President Bola Tinubu says Nigeria’s non-oil revenue is
performing so well that the country met its revenue target for the year in
August — months ahead of schedule.
Tinubu spoke on Monday when he received members of The
Buhari Organisation (TBO), led by Tanko Almakura, former Nasarawa governor.
He said his administration had stabilised the economy,
noting that global disruptions — including moves by United States (US)
President Donald Trump — pose no threat to Nigeria’s fiscal progress.
“We have met our revenue target for the year, and we met it
in August. If non-oil revenue is going well then we have no fear of whatever
Trump is doing on the other side,” he said.
Trump has been pressuring the Organisation of Petroleum
Exporting Countries (OPEC) to increase global crude production in order to
reduce oil prices.
On July 6, the petroleum-exporting countries and their
allies (OPEC+) decided to increase production by 548,000 barrels per day in
August.
Also, on April 2, Trump imposed sweeping global tariffs
(including 14 percent on Nigeria) on all imports into the US.
He defended the decision, saying it was crucial to restoring
America’s position as the world’s sole superpower.
According to 2023 data published by the Observatory of
Economic Complexity (OEC), Nigeria exported $6.29 billion worth of goods to the
US in the period under review.
The main exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and
nitrogenous fertilisers ($167 million).
Compounding the policies, Trump also signed an executive
order suspending the duty-free de minimis treatment for all countries under the
International Emergency Economic Powers Act (IEEPA).
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