President Bola Tinubu has reaffirmed his administration’s goal of building a $1 trillion Nigerian economy by 2030, outlining bold measures to accelerate growth and tackle poverty.
Speaking at the Federal Executive Council (FEC) meeting on August 13, 2025, Tinubu said the government is working to achieve a minimum annual growth rate of 7% by 2027, describing sustained growth as “a moral imperative” for lifting millions out of poverty.
Central to this push is the newly launched Renewed Hope Ward Development Programme, a grassroots-driven initiative covering all 8,809 wards in the country’s 774 local government areas.
The programme will empower local economic players through collaboration between federal, state, and local governments, alongside private sector partners.
Tinubu stressed that economic transformation requires investment-led growth, improved public savings, and spending efficiency.
He called for a review of deductions from the Federation Account, including costs retained by revenue agencies and oil sector fees, to free up resources for development.
The President directed the Economic Management Team to conduct a comprehensive review of all revenue retention practices and propose actionable reforms.
Citing a recent IMF report affirming Nigeria’s economic trajectory, Tinubu said the reforms already implemented including forex unification and petrol subsidy removal have restored macroeconomic stability, improved investor confidence, and positioned the country to attract both domestic and foreign investments.
“Our task is great, but our resolve is greater. “Together, we will build a prosperous, inclusive, and resilient Nigeria,” Tinubu told the council