President Bola Tinubu yesterday reaffirmed Nigeria’s ambition to grow into a $1 trillion economy by 2030, saying the goal would require annual GDP growth of at least 7% starting from 2027.
Describing the target as “not just economic, but a moral imperative,” Tinubu said sustained high growth was the most effective way to lift millions of Nigerians out of poverty. He referenced the July 2025 International Monetary Fund (IMF) Article IV report, which endorsed Nigeria’s economic trajectory and highlighted the need for investment-led expansion.
To unlock resources for growth, the president directed a comprehensive review of deductions and revenue retentions by key revenue-generating agencies, including the Nigerian National Petroleum Company Limited (NNPCL), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian Maritime Administration and Safety Agency (NIMASA).
The directive, issued during the Federal Executive Council (FEC) meeting at the State House in Abuja, aims to boost public savings, improve spending efficiency, and channel more funds toward growth-driving investments.
