ABUJA, Nigeria — President Bola Tinubu said that Nigeria met its annual revenue target months ahead of schedule, citing strong non-oil earnings that have cushioned the economy against global disruptions, including new U.S. trade restrictions under President Donald Trump.
Tinubu made the remarks while receiving members of The Buhari Organisation (TBO), a political support group led by former Nasarawa governor Tanko Al-Makura, at the Presidential Villa in Abuja.
“We have met our revenue target for the year, and we met it in August,” Tinubu said.
“If non-oil revenue is going well then we have no fear of whatever Trump is doing on the other side.”
The president’s comments come as Nigeria faces new headwinds in international trade.
On Wednesday, April 2, 2025, Trump imposed sweeping tariffs on imports to the United States, including a 14 percent levy on Nigerian goods.
He defended the measure as part of his effort to “restore America’s position as the world’s sole superpower.”
According to data from the Observatory of Economic Complexity, Nigeria exported $6.29 billion worth of goods to the U.S. in 2023, led by crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
In addition, Trump has pressed the Organisation of Petroleum Exporting Countries (OPEC) to ramp up production in a bid to drive down global oil prices.
On Sunday, July 6, 2025, OPEC+ agreed to raise output by 548,000 barrels per day starting in August.
Despite these external pressures, Tinubu said his administration had stabilised the economy and remained confident in Nigeria’s fiscal trajectory.
He pointed to the country’s improving non-oil revenue base as evidence of resilience.
The administration has sought to broaden Nigeria’s revenue streams through tax reforms and economic diversification policies, with a view to reducing reliance on crude oil exports that have historically dominated state earnings.
“We are prepared for whatever comes,” Tinubu said, reiterating that stronger fundamentals in non-oil sectors had positioned Nigeria to withstand shocks from shifting global trade and energy policies.
