President Bola Tinubu on Wednesday directed a review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, in a bid to boost public savings, improve spending efficiency, and unlock resources for growth.

The agencies include the Federal Inland Revenue Service, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Maritime Administration and Safety Agency, and the Nigerian National Petroleum Company Limited.

Tinubu gave the directive during the Federal Executive Council meeting on Wednesday in Abuja. The President’s directive was disclosed to journalists by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to Edun, President Tinubu specifically called for a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act. He tasked the Economic Management Team, chaired by Edun, to present actionable recommendations to FEC on the optimal way forward.

The President said the directive was part of efforts to sustain reforms that have dismantled economic distortions, restored policy credibility, enhanced resilience, and bolstered investor confidence.

According to him, these reforms have created a transparent, competitive business environment attractive to local and foreign investors in critical sectors such as infrastructure, oil and gas, health, and manufacturing.

Reaffirming the Renewed Hope Agenda, Tinubu said Nigeria’s goal of a $1tn economy by 2030 requires growth of at least seven per cent annually from 2027 — a target he described as “not just economic, but a moral imperative,” as higher growth is the surest path to tackling poverty.

He cited the July 2025 International Monetary Fund Article IV report, which he said endorsed Nigeria’s economic trajectory and the need for investment-led growth.

On grassroots empowerment, the President pointed to the Renewed Hope Ward Development Programme — a ward-based initiative covering all 8,809 wards across the country — designed to lift economically active citizens through micro-level poverty reduction strategies in collaboration with states, local governments, and private partners.

Tinubu noted that public investment accounts for just five per cent of Gross Domestic Product due to low savings, stressing that optimising “every available naira” is vital, especially under current global liquidity constraints.

Edun said macroeconomic indicators were improving, with a more stable exchange rate, easing inflation, rising revenues, and debt-to-GDP ratios now within range. He described savings as the foundation of investment and said the President’s directive aims to quickly raise public sector savings by reviewing deductions and retention practices.

Meanwhile, Edun said he presented two memoranda to Council — a $125m Islamic Development Bank financing for infrastructure in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba; and a plan to refinance N4tn in outstanding electricity sector obligations.

The electricity debt resolution will be executed in phases, with the first phase expected within three to four weeks under the coordination of the Debt Management Office and other agencies.

According to the talking points by President Bola Tinubu obtained by our correspondent, he commended members of the Federal Executive Council for implementing bold reforms “that have dismantled longstanding distortions in our economy and restored policy credibility.”

Tinubu said the reforms have enhanced 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-investment that is critical to stimulating sustained growth, creating decent jobs, and lifting millions of Nigerians out of poverty.

“Our Renewed Hope Agenda remains focused on achieving a $1tn economy by the year 2030. To realise this vision, we must now accelerate our efforts to achieve a minimum growth rate of 7.0 per cent by 2027,” Tinubu said.

According to him, stimulating higher growth is the only sustainable path to solving the poverty challenge in Nigeria. “The recent IMF Article IV Report, published in July 2025, also affirms this trajectory and underscores the importance of investment-led growth.

“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,” he stated.

He urged governors to accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments to address the poverty challenge and ensuring that no Nigerian is left behind.

Speaking on savings and investment as catalysts for growth, the President emphasized the critical role of savings in catalyzing 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 optimize 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, NUPRC, 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.

“Accordingly, I am directing 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.”

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Just one day before the commencement of Dangote Petroleum Refinery’s direct fuel distribution scheme, marketers and tanker drivers said they had met with the company amid fears that they might be sent out of business.

The refinery would start its direct fuel distribution on Friday, August 15, having received some of the 4,000 Compressed Natural Gas-powered trucks needed for the plan.

Dangote’s announcement of the direct fuel distribution programme had sent shivers down the spines of tanker drivers and members of the Natural Oil and Gas Suppliers Association of Nigeria over fear that they might lose their livelihoods.

In reaction, the Natural Oil and Gas Suppliers Association of Nigeria warned that the refinery’s plan to bypass existing distribution channels and supply refined petroleum products directly to end-users would lead to a nationwide disruption, long-term product scarcity, and the collapse of existing supply networks.

The oil and gas suppliers called on the refinery to halt its plan and seek further dialogue before commencing the distribution of products to end users, urging it to learn from what happened to non-functional refineries under the management of the Nigerian National Petroleum Company Limited.

They also called on President Bola Tinubu to intervene in the issue, stressing that Dangote alone cannot handle nationwide distribution of products sustainably. The NOGASA National President, Bennett Korie, made the call during the association’s Annual General Meeting held in Abuja recently.

However, tanker drivers and the petroleum product suppliers on Wednesday said that they recently met with the Dangote Group in a bid to collaborate.

The National Publicity Secretary of NOGASA, Chinedu Ukadike, and the National President of the National Association of Road Transport Owners, Yusuf Othman, confirmed this to our correspondent in an interview.

According to the NOGASA spokesman, both Dangote and the association have agreed to work together through the existing distribution channels. He said the fear of job losses had been allayed, as the refinery assured them that fuel would be sold to bulk buyers for onward distribution to end users.

Ukadike told our correspondent that Dangote would not sell petroleum products directly to end users; he would sell to NOGASA members as bulk buyers. “I want to say that Dangote heeded our plea by agreeing with us that they will be sending these products to the bulk buyers, who are the suppliers. Based on that, we don’t have issues again.

“What we were saying ab initio was the issue of the supply chain in which we have invested so much. We requested that the supply chain be given to us in distribution, which I think Dangote has also complied with, since he is not going to supply directly to end users. We want to appreciate him for that,” he said.

Ukadike stated that NOGASA members panicked because they thought Dangote would sell directly to end users. “We are the bulk buyers; we buy in bulk, and we supply. Before, we were thinking that he was going to supply by retailing to the end users, the telecom masts, hotels, and the rest of them, but now he said no, that he is going to supply to the bulk buyers.

“This is giving us that power as suppliers to continue our jobs. We were afraid that if he sold fuel directly to end users, our labour capacity would be lost and our return on investment would be in jeopardy,” he said.

Our correspondent asked Ukadike if NOGASA members met with Aliko Dangote or his team for the clarifications; he replied, “There was no time when Dangote said he wanted to sell directly to end users. There’s no way Dangote can sell to end users. We have met his team, and we spoke with his communication officer, who assured us of the value chain of distribution.”

He added that NOGASA members have started registering on the Dangote portal to be bulk buyers of the refinery’s products. He added that the trucks would supply fuel to bulk buyers.

“Some of our members who are buying in bulk are now their companies in line with the guidelines they gave to us for registration, so that they can take these products and sell to end users. We were told that the 4,000 CNG-powered trucks will be delivering to bulk buyers. Once you pay, they deliver to you, not to end users,” he explained.

In his words, the NARTO President, Othman, said consultations are still ongoing with stakeholders on the effect Dangote’s fuel distribution scheme would have on tanker drivers.

Othman stated that the association once met with Dangote himself, and there were plans to meet him again. “We are still consulting with our stakeholders. We met Dangote first, and we are going to meet him again,” he said.

The NARTO boss declined to comment on the outcome of the meeting with Dangote.

In a statement on Tuesday, the Vice President, Oil and Gas, Dangote Industries Limited, Mr Devakumar Edwin, said the planned deployment of 4,000 CNG-powered trucks to support the distribution of refined petroleum products across Nigeria is aimed at ensuring that the benefits of domestic refining and the resulting reduction in fuel prices are fully passed on to Nigerian consumers.

Edwin stated that the introduction of the CNG-powered fleet is a strategic step to reduce logistics costs in fuel distribution—a major factor in the final pump price.

“The deployment of these 4,000 CNG-powered trucks will help us pass down the benefits of domestic refining and the reduction in product prices to consumers. The aim is to support logistics and make distribution more efficient, not to displace any existing players in the sector,” he said.

He further explained that the use of CNG-powered trucks, in addition to being more environmentally friendly, will significantly reduce transportation expenses, ultimately making refined products more affordable for Nigerians.

When contacted on Wednesday to confirm the position of the marketers and tanker drivers, the spokesman of the Dangote Group, Anthony Chiejina, simply told our correspondent that the dealers should hold a press conference.

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Eastman Kodak, the iconic photography company founded in the 19th century, is warning investors that it may not be able to stay in business.

In its latest earnings report on Monday, the company said it lacks “committed financing or available liquidity” to cover roughly $500 million in upcoming debt obligations — a situation that “raises substantial doubt about the company’s ability to continue as a going concern.”

To preserve cash, Kodak plans to halt payments to its retirement pension plan. The company added that tariffs are unlikely to have a “material” effect on its operations because most of its products — including cameras, inks, and film — are made in the United States.

Despite the grim outlook, CEO Jim Continenza insisted Kodak is “making progress” on its long-term strategy. A spokesperson told CNN the company is “confident” it can pay down a significant portion of its debt ahead of schedule and refinance or restructure the rest.

Shares of Kodak (KODK) plunged more than 25% in midday trading Tuesday, USA time.

Founded in 1892, Kodak revolutionized photography with George Eastman’s first camera, marketed under the slogan: “You push the button, we do the rest.” By the 1970s, it controlled 90% of the U.S. film market and 85% of camera sales.

Ironically, the company invented the digital camera in 1975 but failed to adapt to the new technology. In 2012, Kodak filed for bankruptcy, burdened with $6.75 billion in debt and 100,000 creditors.

A brief revival came in 2020 when the U.S. government enlisted Kodak to produce pharmaceutical ingredients, sparking a stock surge. Today, the company still makes film and chemicals — including for Hollywood productions  and licenses its name for various consumer products.

But without new financing, one of America’s most storied brands could soon fade to black.

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