Orders review of revenue leakages to fund nitiatives
Targets 7% growth by 2027 through new grassroots development initiatives
By Eshiorameh Sebastian and James Adamu in Abuja
President Bola Tinubu has unveiled the Renewed Hope Ward Development Programme, a nationwide initiative covering all 8,809 wards to combat poverty while setting an ambitious target of building a $1 trillion economy by 2030.
“This programme is close to my heart,” the President declared during Wednesday’s Federal Executive Council (FEC) meeting, describing it as designed to empower active grassroots economic players, using a micro-level approach to tackle poverty.
The President simultaneously ordered a sweeping review of revenue leakages, directing his economic team to scrutinise all deductions from the Federation Account. “We must urgently review and optimise our savings,” Tinubu stated, specifically targeting “the 30 per cent management fee and the 30 per cent frontier exploration deduction by NNPC based on the Petroleum Industry Act.”
This forms part of efforts to achieve 7% annual growth by 2027 – a target the President called “not just an economic target; it is a moral imperative.”
Addressing cabinet members, Tinubu emphasised how previous reforms had “dismantled longstanding distortions in our economy and restored policy credibility,” resulting in enhanced “economic resilience,” “macroeconomic stability,” and a “transparent and competitive business environment.”
He noted these changes had positioned Nigeria to attract critical investments needed for “stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.”
The ward-based programme will operate alongside subnational efforts, with Tinubu revealing he recently urged governors to accelerate growth by “prioritising productivity enhancing investments, strengthening food security, and deepening collaboration with local governments.”
He said these coordinated interventions aim to ensure “no Nigerian is left behind” in the administration’s poverty eradication drive, while supporting the broader $1 trillion GDP ambition.
Central to the financing strategy is the President’s directive for the Economic Management Team to “conduct a comprehensive review of all deductions and revenue retention practices” including those by FIRS, Customs, NUPRIC and NIMASA.
With public investment at just 5% of GDP, Tinubu stressed the need to “optimise every available Naira to sustain our momentum,” particularly given current “global liquidity constraints.”
The July 2025 IMF Article IV Report was cited as validating Nigeria’s trajectory, with the President noting it “affirms this trajectory and underscores the importance of investment-led growth.”
This external endorsement bolsters the administration’s case for its dual track approach combining grassroots empowerment with macroeconomic restructuring.
Implementation challenges remain substantial, particularly regarding coordination across 774 local governments and ensuring efficient deployment of resources. The President rallied his team by acknowledging “the task ahead is great, but so is our resolve,” urging continued work “with unity of purpose, guided by the Renewed Hope Agenda.”
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