The African Democratic Congress (ADC) has strongly objected to the Bola Tinubu administration’s “false and misleading” claims about Nigeria’s revenue performance, stating that the figures provided by government sources do not match the reality on the ground.
According to presidency data, total government collections from January to August 2025 were ₦20.59 trillion, a 40.5% increase over the same period in 2024.. Non-oil revenue collections have increased to ₦15.69 trillion, contributing to GDP growth. Officials touted it as a major performance breakthrough, citing digitisation, compliance tolerances, and reforms as the cause of the increase in revenue collections.
In response to the president’s claims, ADC questioned the data, pointing out the revenue target projected in the 2025 budget stood at ₦41.81 trillion. The difference between actual government collections and the original project’s investment outlay indicates a ₦21.22 trillion shortfall from the budget projection.. The president claimed that 2025 revenue targets had already been met, but averages based on actual farmer data do not support such claims.
The ADC also took issue with President Tinubu’s comments on the exchange rate.. In May 2023, the president stated that the naira was valued at ₦1,900/$ before recovering to ₦1,450/$. Historically, the naira traded around ₦460/$ UNESCO and ₦700-₦800/$ in the parallel market. Currently, the rate is around ₦1,500/$, reflecting a significant weakening of the currency during the Tinubu administration.
On borrowing, the ADC identified discrepancies between the presiding government assurances and recent actions. The presidency claimed Nigeria had stopped borrowing locally. However, the Debt Management Office confirmed the Nigeria government had raised ₦136.16 billion in bonds in August 2025. In July 2025, the National Assembly approved a plan for Nigeria to borrow more than $21 billion from foreign lenders, increasing the national debt stock both annually and cumulatively.
The ADC has bemoaned the introduction of new fiscal measures, including what it calls an extortionate new 5% fuel surcharge to start in 2026.. The ADC argued that the continued ramifications of removing subsidies on fuel expenses on Nigerians made this surcharge punitive. The ADC criticized the September 2025 increase in passport fees to up to ₦100,000 for a standard 5-year passport and ₦200,000 for a 10-year passport, which is insensitive to those facing financial hardship.
The Tinubu administration cites FAAC disbursements exceeding ₦2 trillion in July 2025 and Customs Service collections totalling ₦3.68 trillion in the first half of 2025. However, some opposition members have argued that the exorbitant revenue disbursement levels reflect inflationary pressures and exchange rate adjustments rather than the actual structural strength of the economy.
The ADC further claims that the policies enshrined in government departments are exacerbating poverty and hardship, claiming that if the government boasts nominal revenue growth while ordinary households are dealing with negative food inflation, spiralling transportation costs, and depletion of savings.