President Tinubu claims Nigeria hit its 2025 revenue target early, but opposition parties and economists dispute the claim, citing ongoing economic hardships and borrowing concerns
The All Progressives Congress (APC) and opposition parties engaged in a heated debate on Wednesday over President Bola Tinubu’s assertion that Nigeria had already met its 2025 revenue target by August 2025.
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While the APC hailed the announcement as proof that Tinubu’s economic reforms have put Nigeria on a path to recovery, opposition parties—including the African Democratic Congress (ADC), Labour Party, New Nigeria Peoples Party (NNPP), and the Coalition of United Political Parties (CUPP)—accused the President of celebrating statistics disconnected from the harsh realities faced by millions of Nigerians.
Speaking at the Presidential Villa, Tinubu attributed the revenue milestone to gains in the non-oil sector, stating the economy was now more predictable and less reliant on foreign exchange intermediaries.
According to his Special Adviser on Information and Strategy, Bayo Onanuga, total revenue collections from January to August 2025 reached ₦20.59 trillion, a 40.5% increase over the previous year’s ₦14.6 trillion, indicating strong non-oil revenue growth across federal, state, and local governments.
Tinubu also claimed the Federal Government had stopped borrowing locally since the start of the year, a point strongly supported by the APC.
Deputy National Organising Secretary, Nze Chidi Duru, said meeting the revenue target in August meant the government could finance infrastructure projects without borrowing, easing fiscal pressures.
Opposition voices dismissed Tinubu’s claims as disconnected from Nigerians’ lived experiences of inflation, insecurity, and economic hardship.
ADC National Publicity Secretary Bolaji Abdullahi called the claim “absurd,” arguing that the revenue figures had not translated into improved living standards for citizens, with many still living below the poverty line.
NNPP Publicity Secretary Ladipo Johnson criticized the government as “tax-and-spend,” questioning whether revenue growth meant welfare improvement for Nigerians, highlighting persistent inflation and currency depreciation.
CUPP National Secretary Peter Ameh accused the President of being “disconnected from reality,” stressing that increased revenue without visible investment in healthcare, agriculture, or SMEs fails to benefit ordinary Nigerians.
Labour Party spokesman Tony Akeni described the revenue and borrowing claims as falsehoods intended to mislead the public, referencing international criticism from Chatham House in London.
Several economists expressed doubts about the President’s statement, especially the claim that the government had stopped local borrowing.
Professor Akpan Ekpo highlighted ongoing debt market activities by the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN), calling for clarity on the borrowing claims.
Professor Segun Ajibola noted that official figures as of June showed Nigeria had only met about half its 2025 revenue target, calling on the Ministry of Finance and DMO for further explanation.
Tunde Amolegbe, CEO of Arthur Stevens Asset Management, suggested Tinubu might mean that borrowing would not exceed the originally projected fiscal deficit of ₦13 trillion, not that borrowing would cease altogether.
Marcel Okeke, former Zenith Bank Chief Economist, labeled the revenue claim “laughable,” pointing to ongoing borrowing negotiations as evidence that the government had not stopped borrowing.
Richard Mayungbe, Professor of Forensic Accounting, praised the diversification of revenue sources from crude oil to non-oil sectors but stressed that economic recovery is gradual.
Nigeria’s economy remains heavily reliant on crude oil, which accounts for roughly 70% of government revenue and over 90% of foreign exchange earnings.
Despite repeated promises to diversify, oil remains dominant.
Tinubu’s reforms, including the controversial removal of the fuel subsidy, have increased government revenues but also caused widespread economic pain, with soaring transportation costs and inflation impacting ordinary Nigerians.
While federal allocations to states have increased, poverty and insecurity persist, driving many Nigerians abroad in search of better opportunities.
If Nigeria truly met its 2025 revenue target in August, experts urge transparent communication on how surplus funds will be used in the remaining months of the year, emphasizing investments in healthcare, infrastructure, and social welfare.
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Meanwhile, the debate continues over whether Tinubu’s economic claims reflect reality or political narrative.
