A fresh debate has emerged over President Bola Tinubu’s claim of achieving Nigeria’s annual revenue target by August, as former presidential candidate Peter Obi insisted that the figures will be meaningless unless they translate into real improvements in the lives of ordinary Nigerians.
Obi, in a statement on Wednesday, congratulated Tinubu for what the Presidency described as a “record fiscal performance,” but stressed that economic stability cannot be judged by numbers alone.
“If indeed the economy stabilises as you declared, then Nigerians must feel it in their daily lives. Borrowings must stop now. Huge contractors’ bills, which are still owed, should be paid, and critical underfunded projects must now be funded,” Obi said.
He called for excess revenue to be “deliberately channelled into health, education, and poverty reduction,” warning that anything less would mean revenue growth has not translated into national progress.
“True economic stability is not in figures announced at press conferences, but in classrooms where children learn and in hospitals where citizens can receive quality care. For the next four months, every naira of excess revenue should go into critical areas, with transparency and measurable outcomes,” he added.
Obi signed off with his campaign mantra: “A new Nigeria is possible.”
Presidency hails ‘historic shift’ from oil dependence
But the Presidency countered Obi’s position, insisting that the improved revenue performance reflects systemic reforms that will lay the foundation for sustainable development.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the government revealed that total revenues for January -August 2025 hit ₦20.59 trillion, a 40.5% increase from ₦14.6 trillion during the same period in 2024.
“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. Three out of every four naira collected came from non-oil sources,” Onanuga stated.
According to the report, non-oil revenues accounted for ₦15.69 trillion, driven by digitised tax administration, customs automation, and tighter enforcement. The government also highlighted that FAAC allocations to states and local governments crossed ₦2 trillion in July, giving subnational governments more fiscal space to fund food security, infrastructure, and social services.
President Tinubu, speaking while hosting a delegation of the Buhari Organisation, noted that Nigeria is no longer borrowing from local banks and emphasised the administration’s commitment to directing resources closer to the people.
Both Obi and the Presidency acknowledged that revenue growth alone is not enough. The government admitted that despite the progress, spending ambitions in health, education, and infrastructure remain unmet, while Obi insists that these sectors must now be prioritised transparently.
The sharp exchange reflects a growing demand for accountability as Nigerians await visible impacts of what the government calls the “strongest fiscal performance in recent history.”
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