Tinubu: 2025 Revenue Goals Achieved, Borrowing No Longer Necessary

Tinubu: 2025 Revenue Goals Achieved, Borrowing No Longer Necessary

President Bola Tinubu on Tuesday announced in Abuja that Nigeria had surpassed its 2025 revenue target ahead of schedule, eliminating the need for borrowing to finance the national budget.

Speaking to stakeholders of The Buhari Organisation during a visit to the Presidential Villa, Tinubu revealed that his administration’s non-oil revenue initiatives had already delivered enough funds to meet this year’s projections by August, significantly cutting the country’s reliance on external loans.

“Today, I can proudly say Nigeria is not borrowing. We achieved our revenue target for the year—and we did so in August,” Tinubu told the delegation, which included former Nasarawa State Governor, Senator Tanko Al-Makura, and other senior members of the All Progressives Congress.

He further noted that the exchange rate had stabilised following earlier volatility, with the naira strengthening from over ₦1,900/$ to about ₦1,450/$ since the unification of 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.

He pledged to build a “Buhari House” in honour of his predecessor, calling it “a house of joy and prosperity.”

Tinubu urged APC members to stay united and confident in the administration’s path.

“Don’t let anybody threaten you with uncertainty. We are on the path to Nigeria’s recovery. You will have joy at the end of this journey,” he affirmed.

In a more reflective tone, the President revisited the early days of the APC merger in 2013, recalling a disagreement with then-General Muhammadu Buhari over the party’s logo.

“We disagreed to agree. We even argued on symbol. He (Buhari) insisted on parliament, and I insisted on broom. He’s so stubborn,” Tinubu said.

The broom, symbolising collective resolve to sweep away corruption and bad governance, eventually became the party’s emblem.

Tinubu was a leading figure in the merger talks that formed the APC from four opposition parties: ACN, CPC, ANPP, and a faction of APGA.

In their remarks, party stakeholders reaffirmed their commitment to the Tinubu administration and the APC.

Former Governor Al-Makura, who led The Buhari Organisation delegation, praised Tinubu for the state burial and honours accorded to the late President Muhammadu Buhari, calling it a “powerful statement of loyalty and legacy.”

“You did not only bury Muhammadu Buhari, you honoured him with dignity. For that, Mr President, we thank you from the depth of our hearts,” Al-Makura said.

He said Buhari and Tinubu shared not just political alliance but a vision of discipline, justice, and economic sovereignty, which laid the foundation for the “Renewed Hope” agenda.

Also speaking, Speaker of the House of Representatives, Tajudeen Abbas, dismissed claims that former CPC members were sidelined in the Tinubu government.

He noted that more than 90 percent of CPC loyalists still stand firmly with the President.

“We are with you today, tomorrow, and always,” Abbas affirmed, pledging that the CPC would rally support for Tinubu as the 2027 elections approach.

He also expressed gratitude to the President for appointing former CPC members as governors and senior officials in his administration.