President Bola Tinubu, yesterday, said Nigeria’s goal of $1 trillion economy by 2030 required growth of at least seven per cent annually from 2027.
Tinubu described the target as “not just economic, but a moral imperative,” as higher growth was the surest way to tackle poverty.
He cited the July 2025 International Monetary fund (IMF) Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth
The president also ordered a sweeping review of deductions and revenue retentions by the country’s major revenue-generating agencies, in a move to boost public savings, improve spending efficiency, and unlock resources for growth.
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The directive issued at the Federal Executive Council (FEC) meeting at Council Chambers, State House, Abuja, which was presided by the president, applied to 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)
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made the directive public while speaking to newsmen after the FEC meeting. Edun stated that Tinubu specifically called for a reassessment of NNPCL’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act (PIA).
The president tasked the Economic Management Team, led by Edun, to present actionable recommendations to FEC on the best way forward.
Tinubu said the directive was part of efforts to sustain reforms that had dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investors’ confidence.
Tinubu announces $465 million investment proposal to revive Aluminium Smelter Company of Nigeria
President Bola Ahmed Tinubu has announced a $465 million investment proposal to revive the Aluminium Smelter Company of Nigeria (ALSCON), as part of his administration’s plan to overhaul the nation’s steel sector.
The initiative, unveiled on Wednesday at the Inaugural Stakeholders Summit on the Development of the Steel Sector in Abuja, aims to create over 500,000 jobs, position Nigeria as a West African steel hub, and drive industrial growth by 2030.
Represented by Vice President Kashim Shettima, Tinubu reaffirmed his administration’s resolve to make the steel sector the industrial heart of Nigeria and a key driver of economic diversification.
He said the government has established a “solid bureaucracy” to transform the sector, including the creation and reconfiguration of the Ministry of Steel Development in 2023.
The President said these, along with the Aluminium Smelter Company, would anchor Nigeria’s push for self-sufficiency in steel production.
On ongoing efforts to revive the Aluminium Smelter Company of Nigeria in Ikot-Abasi, which he said had been stalled by long-standing legal and operational hurdles-President Tinubu disclosed:
“A new investment proposal of 465 million dollars has been submitted by the current management. The six-year plan to restore full capacity would be announced after a detailed review of the Ministry’s recommendations.”
FEC approves N13 billion compensation under Lagos Power Project, okays major national grid upgrades
The Federal Executive Council (FEC) has approved N13 billion for compensation payments under the Lagos Transmission Industrial Project, part of a broader push to modernize Nigeria’s power infrastructure and strengthen electricity supply for industrial growth.
Minister of Power, Adebayo Adelabu, made this known on Wednesday after FEC meeting chaired by President Bola Tinubu in Abuja.
He said four key proposals were approved, marking a new phase in the country’s ongoing power sector transformation agenda.
Adelabu said that the first approved proposal involves the resumption of compensation payments for right-of-way access for key industrial and transmission projects.
”FEC approved N13 billion for compensation under the Lagos Transmission Industrial Project, backed by a $238 million loan from the Japan International Cooperation Agency (JICA)
The request submitted was approved for the sum of 13 billion naira for the Lagos trans-industrial transmission project, which is being funded through a $230 million development loan from the Japanese International Cooperation Agency (JICA).
“This project, when completed, will not only improve capacity and credibility of power supply along the industrial axis of Lagos and Ogun, but it will also be good news for industrial development and ensure that industries around that axis enjoy improved supply,” Adelabu said.
The minister said the project will boost electricity to industrial corridors in Lagos and Ogun States, ensuring manufacturers receive a stable power supply.
FEC approves N142 billion for construction of six modern bus terminals across Nigeria
The Federal Executive Council (FEC) has approved N142 billion for the construction of six modern bus terminals across Nigeria’s geopolitical zones, awarding the contract to Messrs Planet Project Limited, the firm behind Lagos’ Oshodi Transport Interchange.
Minister of Transportation, Said Alkali, disclosed this on Wednesday after the FEC meeting presided over by President Bola Ahmed Tinubu.
He said the terminals will be located in Abeokuta (South-West), Gombe (North-East), Kano (North-West), Lokoja (North-Central), Onitsha (South-East), and Warri (South-South).
Alkali described the project as the first federal intervention by the Ministry of Transportation in road transport infrastructure beyond road construction, noting that the locations were selected based on their economic viability.
“Among the memos that were presented by Mr President and Commander-in-Chief Bola Ahmed Tinubu to the Council seeking approval include the construction of bus terminals, one in each of the six geopolitical zones of the country, and I give you the locations: South-West in Abeokuta, North-East in Gombe, North-West in Kano, North-Central in Lokoja, South-East in Onitsha, and South-South in Warri — in favour of Messrs Planet Project Limited in the sum of N142,028,576,428.17 only,” Alkali stated
FG: $980m Private Capital Mobilised, 350 CNG Conversion Centres Built in 18 Months
The federal government yesterday disclosed that at least $980 million has been mobilised in the Compressed Natural Gas (CNG) sector of the Nigerian energy industry, with daughter stations growing from just seven to 350 in the last 18 months.
Programme Director of the Presidential CNG Initiative (PCNGI), Michael Oluwagbemi, disclosed this in a keynote address in Abuja during the the launch of the NASENI-Portland CNG daughter station, auto conversion as well as training centre.
Besides, Oluwagbemi pointed out that the number of vehicles so far converted has risen from about 4,000 to 100,000, highlighting that over N720 billion has been invested by private sector players in acquiring CNG trucks and building daughter stations.
According to him, the PCNGI has deliberately worked with the industry to roll out conversion incentives for adoption, including provision of conversion kits for transport unions, with up to about 90 per cent discount.
Stressing that the response from the public has been rapid, Oluwagbemi stated that industries like Bua, Nigerian Bottling Company, among others, have more recently invested around N720 billion to acquire not just CNG trucks, but also in daughter stations.
“We used to have just seven conversion centres in Nigeria. I’m going to report to you that just 18 months later, actually 12 months of implementation, since we started implementation in May of last year, we now have well over 315 conversion centres across the country.
