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| President Bola Tinubu...CREDIT: Presidency |
A fresh political row erupted on Wednesday after President Bola Tinubu announced that Nigeria had already met its 2025 revenue target in August, months ahead of schedule.
While the ruling All Progressives Congress (APC) hailed the feat as proof that Tinubu’s reforms were stabilising the economy, opposition parties—including the Labour Party (LP), African Democratic Congress (ADC), New Nigeria Peoples Party (NNPP), and the Coalition of United Political Parties (CUPP)—dismissed the claim, accusing the President of celebrating figures that bear little relevance to the realities of ordinary Nigerians.
Economists also raised doubts, questioning Tinubu’s assertion that the Federal Government had stopped borrowing locally. They pointed to ongoing debt market operations by the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN), urging clarification from fiscal managers.
Background of the Claim
For decades, Nigeria’s economy has leaned heavily on crude oil, which contributes about 70% of government revenue and over 90% of foreign exchange earnings. Successive governments have promised diversification, but oil has remained the backbone.
Since taking office in 2023, Tinubu has rolled out reforms—including the controversial removal of fuel subsidy—aimed at repositioning the economy. While the move freed more revenue for the government, it also worsened food inflation, triggered foreign exchange crises, and heightened living costs for millions of citizens.
Despite increased federal allocations to states, poverty, insecurity, and unemployment remain widespread, with many Nigerians seeking opportunities abroad.
Against this backdrop, Tinubu told members of the defunct Congress for Progressive Change (CPC) and The Buhari Organisation, led by former Nasarawa governor Umaru Tanko Al-Makura, that non-oil revenues had surged.
According to his spokesperson Bayo Onanuga, collections between January and August 2025 hit N20.59 trillion, a 40.5% rise from N14.6 trillion recorded in the same period last year, placing Nigeria firmly on track to meet its annual target.
Tinubu added that, unlike in the past, the government was no longer relying on local borrowing, linking the improvement to his Renewed Hope Agenda.
APC’s Defence
The APC’s Deputy National Organising Secretary, Nze Chidi Duru, backed Tinubu’s statement, arguing that early achievement of revenue goals meant the 2025 budget was fully implementable without fresh borrowing.
“It shows the government can finance infrastructure, overheads, and address the deficit without pressure. This has a trickle-down effect on the economy,” he said.
Special Adviser to the President on Policy Communication, Daniel Bwala, went further, accusing opposition parties of “blind and purposeless criticism.” He challenged them to provide counter-evidence with facts and figures.
Opposition’s Rebuttal
Opposition parties, however, described Tinubu’s claim as hollow. The ADC’s National Publicity Secretary, Bolaji Abdullahi, said celebrating revenue growth while Nigerians battle high food prices, inflation, and currency depreciation was absurd and insensitive.
“What is the essence of a revenue target if it doesn’t improve people’s lives?” Abdullahi asked. “The government sets a minimum wage of N70,000, yet most Nigerians remain below the poverty line. These statistics don’t reflect the reality of the ordinary Nigerian.”
The parties maintained that until Nigerians feel tangible relief, revenue milestones would remain meaningless.
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