement. The order was given via a directive by the President afer receiving the brief from Director-General of the Bureau of Public Procurement (BPP), Adebowale Adedokun at yesterday’s FEC meeting. According to the directive, which was presented to reporters at the State House, Abuja by the Minister of Information and National Orientation, Mohammed Idris, the BPP said over 70 ministries, departments and agencies (MDAs) are yet to conclude procurement for 2024 projects, even though the budget year should have ended last December. While the law was extended to allow for full implementation, the bureau noted that it is now more than 20 months since its passage, warning that delays could result in avoidable liabilities for government. The brief recommended that President Tinubu obtain a full account of all projects awarded by ministers and their ministries, with ministries and agencies directed to submit lists of projects for both the 2024 and 2025 fiscal years. This aligns with the Secretary to the Government of the Federation’s circular on project reporting. Reaffirming the administration’s Nigeria First policy, the BPP urged MDAs to give priority to locally made goods and services in project execution, provided they meet international standards and are certified by relevant government authorities. The bureau, working alongside the Central Results Delivery Coordination Unit, will monitor compliance and forward reports to the Presidency for action. On the 2025 budget cycle, the BPP advised that a significant share of projects be procured through open competitive bidding to stimulate job creation and reduce poverty. It also recommended that the BPP Director-General be included in all bilateral loan negotiations for infrastructure projects, ensuring professional oversight of procurement decisions and cost assessments. The bureau expressed concern over persistent non-compliance with the Public Procurement Act by some government-owned companies and enterprises, despite the Finance Act 2020 mandating adherence. It warned that such disregard has fostered financial recklessness in certain entities and called for strict enforcement to bring all procurement activities in line with the law. Also yesterday, the FEC approved the building of modern bus terminals in each of the nation’s six geo-political zones at ₦142,028,576,008.17. Minister of Transportation, Senator Sa’idu Ahmed Alkali, broke the news after the FEC meeting. He said the contract had been awarded to Messrs Planet Project Limited. The terminals will be sited in Abeokuta (Southwest), Gombe (Northeast), Kano (Northwest), Lokoja (Northcentral), Onitsha (Southeast), and Ewu in Edo State (Southsouth). Senator Alkali described the project as the Federal Government’s first direct intervention in road transport infrastructure beyond road construction. He noted that the locations were selected for their economic viability. The minister said the absence of purpose-built bus terminals to serve millions of Nigerian commuters had contributed to increased crime, road traffic accidents, and the proliferation of arms and ammunition on the country’s highways. “In spite of the significance of road transportation in Nigeria, there are no bus terminals that address the needs of millions of commuters. This has resulted in increased crime, road traffic accidents, and the spread of arms on our highways”, Alkali said. The minister explained that the initiative, conceived by the Ministry of Transportation, is aimed at improving road safety, enhancing passenger comfort, and stimulating economic activities. He added that the proposal was brought before President Tinubu and the FEC for approval after a thorough assessment of its potential impact on national transportation and security. Fed Govt reviews Kano–Katsina Road contracts, moves to replace Carter Bridge A Major review of some road contracts including the 152-kilometre Kano–Katsina highway and the Lagos’s ageing Carter Bridge was yesterday approved by the Federal Executive Council (FEC). The meeting was presided over by President Bola Tinubu. Minister of Works, David Umahi, broke the news to reporters after the meeting at the State House, Abuja. He said that both sections of the Kano–Katsina Road — awarded by previous administrations — have been significantly adjusted to reflect present-day economic realities. The first section, 74.1km long and initially awarded in 2013 for N14 billion before being reviewed to N24 billion, has now been revalued at N68 billion, with N6 billion provided in the 2024 budget and N34 billion in 2025. The second section, 79.5km, first awarded in 2019 for N29 billion and later adjusted to N46 billion, has been revised to N66.115 billion, with N80 billion allocated between 2024 and 2025. Umahi also announced progress on the 30.2 km Iyin–Ilawe Road in Ekiti State. The project has been split into three segments. The first 10km section is ongoing. Sections Two and Three — 10.1km each — have been awarded at N16.777 billion and N17.275 billion . On bridges, the minister said that urgent technical assessments on Carter Bridge and the Third Mainland Bridge in Lagos revealed severe underwater structural deterioration, largely from sand erosion caused by illegal mining. Julius Berger, contracted for underwater repairs, recommended Carter Bridge’s immediate closure and replacement. It estimated about N359 billion for a new structure, with discussions on funding already opened with Dutch Bank. Similar issues were discovered on the Third Mainland Bridge. It is projected to cost N3.6 trillion. The Council has approved the engagement of at least seven specialist contractors under EPC+F arrangements for detailed investigation, design, and bidding for either rehabilitation or total reconstruction of both bridges. The Council also authorised advertisements for Public-Private Partnership (PPP) bids. Beyond Lagos, Umahi said FEC approved interventions on multiple critical bridge failures nationwide, including the Jalingo Bridge in Taraba, the burnt Ido Bridge, the Keffi Flyover, Mokwa Bridge in Niger, collapsed bridges on the East–West Road in Delta and Bayelsa, the Lagos–Ibadan corridor, and the near-split Itoikin–Ikorodu Road. Emergency works on these structures will be consolidated and forwarded to the Minister of Finance for presidential approval. He noted that ongoing works also include Jimeta Bridge in Adamawa, Mutamame Bridge in Kogi, Jebba Bridge in Niger, Gashua Bridge in Yobe, Eko and Marine bridges in Lagos, Bibi Bridge in Taraba, Artisan Bridge in Enugu, Apowa Bridge in Ebonyi, Opobo Bridge in Rivers, Baro Bridge in Niger, and Buruku Bridge in Benue. “We are tackling both long-standing structural problems and sudden emergencies to safeguard lives and the economy,” Umahi stated.