Byline: IDNN Politics & Economy Desk
Nigeria’s political and economic debate flared on Wednesday as the ruling All Progressives Congress (APC) and opposition parties traded words over President Bola Tinubu’s declaration that the Federal Government has already achieved its 2025 revenue target and halted local borrowing.
The President, through spokesman Bayo Onanuga, announced that collections from January to August 2025 reached ₦20.59 trillion, a 40.5 percent increase from ₦14.6 trillion in 2024. He said this performance, driven by non-oil revenues, placed Nigeria firmly on track for fiscal stability.
“The economy is now stabilised. Nobody is trading papers for foreign exchange anymore. The economy is predictable. You don’t need to know the CBN governor to access forex or import goods,” Tinubu declared while hosting founding members of the defunct CPC and The Buhari Organisation.
The APC backed the President’s claim, arguing that early achievement of revenue targets proved reforms were working. Party chieftain Nze Chidi Duru said the feat would ease budgetary pressure and enable infrastructural development without excessive borrowing.
“If the revenue target is met in August, the budget can be implemented fully without borrowing. That is historic and will have a trickle-down effect on the economy,” Duru insisted.
But opposition parties and economists dismissed the celebration as disconnected from reality.
The African Democratic Congress (ADC), through Bolaji Abdullahi, called the President’s statement “absurd,” stressing that poverty levels and the cost of living remained unbearable.
“What is the essence of revenue growth if it has no impact on citizens? People want to see jobs, healthcare, food security, not abstract figures,” Abdullahi said.
The New Nigeria Peoples Party (NNPP) echoed the criticism, arguing that governance cannot be reduced to chasing revenue targets while Nigerians suffer.
“Tinubu may have hit his target, but he has not met the target of the people. Inflation is high, the naira is at ₦1,600, and poverty is deepening,” NNPP spokesman Ladipo Johnson said.
The Coalition of United Political Parties (CUPP) accused Tinubu of being “disconnected from reality,” while the Labour Party’s Tony Akeni described the APC’s narrative as “lies meant to pump false confidence.”
Beyond politics, economists expressed scepticism. Prof. Akpan Ekpo questioned the claim, pointing to ongoing debt operations by the Debt Management Office and Central Bank.
“Meeting revenue targets is fine, but Nigeria is still borrowing. Statements must be clarified. If revenues are surplus, how are they being spent on health, education, and infrastructure?” Ekpo asked.
Other analysts suggested Tinubu’s claim may have been misinterpreted, possibly referring to not exceeding the ₦13 trillion fiscal deficit projection, rather than ending borrowing outright.
Former Zenith Bank chief economist Marcel Okeke called the assertion “laughable,” while Prof. Segun Ajibola of Babcock University urged clarification from the Finance Ministry and DMO.
Still, some experts, such as Richard Mayungbe of Copperstone University, defended the President, crediting diversification efforts and improved FX management.
The clash underscores the gulf between government statistics and the lived reality of citizens. With inflation biting, food prices soaring, and migration rising, critics warn that revenue growth alone cannot mask deep economic pain.
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