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.
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 said over 90 per cent of CPC loyalists remained aligned with the President.
“We are together with you today, tomorrow, and forever,” Abbas said, adding that the CPC would mobilise support for Tinubu ahead of the 2027 elections.
He also thanked the President for the appointment of former CPC members as governors and senior officials under the current administration.
