Pat Stevens/
President Bola Tinubu has said Nigeria will withstand the impact of United States President Donald Trump’s sweeping trade tariffs, insisting that his administration’s reforms and revenue growth have strengthened the economy against external shocks.
Tinubu made the remarks yesterday at the Presidential Villa in Abuja while receiving members of The Buhari Organisation led by former Nasarawa State Governor, Senator Tanko Al-Makura.
“If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side,” the president said.
He explained that Nigeria had already met its annual revenue target by August and was no longer borrowing from local banks to fund government activities.
“The economy is stabilised, nobody is trading piece of paper for exchange rate anymore. We are going up. Today I’m standing before you, I can brag that Nigeria is not borrowing a dime from local banks,” he added.
Trump’s second term has been marked by aggressive trade measures, including a 10 per cent general tariff on most imports and additional levies on specific countries.
Nigeria’s exports have faced a 15 per cent tariff since August 7, though oil and gas remain exempt.
Tinubu also pointed to agriculture as a buffer against economic pressure, disclosing that his government had launched a nationwide mechanisation programme to boost food production.
“I’ve just signed up on a huge mechanisation programme that in every region, we have a mechanised centre for agric-mechanisation. That is our path to food sovereignty, food security. You remove hunger from poverty, you have defeated poverty,” he said.
Despite Nigeria’s rising debt profile, with public debt standing at ₦149.39 trillion as of March 31, 2025, Tinubu maintained that reforms are taking hold and that the economy is on a stronger footing.
“We have no fear,” he said.
0
