Tinubu’s ‘No Borrowing’ Revenue Claim Sparks Debate Amid Economic Realities

President Bola Ahmed Tinubu’s announcement that his administration has met its revenue targets and ceased borrowing from domestic banks has sparked a wave of scrutiny from analysts, who question both the figures and the broader implications of his remarks.

Speaking during a meeting with members of The Buhari Organization (TBO), Tinubu declared that his government had surpassed its annual revenue goal as of August, largely through non-oil earnings. He further stated that the economy was stabilizing, with his administration shifting focus toward job creation and food security rather than debt accumulation.

The Economic Confidential reports that TBO delegation, led by former Nasarawa State governor Senator Umaru Tanko Al-Makura, pledged unwavering support for the president, vowing to mobilize nationwide for his re-election bid in 2027. In response, Tinubu thanked the group and promised to uphold the legacy of former President Muhammadu Buhari.

However, not everyone is convinced. Global affairs analyst Ejike Okpa has challenged the president’s claims, pointing out several areas of concern. According to him, Tinubu’s pronouncement lacked key details, particularly the exact revenue figures and the methodology used to achieve the reported target. This omission, Okpa argues, leaves the declaration open to interpretation and raises questions about transparency.

Okpa also highlighted ambiguity in Tinubu’s statement on borrowing. While the president said there would be “no more borrowing” from domestic banks, the analyst noted that this left room for possible borrowing from external creditors — a strategy that could still add to Nigeria’s debt burden.

Further, Okpa contrasted the current economic climate with Buhari’s era, underscoring the steep depreciation of the naira. He noted that the exchange rate has plummeted from about ₦450 to the dollar during Buhari’s tenure to roughly ₦1,550 under Tinubu — a 344 percent drop. This, he argued, undermines Tinubu’s claim of loyalty to Buhari’s economic legacy.

Ultimately, Okpa suggested that Tinubu’s remarks may be more political than economic, crafted to reassure Nigerians and strengthen his administration’s position ahead of the 2027 general elections. Public perception of these claims, he warned, could play a decisive role in shaping the president’s political fortunes.