By Muhammad Mamman
President Bola Tinubu has declared that Nigeria’s economy remains resilient despite Donald Trump’s sweeping tariff measures, insisting that the country has already surpassed its annual revenue targets.
Speaking at the Presidential Villa in Abuja on Tuesday, Mr Tinubu said Nigeria had no cause for alarm over Washington’s protectionist policies, stressing that the non-oil sector had performed strongly enough to shield the economy from external shocks.
“Today, I stand before you proudly to say Nigeria is not borrowing a single kobo from local banks,” the president stated. “We achieved our annual revenue target as far back as August — driven solely by non-oil income. If non-oil revenue is this strong, we need not fear whatever actions Trump takes.”
The United States earlier this year imposed a 15 per cent tariff on all Nigerian exports, a move that rattled global supply chains. Yet Mr Tinubu maintained that Nigeria’s fiscal performance had neutralised any potential fallout.
However, data from the National Bureau of Statistics tells a more sobering story. A rebased GDP report released last month revealed a steep contraction in 2024, largely driven by the naira’s sharp depreciation. While government figures paint a picture of growth, the economy appears far weaker when measured in U.S. dollar terms.
Meanwhile, Foreign Affairs Minister Yusuf Tuggar disclosed that Washington had pressured Nigeria and several other African states to accept Venezuelan prisoners — an offer Nigeria rejected. He further noted that the U.S. decision to shorten visa validity for Nigerians was unrelated, dismissing speculation of retaliation over Abuja’s refusal.
