Tinubu declares end to domestic borrowing as non-oil revenue hits ₦13.07tn

By Seun Ibiyemi

President Bola Ahmed Tinubu has declared that Nigeria will no longer rely on domestic borrowing to finance its operations after his administration surpassed its projected non-oil revenue target for 2025.

Addressing a delegation of the Buhari Group on Tuesday at the Presidential Villa, the President announced that non-oil tax revenue for the first seven months of the year had reached ₦13.07 trillion, exceeding expectations.

“I can brag that Nigeria is no longer borrowing any dime from local banks to run the economy,” Tinubu said, underscoring that careful financial management rather than debt now drives the country’s fiscal strategy.

The President noted encouraging progress in the foreign exchange market, stating that the naira has stabilised at about ₦1,450 to the dollar, down from ₦1,900 at the time he assumed office.

“Nobody is trading pieces of paper for exchange rate anymore. What we need now is to build the infrastructure for export and import, to create jobs and opportunities for our people,” he added.

Turning to agriculture, Tinubu announced an ambitious mechanisation programme to establish farm centres in every region, which he said would boost food production and help lift millions of Nigerians out of poverty.

“Our path to food security is clear. Every region will have a mechanised farm centre. We are committed to removing poverty from our land, and that is the work we have already started,” he affirmed.

Tinubu called on Nigerians to resist external economic pressures and political distractions ahead of the 2027 elections, reiterating that his focus remains on reforms to ensure long-term prosperity.

The visiting Congress for Progressive Change (CPC) bloc within the All Progressives Congress (APC) expressed its full support for Tinubu’s administration and vowed to mobilise backing for the party ahead of the next general election.

Leading the delegation, former Nasarawa State governor Tanko Al-Makura commended Tinubu for navigating Nigeria through difficult economic conditions while maintaining national stability. He also praised the President for upholding the legacy of former President Muhammadu Buhari, describing both leaders as visionaries who reshaped Nigeria’s political history.

The delegation included former governors, ministers, legislators, women leaders, and senior CPC stalwarts, all of whom pledged to bolster Tinubu’s reform agenda and secure the APC’s dominance in 2027.