Revenue Target Controversy: APC, Opposition Clash Over Tinubu’s Claim

President Bola Tinubu’s declaration that Nigeria achieved its 2025 revenue target as early as August has sparked a fierce war of words between the ruling All Progressives Congress (APC), opposition parties, and economic experts.

Tinubu, speaking at the Presidential Villa on Tuesday while hosting former members of the defunct Congress for Progressive Change and The Buhari Organisation, announced that the country had hit its annual revenue projection, attributing the milestone to strong performance in the non-oil sector. He disclosed that revenues between January and August 2025 stood at N20.59 trillion, representing a 40.5 per cent increase from the N14.6 trillion recorded during the same period in 2024. He further claimed that the Federal Government had stopped borrowing locally, crediting his reforms, including subsidy removal, for stabilising the economy.

APC leaders quickly hailed the announcement. The party’s Deputy National Organising Secretary, Nze Chidi Duru, argued that meeting the target ahead of schedule proved the 2025 budget could be fully implemented without heavy borrowing. He described the achievement as a development that would ease fiscal pressure and enable greater investment in infrastructure. Similarly, presidential aides Bayo Onanuga and Daniel Bwala defended the President’s claim, urging critics to provide contrary evidence rather than “blind attacks.”

However, opposition parties sharply disagreed. The African Democratic Congress (ADC), Labour Party, New Nigeria Peoples Party (NNPP), and the Coalition of United Political Parties (CUPP) accused the government of celebrating figures that have no tangible impact on citizens facing soaring inflation, high food prices, and a weakening naira. ADC spokesperson Bolaji Abdullahi called the declaration “absurd,” arguing that revenue gains mean little when Nigerians remain trapped below the poverty line. NNPP’s Ladipo Johnson described Tinubu’s approach as “tax-and-spend governance,” insisting that citizens measure success by welfare, not numbers. CUPP’s Peter Ameh alleged that the government was disconnected from reality, while the Labour Party dismissed the claim outright as “lies.”

Economists also expressed scepticism. Renowned scholars including Professors Akpan Ekpo and Segun Ajibola questioned the accuracy of Tinubu’s assertion, pointing to ongoing domestic and external borrowings by the Debt Management Office and the Central Bank of Nigeria. Some analysts suggested the President may have referred to limiting the projected N13 trillion fiscal deficit, rather than eliminating borrowing altogether. Others, like Professor Richard Mayungbe, viewed the revenue growth as evidence of successful diversification beyond crude oil, but stressed that hardship persists for ordinary citizens.

Mid-year reviews by investment firms, including Cardinal Stone, further projected that the Federal Government would still require significant borrowing about N10 trillion domestically and nearly N5 trillion externally to finance the 2025 deficit.

While Tinubu insists his Renewed Hope Agenda is steering the economy towards stability and growth, critics argue that the benefits are yet to trickle down. For now, the debate over whether revenue milestones translate into real relief for Nigerians remains unresolved.