President Bola Tinubu has declared that Nigeria is not concerned about former United States President Donald Trump’s aggressive tariff measures, pointing to the country’s strong revenue performance as a buffer against any potential economic fallout.
Speaking at the Presidential Villa in Abuja, Tinubu said Nigeria had achieved its entire annual revenue target by August—months ahead of schedule—and did so without relying on oil revenue or borrowing from local banks.
“Today, I’m standing before you. I can brag that Nigeria is not borrowing a dime from a local bank,” the president said. “We have met our revenue target for the whole year; we met it in August, non-oil. If the non-oil revenue is doing well, then we have no fear of whatever Trump is doing.”
The comment came in response to concerns over Trump-era trade policies that have seen the U.S. impose a 15 per cent tariff on Nigerian goods. While the tariffs have rattled global trade flows, Tinubu insisted that Nigeria’s economic progress—especially in non-oil sectors—has insulated it from such external shocks.
His remarks reflect a broader narrative of confidence in the country’s fiscal independence, as he credited his administration’s reforms for boosting revenue without increasing debt.
Despite the president’s claims, a recent rebased GDP report from the National Bureau of Statistics offered a more sobering assessment. The report showed that Nigeria’s economy contracted sharply in 2024, primarily due to the naira’s steep depreciation. It noted that while figures might appear strong in naira terms, the real picture—when measured in U.S. dollars—was far less optimistic.
In a separate matter, Foreign Affairs Minister Yusuf Tuggar disclosed that the United States had pressured Nigeria and other African nations to accept Venezuelan prisoners—an offer Nigeria declined. Though speculation has linked this to the U.S. government’s decision to reduce visa validity for Nigerians, Washington has denied any such connection.
