Tinubu-We met revenue target in August, no fear of Trump’s moves
President Bola Tinubu says Nigeria’s economy is showing resilience, with non-oil revenue performing so well that the country surpassed its revenue target months ahead of schedule.
Tinubu spoke on Monday while receiving members of The Buhari Organisation (TBO), led by Tanko Almakura, former governor of Nasarawa state.
“We have met our revenue target for the year, and we met it in August. If non-oil revenue is going well, then we have no fear of whatever Trump is doing on the other side,” the president said.
The Nigerian leader noted that his administration had stabilised the economy despite global disruptions, including moves by United States President Donald Trump.
Trump has been pressuring the Organisation of Petroleum Exporting Countries (OPEC) to boost global crude production in order to lower oil prices. On July 6, the petroleum-exporting bloc and its allies (OPEC+) agreed to increase production by 548,000 barrels per day in August.
Beyond oil, Trump has also imposed sweeping tariffs across global markets. On April 2, his administration levied a 14 per cent tariff on Nigerian imports to the US, while also suspending duty-free de minimis treatment for all countries under the International Emergency Economic Powers Act (IEEPA). He defended the move as “crucial to restoring America’s position as the world’s sole superpower.”
According to 2023 trade data from the Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion worth of goods to the US. The bulk of this came from crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Despite the tariffs and OPEC pressure, Tinubu maintained that Nigeria’s growing non-oil revenue base shields the country from external shocks and strengthens fiscal progress.
