President Tinubu Announces Nigeria Has Met 2025 Revenue Target, Halts Further Borrowing

President Bola Ahmed Tinubu has made a bold declaration, announcing that Nigeria has already met its 2025 revenue target well ahead of the year-end and will no longer rely on borrowing to fund its budget. The President made the statement during a meeting with members of “The Buhari Organisation” at the Presidential Villa in Abuja, citing his administration’s aggressive drive for non-oil revenue.

“Today I can stand here before you to brag: Nigeria is not borrowing again,” President Tinubu said. “We have met our revenue target for the year, and we met it in August.”

According to the 2025 Appropriation Act, the Federal Government had projected a total revenue of ₦18.32 trillion to fund its record ₦28.78 trillion budget. This ambitious target was underpinned by a renewed focus on fiscal reforms and a significant push to diversify Nigeria’s income base away from its traditional dependence on crude oil. The President highlighted that his government’s strategic policies had already yielded a substantial increase in non-oil tax revenue.

Tinubu also pointed to other economic successes of his administration, noting that the exchange rate has stabilized from an all-time low of over ₦1,900 to approximately ₦1,450 to the U.S. dollar, following the unification of the foreign exchange windows. “The economy is stabilized; nobody is trading pieces of paper for exchange rate anymore,” he added.

The President’s announcement comes amid a backdrop of intense public debate over Nigeria’s escalating national debt. While his political allies hailed the news as a testament to the success of his economic agenda, opposition groups have recently condemned the government’s borrowing spree, which they argue has put the country on a dangerous debt trajectory. The African Democratic Congress (ADC), for instance, had recently criticized the approval of a new foreign loan, accusing the government of “accelerating Nigeria’s descent into a debt trap.”

In a final address to the delegation, President Tinubu urged Nigerians to remain steadfast and confident in his administration’s economic blueprint. “Don’t let anybody threaten you with uncertainty,” he said. “We are on the path to Nigeria’s recovery.”