By Erewunmi Peace

President Bola Ahmed Tinubu has announced that Nigeria has surpassed its 2025 revenue target ahead of schedule, declaring an end to further domestic borrowing for the year.

The President made this known on Wednesday at the Presidential Villa in Abuja while addressing members of The Buhari Organisation. He said the milestone was achieved in August, four months before the end of the fiscal year, attributing the success to stronger non-oil revenue generation and improved tax administration.

“We have met and surpassed our 2025 revenue target ahead of time. That is why Nigeria will no longer borrow a dime from local banks this year,” Tinubu said.

The President highlighted progress in stabilizing the economy, noting that the exchange rate had moved from over ₦1,900 per dollar to about ₦1,450, reflecting increased investor confidence and tighter fiscal discipline.

Economic analysts have welcomed the development as a sign of improved financial management but cautioned that Nigeria’s debt burden remains heavy, especially with new external borrowing plans already approved by the National Assembly to finance key infrastructure and budgetary needs.

In July 2025, the Senate gave approval for over $21 billion in foreign loans, underscoring that while domestic borrowing may have paused, external financing will still play a role in government spending.

The Federal Government’s achievement comes amid widespread concerns about inflation and cost of living. Tinubu assured Nigerians that his administration remains committed to fiscal stability, job creation, and sustainable growth.