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Gbeminiyi Ogunleye
1 week ago
Overview
I've met my revenue target for 2025 Tinubu
President Bola Tinubu on Tuesday in Abuja declared that Nigeria had met its revenue target for 2025 ahead of schedule and would no longer rely on borrowing to fund its budget.
Addressing stakeholders of The Buhari Organisation who visited him at the Presidential Villa in Abuja, Tinubu said his administration’s non-oil revenue drive had yielded enough to meet this year’s projections by August, reducing Nigeria’s dependence on external loans
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year and we met it in August,” Tinubu told the delegation, which included former Nasarawa State Governor, Sen. Tanko Al-Makura, and other chieftains of the ruling All Progressives Congress.
Tinubu also said the exchange rate had stabilised after initial turbulence, noting that the naira had appreciated from over N1,900/$ to about N1,450/$ since he unified the foreign exchange windows last year.
“Nobody is trading pieces of paper for exchange rate anymore. You don’t have to know a CBN governor to do your business. Just export, import and create jobs for our people,” he added.
In its 2025 Appropriation Act, the Federal Government projected a total revenue target of N18.32tn to fund a record N28.78tn budget.
This included N7.94tn in oil revenue and N10.39tn from non-oil sources, reflecting the administration’s renewed push to diversify Nigeria’s income base away from crude oil dependence.
The budget assumed an average oil production of 1.78 million barrels per day at a benchmark price of $77.96 per barrel, with a naira-to-dollar exchange rate projected at ₦750.
At the meeting, the President downplayed the economic threats posed by the trade policies of U.S. President Donald Trump, who earlier this year imposed a blanket 10 per cent tariff on all imports and country-specific levies ranging up to 50 per cent.
Nigeria is currently subject to a 15 per cent duty under this regime, which took effect in August.
Despite this, Tinubu expressed confidence that Nigeria’s diversified revenue base and domestic reforms would shield the country from adverse external impacts.
“If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side,” he said.
Trump’s second-term “Liberation Day” policy, announced in April, triggered concerns across developing nations due to its aggressive protectionist stance.
While Nigeria’s crude oil and gas exports remain exempt from the tariffs, analysts say global demand disruptions could still affect oil-producing countries like Nigeria.
Tinubu, however, said his government was focused on building long-term resilience through agricultural mechanisation and food security.
“I have just signed off on a massive mechanisation programme, with training centres across every region. If we remove hunger, we have defeated poverty,” he said.
