Nigeria Hits 2025 Revenue Target, Ends Reliance on Local Bank Borrowing 🇳🇬

In a major announcement signaling a turnaround in Nigeria's economy, President Bola Ahmed Tinubu declared that the federal government is no longer borrowing from domestic banks. Speaking at a meeting with members of the Buhari Organisation, the President revealed that the country had already met its annual revenue target for 2025 in August, four months ahead of schedule.

According to President Tinubu, this significant achievement is due to a robust performance in the non-oil sector, which has been a key focus of his administration's economic reforms. "Today I'm standing before you, I can brag that Nigeria is not borrowing a dime from local banks," he said, emphasizing the newfound financial stability.

The President also highlighted the stabilization of the Naira, noting that it has appreciated significantly against the US dollar. He stated that the economy is now more predictable and that individuals no longer need to rely on connections to obtain foreign exchange.

This positive development, fueled by non-oil revenues, gives the government the financial independence to pursue its goals without incurring further debt. Tinubu expressed confidence that this fiscal strength will also provide a buffer against potential external economic pressures from other countries. This marks a major shift from previous years when the government heavily relied on borrowing to fund its budget, a practice that has contributed to Nigeria's public debt. The 2025 budget, with a revenue target of ₦18.32 trillion, is now well-positioned to be funded without further domestic borrowing, which is a major victory for the country's economic strategy.