President Bola Ahmed Tinubu has restated his administration’s commitment to building a $1 trillion Nigerian economy by 2030, pledging to accelerate reforms aimed at boosting growth, attracting investment, and reducing poverty.
Speaking during the Federal Executive Council (FEC) meeting, Tinubu commended ministers for their “unwavering commitment, resilience, and hard work” in supporting the administration’s reform agenda, which he said had dismantled long-standing economic distortions and restored policy credibility.
According to him, the reforms have enhanced economic resilience, restored macroeconomic stability, created a transparent and competitive business environment, and bolstered investor confidence.
“Our economy is now better positioned to attract both domestic and foreign investment, which is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty,” the President said.
7% Growth Target by 2027
Under the Renewed Hope Agenda, Tinubu stated that the administration’s immediate goal is to achieve a minimum annual growth rate of 7% by 2027, describing it as a “moral imperative” to address poverty.
He cited the July 2025 IMF Article IV Report, which he said supports Nigeria’s trajectory towards investment-led growth.
Ward-Based Poverty Eradication Plan
The President also announced the Renewed Hope Ward Development Program, a grassroots initiative targeting all 8,809 wards across Nigeria’s 774 local government areas.
The program, he explained, aims to empower active local economic players and foster partnerships with sub-national governments and the private sector for efficient delivery.
Call for State and Local Collaboration
Tinubu disclosed that he had urged state governors, through the National Economic Council, to prioritize productivity-enhancing investments, strengthen food security, and deepen collaboration with local governments.
Savings and Investment Push
Highlighting the low level of public investment, currently at 5% of GDP, the President stressed the need to improve public savings and spending efficiency.
He called for a review of deductions from the Federation Account, including collection costs by agencies like FIRS, Customs, NUPRIC, and NIMASA, as well as a reassessment of the Nigerian National Petroleum Company Limited’s 30% management fee and frontier exploration deductions.
Economic Management Team to Review Revenue Practices
Tinubu 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 practices and present actionable recommendations to the council.
Closing his address, the President urged the council to maintain unity of purpose, saying: “The task ahead is great, but so is our resolve.
“Guided by the Renewed Hope Agenda, we will build a prosperous, inclusive, and resilient Nigeria.”
