The revenue target for the 2025 fiscal year has been met by Nigeria despite the prices of crude oil in global market declining, President Bola Tinubu has declared.
Mr Tinubu disclosed this on Tuesday when he received a delegation of former members of the defunct Congress for Progressive Change (CPC) at the Presidential Villa in Abuja.
According to him, the revenue target was met in August and it was mainly driven by the non-oil exports, stressing that the nation has no reason to fear international economic developments because of the reforms introduced by his administration.
Nigeria set its crude oil benchmark for this year at $75 per barrel but for most part of 2025, the price has averaged below $70 per barrel.
“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. Let Trump do his worst, we are stable,” President Tinubu declared when he met the delegation comprising governors, lawmakers, and other political leaders drawn from across the federation.
“If non-oil revenue is going well, then we have no fear of whatever Trump is doing on the other side,” he added, noting that he’s impressed with the stability in the exchange rate market, also attributing this to reforms and fiscal discipline.
“Nobody is trading pieces of paper for exchange rate anymore. You don’t have to know a CBN governor to get forex. All you have to do is export, import, and create jobs for the people,” he said.
The President assured the CPC bloc of the ruling All Progressives Congress (APC) of his commitment to their shared ideals, noting, “I couldn’t appoint everybody at once, and thank you for your patience. I still have some slots for ambassadorial positions that so many people are craving for. But it’s not easy stitching those names.”
“When I see people like you, my determination is to work harder. We are certain we are going to succeed,” he added.