President Bola Tinubu has announced that Nigeria has already met its 2025 revenue target as of August, effectively ending the country's reliance on borrowing to fund its budget.
The president announced this during a meeting with "The Buhari Organisation," a political group, at the Presidential Villa.
The achievement, which comes well ahead of the scheduled year-end, is a direct result of the administration's strategic pivot towards non-oil revenue sources, President Tinubu said.
This diversification effort is part of a broader plan to build a more resilient and self-sufficient economy, reducing vulnerability to fluctuations in global oil prices.
President Tinubu also highlighted the notable stabilization of the naira, stating that it has appreciated from over N1,900 to approximately N1,450 against the U.S. dollar since the unification of the foreign exchange windows.
"The time for relying on borrowing is over," President Tinubu stated, emphasizing that Nigeria's new financial stability would enable the government to pursue its long-term goals of economic growth and food security through initiatives like agricultural mechanization.
The 2025 budget, a N28.78 trillion plan, was initially projected to be funded by an N18.32 trillion revenue target. By exceeding this target through non-oil income, the government is now well-positioned to fund its ambitious plans without incurring further debt.
This financial success, according to the president, will also insulate Nigeria from external economic pressures and potential protectionist trade policies from other nations.
