President Bola Tinubu says Nigeria’s non-oil revenue is performing so well that the country met its revenue target for the year in August — months ahead of schedule.
Tinubu spoke on Monday when he received members of The Buhari Organisation (TBO), led by Tanko Almakura, former Nasarawa governor.
He said his administration had stabilised the economy, noting that global disruptions — including moves by United States (US) President Donald Trump — pose no threat to Nigeria’s fiscal progress.
“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,” he said.
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Trump has been pressuring the Organisation of Petroleum Exporting Countries (OPEC) to increase global crude production in order to reduce oil prices.
On July 6, the petroleum-exporting countries and their allies (OPEC+) decided to increase production by 548,000 barrels per day in August.
Also, on April 2, Trump imposed sweeping global tariffs (including 14 percent on Nigeria) on all imports into the US.
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He defended the decision, saying it was crucial to restoring America’s position as the world’s sole superpower.
According to 2023 data published by the Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion worth of goods to the US in the period under review.
The main exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Compounding the policies, Trump also signed an executive order suspending the duty-free de minimis treatment for all countries under the International Emergency Economic Powers Act (IEEPA).
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