President Bola Ahmed Tinubu has declared that Nigeria will no longer borrow locally from the Central Bank of Nigeria (CBN), boasting that his administration has already met its 2025 revenue target—four months ahead of schedule—driven largely by non-oil earnings.
The president made this known on Tuesday, September 2, 2025, while receiving members of The Buhari Organisation (TBO) led by former Nasarawa State governor, Tanko Al-Makura, at the Presidential Villa.
Tinubu highlighted his government’s progress in stabilising the economy despite external pressures, noting that exchange rates have steadied since he assumed office.
“Nigeria is not borrowing a dime from local banks. We have met our revenue target for the year—and we met it in August,” Tinubu said. “When I took over, it was ₦1,900 to a dollar. It’s ₦1,450 now, and rates are stabilising.”
The president further assured the delegation, which included Speaker of the House of Representatives, Tajudeen Abass, and former Katsina State governor, Aminu Masari, that his administration would continue to prioritise job creation through exports, industrial expansion, and mechanisation of agriculture.
He downplayed concerns over the potential impact of U.S. President Donald Trump’s economic policies, stressing that Nigeria’s rising non-oil revenue base provides a buffer against external shocks.
“If non-oil revenue is going well, then I have no fear of whatever Trump is doing on the other side,” he added.
Tinubu also pledged to consolidate on the legacies of former President Muhammadu Buhari, commending loyal members of the defunct CPC who were yet to be accommodated politically. He assured them of recognition, including ambassadorial slots, while promising to deliver on food security through large-scale agricultural mechanisation.
“If we remove hunger, we have defeated poverty,” he said. “Part of what we inherited from Buhari was honesty, transparency, and justice. You won’t have anything less than that.”
Speaking on behalf of TBO, Al-Makura praised the president for honouring Buhari with full state rites at his burial, while Abass reaffirmed the group’s unwavering support for Tinubu’s administration.
