The directive was disclosed by Wale Edun, minister of Finance and coordinating minister of the Economy, after Wednesday’s Federal Executive Council (FEC) in Abuja.

Edun explained that the President specifically called for a review of the Nigerian National Petroleum Company Limited (NNPC)’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act.

He directed the Economic Management Team, led by Edun, to present actionable recommendations to the FEC on the best path forward.

The review will cover agencies including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and NNPC Limited.

Speaking on the significance of savings and investment as a catalyst for growth, Tinubu said:

“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, NUPRC, and NIMASA.”

Citing the IMF’s Article IV Report published in July 2025, Tinubu noted that while it acknowledged Nigeria’s economic growth, it also stressed the need for investment-led growth. Identifying savings as the foundation of investment, the President aims to raise public savings by reviewing deductions and retention practices.

He reaffirmed his commitment to inclusive development, pointing to the recently launched Renewed Hope Ward Development Programme, which is designed to empower grassroots economic players, engage sub-national governments, and involve the private sector to ensure effective implementation.

He also urged state governors to prioritise productivity-enhancing investments and strengthen collaboration with local governments to tackle poverty.

According to various experts who spoke at the sixth edition of the Taiwo Afolabi Annual Maritime (TAAM) Conference held at the University of Lagos, Nigeria needs to take seriously the issue of policies and stringent regulations that support environmental protection, economic efficiency, and social responsibility.

According to Dr Taiwo Afolabi, chairman, SIFAX Group, the industry needs to be strategic and decisive about sustainability as well as exploiting the range of business opportunities that the blue economy presents.

He said:

“There are diverse opportunities in the industry beyond the traditional shipping and port operations. The newly-created Ministry of Marine and Blue Economy has to expand its scope to provide policies and regulations that will guide investors’ foray into areas like coastal tourism and renewable energies. This, however, must be done in a sustainable manner that will protect the ocean ecosystem and provide benefits for the coming generations.”

Renowned maritime lawyer and keynote speaker, Dr. Emeka Akabogu, who Mr Victor Onyegbado represented, harped on the importance of achieving sustainable shipping as a nation, through ethical conduct, improved port operations and adequate legislation within the industry.

According to him, it is imperative to achieve this system in order to build a maritime industry that is functional, providing resources that transcends generations.

“Sustainable shipping is the backbone of a resilient and thriving global economy. We all know that shipping carries the bulk of world trade and it encompasses practices that ensure long-term health of our oceans while meeting the economic and logistical demands of global trade.

“The significance of the Nigerian Ministry of Marine and Blue Economy is not only timely but also crucial as we navigate the evolving dynamics of the global, regional, and sub-regional maritime industry. This ministry is pivotal for innovative policy development and sustainable practices that will drive Nigeria’s maritime sector forward”, he stressed.

Examining the state of the nation’s maritime ecosystem, Akabogu reiterated the need to draw up innovative approaches and diversified economic activities to drive growth and sustainability. He further explained that this was particularly important for the Ministry to consider as there are several other non-shipping stakeholders within the industry.

On his part, the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Temisan Omatseye emphasised the digitization of the industry as well as the development of a national maritime strategy.

He noted further that developing key performance indicators will have a positive impact on human capital development and service delivery.

“We need to move away from where the sector is dependent on human beings and begin to be a bit more AI-compliant in our processes.  Two, the industry is also due for a national maritime policy that will provide the roadmap for its development. Right now, Nigeria does not have an approved national maritime policy, which says clearly what our policies are, and also something that also powers what we call a national maritime strategy”, he stated.

The Conference, themed: “A Blueprint for Sustainable Shipping: The Significance of the Nigerian Ministry of Marine and Blue Economy” featured key discussions and interactive sessions amongst experts, industry key players, and students alike.

Causes of these fiber cuts, according to industry players, are primarily related to government and private sector construction activities, accounting for almost 80% of terrestrial cable cuts.

Fishing trawlers, dredgers, oil companies, and vessel activities have also been identified as contributing significantly to disruptions in subsea cables.

Thus, the Association of Telecommunication Companies of Nigeria (ATCON) further highlighted fibre cuts as major stumbling blocks to the Nigerian telecom sector’s growth, and recommended ‘Dig Once Policy’ as solution to this challenge.

Similarly, the association affirmed its readiness to rally its members take strategic measures to tackle submarine fibre disruption in the country.

Tony Emoekpere, the president of ATCON, at the first edition of ATCON’s Critical Conversation Breakfast Meeting held in Lagos with the theme: ‘the Direct And Indirect Cause And Impact Of Metro, Terrestrial And Submarine Fibre Disruptions (Cuts)–Short, Medium And Long Term Sustainable Solutions’, stated that, operators cannot continue to pay lip service to issues and challenges that have constituted stumbling block to the telecom sector growth.

Fibre Cuts and Associated Financial Losses

The president recall that few months ago, there was a reported case of subsea cable cuts which significantly impacted Nigeria and some African countries, adding that,

“The incidences of Metro, Terrestrial and Submarine Fibre Disruptions have become a recurring decimal which must be addressed by relevant agencies at all levels of government. Our members have had to pay a substantial amount of money to have all these disruptions fixed and this is impacting on their operational expenses which should not be if the perpetrators are brought to book.”

On advocacy, the president said ATCON is seeking ways going forward, adding that ducts should be built when new roads are being constructed.

“There is a need to enforce and implement the provision in the Nigeria National Broadband Band Plan 2020-2025 which states that NCC should have a desk officer in each state of the Federation who is expected to be in charge of the fiber network in order to minimize Fiber cuts during roads construction,” he recommended.

The president averred that the telecom sector has been reported to contribute over 14 per cent to the nation’s GDP, adding that, the sector could have done much better if issues like fiber disruption which has constituted a threat to the manifestation of its inherent potentials, is dealt with.

Critical National Infrastructure Protection

Emoekpere however stressed the need for more collaboration between telecoms operators and government, with developers and road contractors to mitigate the challenges of fiber cuts.

“There must be compensation for fibre cable cuts. Training and awareness creation on the importance of fibre cable and the danger and negative impact of fibre cable cut, cannot be overemphasised. The federal government should declare telecoms assets as Critical National Infrastructure (CNI).

“Government should come up with policies like ‘Dig Once Policy’ for the implementation of fibre laying to avoid operators damaging cables of other operators during cable laying. There must be a clear database of government agencies giving approvals for road construction to enable telecom companies to have an idea of who they are dealing with as well as the need to have a status update on task responsibilities of ATCON for a follow-up of ATCON activities,” he advocated.

In the same vein, the CEO of NetAccess, Lekan Balogun said, the major causes of fibre cable cut includes Govt/Private Contractors, man-made, planning and Design and Natural causes, while stressing that, there is need for constant engagement between ATCON members, the government and developers.

Balogun proposed short, medium and long term recommendations to forestall fibre cuts, adding that the use of protective materials like metals rather than plastics will help protect the cables from unwanted cuts.

ATCON members at the breakfast series widely agreed that the government has a crucial role to play in protecting telecoms infrastructure through the passage of the Critical National Infrastructure bill, promoting inter-agency cooperation, increasing awareness, and aligning certification for fiber optic service providers.

Although the National Broadband Plan was praised as a good policy, stakeholders suggested closer monitoring of its implementation to ensure its success.

Some photos at the event:

During a panel session moderated by Mr. Wole Abu, the chief executive officer at Liquid Intelligent Technologies, industry experts unanimously agreed that the Lagos- Calabar coastal highway project is also a major risk to the integrity of the submarine cables as all landing stations are on the seashore of the Lagos end where construction has started from.

“Nigeria, and Africa as a whole, could experience another internet outage if these cables are damaged during construction. This would have a severe impact on the economy, particularly on financial services and other sectors relying on digital infrastructure. Therefore, it is imperative for the government to engage continuously with ATCON to mitigate the risks associated with this construction activity”, Abu said.

They agreed that there is ample room for collaboration between telecom companies internally and with government agencies such as NIMASA, NIWA, FMWH and the Navy to monitor and provide support for submarine cable systems.

“It is crucial that a concerted effort is made today to secure our digital future”.

Meanwhile, the telecommunications industry has come a long way, contributing more than 14% of Nigeria’s GDP and poised for hypergrowth with the emerging technology trends.

According to BudgIT, “Recall that in August 2023, we itemised ten plagues that the Tinubu administration should avoid in the 2024 bud­get and budget process to en­sure value for money, curb expenditure inefficiency and waste, enforce accountability, and put Nigeria on the path­way of prosperity, economic growth, and development.

“Unfortunately, having reviewed the proposed 2024 Appropriation Bill breakdown, we observed that the Bola Ahmed Tinubu administra­tion has continued with some deleterious budget practices from previous regimes that have fostered corruption, un­derdevelopment, unemploy­ment, and multidimensional poverty.

“One significant observa­tion is the absence of crucial budget breakdowns from the National Assembly, Govern­ment-Owned Enterprises, and some Ministry Depart­ments and Agencies in the 2024 budget proposal. For in­stance, there is no breakdown of the National Assembly, the Niger Delta Development Commission and the North East Development Commis­sion’s budget.

“For emphasis, the budgets of key revenue generating government entities— including the Nigeria Ports Authority, Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency (NIMASA), National Petroleum Investment Management Services (NAPIMS), Nigerian Security Printing and Minting Plc (NSPM), to mention a few—are conspicuously missing from the proposed 2024 budget presented to the National Assembly.

“Furthermore, the proposed budget’s total sum is N24.08 trillion, indicating a discrepancy of N3.42 tril­lion compared to the N27.5 trillion aggregate budget presented. We suspect that the difference above com­prises the aggregate budgets of the Government-Owned Enterprises. To this effect, the Government-Owned En­terprises’ proposed revenue and expenditures require dis­aggregation. The revenues and expenditures of several Government-Owned Enter­prises have historically been absent from formal budget presentations.

“Former President Mu­hammadu Buhari promised to ensure not only the bud­gets of all MDAs and GOEs are present in the annual ap­propriation bill but also that their budgets are defended and assented to publicly. This was not implemented before the end of his tenure, and the Tinubu administration has carried on in this regard. This also indicates the need for more Government-Owned Enterprises’ budget imple­mentation reports.

“A detailed analysis of the budget also reveals du­plications in allocations, particularly in renovating the President’s and Vice President’s quarters. The Federal Government made provisions for a cumulative sum of N8 billion (N4 billion each) through the 2023 sup­plementary budget for reno­vating the President’s official quarters in Aso Rock Villa and Dodan Barracks.

“Surprisingly, an addition­al N500 million has been allocated to the renovation of the President’s quarters in Aso Rock Villa, even as N5 bil­lion has been earmarked for the renovation of the Pres­ident’s quarters in Dodan Barracks. Similarly, the Vice President’s quarters in Lagos and Abuja, which got a cumu­lative sum of N5.5 billion in the 2023 supplementary bud­get for renovation, equally got allocations of N4 billion, N300 million, and N5 billion each in the 2024 budget.”

He stated that this comes as the agency prepares to give shipowners a maximum of $25 million each to purchase ships in order to provide the 350 million jobs that exist in the blue economy.

During the University of Lagos (UNILAG) Institute of Maritime Studies’ maiden yearly lecture, stakeholders called for more investment in the blue economy to navigate the economic threat posed by the global phasing out of crude oil.

‘From Crude to Blue – Nigeria’s Blue Economy: The Importance of Maritime Domain Awareness and Good Governance,’ was the theme and according to Jamoh, the world is working hard to phase out the fossil fuel industry due to the environmental and health consequences, putting Nigeria’s crude under severe economic threat.

According to Jamoh, the Nigerian National Petroleum Corporation (NNPC) has expressed interest in participating in the funding of ships acquired by indigenous shipowners using the soon-to-be disbursed CVFF.

He stated that in order to accomplish this, NNPC offered to provide 9% of the 15% funding to be provided by shipowners as specified in the guidelines for the fund’s disbursement, allowing them to purchase new ships.

Jamoh went on to list some of the country’s assets that would ensure the use of the blue economy, including 853 kilometers of coastline, 8573 kilometers of inland waterways, six-port complexes, 21 oil terminals, over ten jetties, 200 nautical miles of exclusive zones, 200 million people, all consumers, and others.

According to NIMASA’s CEO, the blue economy generates $2.5 trillion in annual economic growth and includes all economic activities associated with the oceans, seas, harbors, coastal zones, inland water, rivers, and lakes, among other things.

According to him, opportunities in the blue economy that should be invested in include cargo operations, stevedoring services, warehousing/bonded terminals, haulage, shipbuilding, repairs brokerage, handling/management, cargo surveying, tank farms, packaging, marine insurance, bunkering services among others.