President Bola Ahmed Tinubu on Tuesday hosted founding members of the defunct Congress for Progressive Change (CPC) and the Buhari Support Organization (BSO) at the Presidential Villa, Abuja, where he announced that his administration has surpassed its 2025 revenue target and halted local borrowing.
Addressing the delegation, the President said Nigeria met its annual revenue target in August, months before the close of the fiscal year, driven largely by non-oil tax revenues which stood at over ₦13 trillion in the first seven months of the year. He described the achievement as proof of his government’s reform-driven fiscal discipline.
“We are no longer borrowing locally. Our economy is stabilizing, and revenue is growing in ways that ensure we can manage our finances prudently,” Tinubu stated.
He also pointed to the steady appreciation of the naira, which has strengthened from about ₦1,900 to the dollar earlier this year to around ₦1,450, saying the improvement reflects growing confidence and easier access to foreign exchange for businesses.
Beyond fiscal gains, Tinubu unveiled a new nationwide mechanization programme designed to boost food production, enhance productivity, and drive down poverty. “If we remove hunger from poverty, we have defeated poverty,” the President said.
The meeting was also politically symbolic as CPC and BSO leaders reaffirmed their loyalty to Tinubu and pledged to mobilize support for his administration ahead of the 2027 general elections. Their presence signaled continuity of the Buhari political bloc within the ruling All Progressives Congress (APC) under Tinubu’s leadership the group added.
However, observers caution that while halting domestic borrowing is a milestone, Nigeria still faces the weight of foreign loans. Unlike local debts, external borrowings are serviced mainly in U.S. dollars, which drains the nation’s foreign reserves and limits the government’s ability to stabilize the naira in the long run. Analysts argue that this remains a pressing challenge despite the short-term revenue successes.
With CPC and BSO members throwing their weight behind him, Tinubu now carries both the political and economic task of sustaining reforms while confronting Nigeria’s external debt burden, poverty and rising insecurity.