Photo caption: President Bola Tinubu
President Bola Tinubu on Tuesday stated that his administration has met its revenue target for the year 2025 in August ahead of schedule, which was primarily from the non-oil sector and would no longer rely on borrowing to fund its budget.
The President also stated that the country is stabilized and the government no longer borrows money from domestic banks, adding that what the administration needs is to create jobs for the people.
Tinubu spoke when he hosted The Buhari Organization (TBO) made up of the defunct Congress for Progress Change, CPC, led by the former governor of Nasarawa State, Senator Umaru Tanks Al-Makura, who paid him a solidarity visit at the villa.
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 and assured his visitors not to allow anybody to threaten them over the 2027 elections.
“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 said.
He said that the economy is stabilized, and nobody trades a piece of paper for the exchange rate anymore. “The exchange rate had stabilised after initial turbulence, the naira had appreciated from over N1,900/$ to about N1,450/$ since I 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 N18.32 trillion to fund a record N28.78 trillion budget. This included N7.94 trillion in oil revenue and N10.39 trillion 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.
President Tinubu said the visit brought back the memory of the beginning of the alliance of the legacy political parties when they sat down to fashion out the way to follow, adding, “We disagreed to agree. We even argued on a symbol. When I see people like you, my determination is to work harder.”
He said he was building on the legacies of the late President Muhammadu Buhari and promised to do more through hard work and thoughtful consideration.
He commended members of the defunct CPC, who were not given any political appointment but still remained with the APC, and promised to accommodate them with an ambassadorial position.
He said, “I couldn’t appoint everybody at once, and thank you for your patience. I still have some slots available for ambassadorial positions that many people are craving for.
“First of all, we are fixing the economy. Bringing hope to the people. That is what we are looking for. And that is who is here. Thank you for believing in me. The economy is stabilised; nobody is trading a piece of paper for an exchange rate anymore.
“What we need now is building the ship, bedrooms for export and import to buy goods and create jobs for the people.
“There is a guarantee that I know, many of you have to suffer the initial abuse and the fear, where are we going? We know the direction we are heading, and we are moving upward.
“Those who may not know, now know, as I am standing before you, I can brag that Nigeria is no longer borrowing a dime from local banks.
“We have met our targets of revenue for the whole year, and we met it in August. I received it this morning. If non-oil revenue is doing well, then I have no fear of whatever Trump is doing on the other side.
“I have just signed up for a huge mechanization program that every region will have a mechanized center for agricultural mechanization and have trainees and all of that. I believe that is our path to food sovereignty and food security.
“If we remove hunger, we have defeated poverty. All I can promise you is where we started and where we are going. The path to Nigeria’s recovery, we are on it. Don’t let anybody threaten you with any uncertainty. We are confident that we will succeed. Part of what we inherited from Buhari was his honesty, transparency, and justice; that’s all.
“You won’t have anything less than that. You will have joy at the end of this journey and we will definitely put something together to build a Buhari House that house will be a house of joy and prosperity.”
Speaking earlier, the leader of the delegation and former governor of Nasarawa State, Senator Tanko Al-Makura, assured the President that the CPC bloc within the APC remained firmly behind his administration and would mobilise nationwide to ensure the party’s victory in the next election.
Al-Makura, speaking for the delegation, also assured Tinubu of unwavering loyalty: “We are with you in loyalty, in person, and in purpose.
While commending Tinubu for steering the country through challenging economic times and for sustaining peace and stability, the former Nasarawa state Governor also lauded the President for honouring the memory of their late leader and mentor, former President Muhammadu Buhari.
Recalling the CPC years preceding the historic merger that gave birth to the APC in 2013, Al-Makura described Tinubu and Buhari as two visionaries whose political partnership laid the foundation for justice, equity, and national renewal.
“Mr. President, you and President Muhammadu Buhari shared more than a political alliance; you shared a vision of a Nigeria built on justice, economic sovereignty, and good governance. Together, you conceptualised and built a platform that remains our pride and our cause,” Al-Makura said.
He pledged that the CPC family, comprising former governors, ministers, lawmakers, women leaders, and party executives, would work tirelessly to consolidate Tinubu’s reforms and sustain the APC legacy ahead of the 2027 elections.
Additionally, Speaker of the House of Representatives, Tajudeen Abbas, stated that the CPC bloc remains intact and is solidly behind the President.
“Indeed, today is the very first time that former members of the CPC have gathered in such large numbers to visit our President, to show support and appreciation for what he has been doing. I want to seize this opportunity, Mr. President, to assure you of the unconditional support of all former members of the CPC,” Abbas said.
Dismissing suggestions that the bloc was fragmented or estranged, the Speaker insisted that over 90 percent of CPC’s pioneer leaders remained active and loyal.
He also praised President Tinubu’s partnership with Buhari in 2010, which eventually paved the way for Buhari’s presidency.
Abbas further commended Tinubu for the unprecedented respect shown to Buhari during his passing, noting the state support accorded his family and the President’s personal involvement.
“CPC in every state will go back home and mobilise support for Asiwaju. That movement will cascade down to local government areas, wards, and units. Insha Allah, CPC members will be at the forefront of ensuring your re-election in 2027 so you can continue the good work you are doing,” Abbas assured.
The high-powered delegation included: Barr. Abdulraheem Adebayo Shittu, former Minister of Communications, Architect Waziri Bulama, former APC National Secretary, Prof. Haruna Hima, former House of Representatives member, Hon. Garba Datti Mohammed, former Deputy Minority Whip, House of Representatives, Ibrahim Baba, former CPC governorship candidate and Federal Commissioner, RMAFC,and Mary Ekere, former CPC governorship candidate.
Others were Okoi Obono-Obla, Secretary of CPC merger committee, Osita Okechukwu, Chris Bukuma, Adamawa politician and CPC stalwart, Farouk Adamu Aliyu, former governorship candidate, Comrade Richard, pioneer CPC National Organising Secretary, Raza Zakari, former CPC National Vice Chairman, Lucy Ibe, former CPC National Organising Committee member, Oyama, former Deputy National Secretary and APC merger negotiator, Ayuba Baba, former CPC protocol officer (2003-2015), Edwemba, CPC leader from Edo State, and Hon. Jawa, former House of Representatives member.
They were joined by other former commissioners, advisers, national officers, and women leaders of the Buhari Support Organisation, as well as ex-members of the CPC National Executive Council
