Tinubu Tells How Renewed Hope Ward Initiative Will Lift Grassroots Nigerians Out Of Poverty

President Bola Ahmed Tinubu says the Renewed Hope Ward Development Programme will tackle poverty at the grassroots by empowering economic actors in all 8,809 wards across Nigeria’s 774 local government areas.

Speaking at the federal executive council (FEC) meeting on August 13, 2025, Tinubu described the initiative as “close to my heart” and said it is designed to use a micro-level approach to drive inclusive development.

He explained that the programme will bring together sub-national governments and private sector partners to ensure efficient and impactful implementation.

Last week, he told the National Economic Council that governors should accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments.

Tinubu said the reforms implemented since the start of his administration had dismantled longstanding distortions in the economy, restored macroeconomic stability, enhanced resilience, improved the business environment, and bolstered investor confidence.

According to him, these measures have positioned the economy to attract more domestic and foreign investment, which is critical to sustaining growth, creating jobs, and lifting millions out of poverty.

The president reaffirmed his administration’s target of achieving a $1 trillion economy by 2030, adding that a minimum growth rate of 7 percent by 2027 is not just an economic goal but a moral imperative.

He cited the IMF’s July 2025 Article IV report as further validation of the importance of investment-led growth.

Tinubu emphasised that savings are key to funding growth, noting that public investment stands at only 5 percent of GDP due to insufficient public savings.

He called for a review of deductions from the federation account — including the cost of collection by agencies like the FIRS, Customs, NUPRC, and NIMASA — as well as reassessment of the 30 percent management fee and frontier exploration deduction by the NNPC under the Petroleum Industry Act.

He directed the Economic Management Team, led by the minister of finance, to conduct a comprehensive review of all deductions and revenue retention practices and present actionable recommendations to the council.

Tinubu urged his cabinet to work with unity of purpose to achieve the Renewed Hope Agenda, saying the task ahead is great but so is the government’s resolve to build a prosperous, inclusive, and resilient Nigeria.