Bold reforms, bumpy start
President Bola Tinubu says his government is on track to stabilise Nigeria’s economy and hit 7% annual growth by 2027 — a key step towards building a $1 trillion economy by 2030.
Speaking at Wednesday’s Federal Executive Council (FEC) meeting in Abuja, Tinubu praised the “tough but necessary” economic moves his team made in 2023, including floating the naira and scrapping fuel subsidies. He admitted the reforms initially rattled the economy but argued they’ve restored investor confidence and policy credibility.
The investment push
Tinubu stressed that the economy is now better positioned to attract local and foreign investment — the kind that creates jobs and helps lift millions out of poverty. But he flagged a major concern: public investment is still low, at just 5% of GDP, due to weak public savings.
To fix that, he called for:
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Better spending efficiency
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A review of deductions from the Federation Account, including fees charged by revenue agencies like FIRS and Customs
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A reassessment of NNPC’s 30% management fee and exploration deductions
Grassroots empowerment
The President also highlighted the Renewed Hope Ward Development Programme, which targets all 8,809 wards across the country to boost grassroots businesses and strengthen ties with state and local governments.
Governors and accountability
Tinubu urged state governors to focus on productivity, food security, and ensuring resources reach local councils. He also tasked the Economic Management Team, led by Finance Minister Wale Edun, with reviewing all deductions and revenue retention practices — and coming back with actionable solutions.
“The task ahead is great”
Wrapping up, Tinubu called the growth target a “moral imperative,” insisting that higher growth is the only real path to ending poverty in Nigeria.
“The task ahead is great, but so is our resolve,” he told his ministers. “Let’s keep working together to build a prosperous, inclusive, and resilient Nigeria.”
