President Bola Tinubu says Nigeria’s non-oil earnings are strong enough to withstand global disruptions triggered by United States President Donald Trump.
The US President had introduced some policies, especially taxes, which have generated backlash across the world.
But while receiving members of The Buhari Organisation led by former Nasarawa State governor, Tanko Almakura, at the Presidential Villa, Tinubu said Nigeria has already met its revenue target for 2024 ahead of schedule.
“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.
The president said his administration had stabilised the economy and reduced reliance on oil earnings, stressing that external pressures would not derail the country’s fiscal progress.
Trump has repeatedly urged the Organisation of Petroleum Exporting Countries to raise production in order to drive down oil prices.
In July, OPEC and its allies agreed to increase output by 548,000 barrels per day in August.
In April, Trump also imposed sweeping global tariffs, including a 14 percent levy on imports from Nigeria. He later signed an executive order suspending duty-free treatment for all countries under the International Emergency Economic Powers Act.
According to 2023 data from the Observatory of Economic Complexity, Nigeria exported goods worth $6.29 billion to the United States. Crude petroleum accounted for $4.73 billion, petroleum gas $920 million, and nitrogenous fertilisers $167 million.
