Tinubu reaffirms $1 trillion economy target, orders review of public savings
President Bola Tinubu has restated his administration’s goal of building a $1 trillion economy by 2030, with a minimum annual growth rate of 7 percent by 2027.
The president spoke on Wednesday as the federal executive council (FEC) approved a series of landmark policies and projects covering finance, power, education and transport.
Wale Edun, minister of finance and coordinating minister of the economy, said Tinubu charged the economic team to optimise public savings and improve spending efficiency to fund investment-led growth.
“Mr President recommitted to building a $1 trillion economy by 2030. To get there, we must grow at least 7 percent annually by 2027, driven by investment. But for investment, you need savings,” Edun said.
He noted that public sector savings, currently about 5 percent of GDP, is too low.
According to him, the president has ordered a review of deductions from the federation account and revenue retention practices by agencies such as the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian National Petroleum Company (NNPC).
The aim, he explained, is to free up funds for productive use.
Edun added that the International Monetary Fund (IMF) had recently endorsed Nigeria’s reform path, citing improvements in exchange rate stability, inflation moderation, revenue growth and a more attractive investment climate.
