By David Peter

President Bola Ahmed Tinubu on Wednesday said his Renewed Hope policies remains focused on achieving a $1 trillion economy by the year 2030. Speaking during the FEC meeting in Abuja he deliberated on reforms crucial to national development

According to him, “Ths is not just an economic target; it is a moral imperative. Stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria.

He noted that “The recent IMF Article IV Report published in July 2025 also affirms this trajectory and underscores the importance of investment-led growth.

He emphasized on the Renewed Hope Ward Development Programme, which he said it is “In line with our commitment to inclusive development, I recently launched the Renewed Hope Ward Development Programme-a ward-based initiative covering all 8,809 wards across the 774 local government areas in Nigeria.

”This programme is close to my heart. It is designed to empower active grassroots economic players, using a micro-level approach to tackle poverty. We aim to bring sub-national governments and private sector partners on board to ensure efficient and impactful implementation.

President Tinubu called on Collaboration with States and Local Governments, “last week, I addressed the National Economic Council and urged our Governors to accelerate growth by Prioritising productivity-enhancing investments, Strengthening food security, and Deepening collaboration with local governments.
He posed that “these efforts are essential to fully addressing the poverty challenge and ensuring that no Nigerian is left behind.

Speaking further on Savings and Investment: Catalysts for Growth Let me emphasise the critical role of savings in catalysing investment and growth. Currently, public investment as a share of GDP stands at a low 5.0 per cent, largely due to insufficient public savings.

“We must urgently review and optimise our savings. This includes: Enhancing spending efficiency, and Reviewing deductions from the Federation Account, such as the cost of collection by revenue agencies such as FIRS, Customs, NUPRIC and NIMASA etc. There is also the need to reassess the 30 per cent management fee and the 30 per cent frontier exploration deduction by NNPC based on the Petroleum Industry Act.
“We must optimise every available Naira to sustain our momentum and finance our growth trajectory-especially in a time of global liquidity constraints.

In directive to the Economic Management Team. Acordingly, President Tinubu has 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 this Council for an optimal way forward.
President Tinubu demonstration of his reform policies have implemented bold and difficult reforms that have dismantled longstanding distortions in our economy and restored policy credibility. These reforms have: Enhanced our economic resilience, Restored macroeconomic stability, created a transparent and competitive business environment, and Bolstered investor confidence.

As a result, our economy is now better positioned to attract both domestic and foreign private investment, which is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.