Abuja, Nigeria – In a decisive move to translate national economic reforms into tangible grassroots benefits, President Bola Tinubu has officially launched the Renewed Hope Ward Development Programme, a comprehensive initiative targeting all 8,809 wards across Nigeria’s 774 Local Government Areas.
The announcement was made during a Federal Executive Council (FEC) meeting on August 13, 2025, where the President outlined his administration’s strategy to tackle poverty through a micro-level, investment-led approach.
President Tinubu began his address by acknowledging the “bold and difficult reforms” implemented by his administration, which he stated have “dismantled longstanding distortions” and restored Nigeria’s policy credibility. He credited these reforms for enhancing economic resilience, restoring macroeconomic stability, and bolstering investor confidence.
“The 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,” the President stated.
Reiterating the core goal of his Renewed Hope Agenda—achieving a $1 trillion economy by 2030—Tinubu emphasized that stimulating a minimum growth rate of 7.0% by 2027 is not merely an economic target but a “moral imperative.” He cited a recent International Monetary Fund (IMF) Article IV report that affirms Nigeria’s positive trajectory and underscores the necessity of investment-led growth.
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The centrepiece of this new phase is the ward-based development programme. Described by the President as an initiative “close to my heart,” it is designed to empower grassroots economic players directly. The programme aims to bring state governments, local governments, and private sector partners on board to ensure efficient and impactful implementation aimed at poverty eradication.
This focus on sub-national collaboration was further highlighted by the President’s recent address to the National Economic Council, where he urged Governors to prioritize productivity-enhancing investments and strengthen food security.
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To finance this ambitious growth trajectory, President Tinubu identified optimising national savings as a critical catalyst. He pointed to the current low public investment share of GDP—just 5.0%—which he attributed to insufficient public savings. He called for an urgent review of all deductions from the Federation Account, specifically mentioning:
- The cost of collection by revenue agencies (FIRS, Customs, NUPRC, NIMASA).
- The 30% management fee and 30% frontier exploration deduction by the NNPC under the Petroleum Industry Act (PIA).
Consequently, the President directed the Economic Management Team, chaired by the Minister of Finance and Coordinating Minister of the Economy, to conduct a comprehensive review of these deductions and present actionable recommendations to the FEC.
In other news emerging from the FEC meeting, President Tinubu approved N142 billion for the construction of modern bus terminals in six states: Ogun, Gombe, Kano, Kogi, Anambra, and Edo. The Minister of Transportation, Senator Sa’idu Ahmed Alkali, described this as the first direct federal intervention in road transport infrastructure beyond mere road construction, with locations chosen based on economic viability.
