FG revenue rises to N15.7trn in May as Presidency pushes back on resignation calls

The Presidency, on Monday, described Peter Obi’s call for President Bola Tinubu’s resignation as “not only misplaced but also reflective of a selective and distorted view of Nigeria’s realities since 2023″, adding that rather than declining, Nigeria’s economy is on an upward trajectory, with over N15.7 trillion realised as revenue as at May this year.

Peter Obi, in his assessment of Nigeria’s economy, painted a gloomy picture of decline and concluded that “We are in the worst possible condition.”

But the Presidency said this view ” ignored verifiable data and global plaudits for President Tinubu’s economic and social policies”

Presidency, while providing details of President Tinubu’s performance since 2023, noted that Tinubu “inherited what another successor of Peter Obi described as ‘a dead horse economy.’

“When he came on board in May 2023, President Tinubu introduced bold, courageous policies that his predecessors had shied away from. Since then, the Nigerian economy has posted positive GDP growth every quarter, surpassing the global average.

“Trade surpluses have been recorded consistently, and foreign reserves have hit new highs—over $50 billion. Oil production has risen from less than one million barrels per day to about 1.8 million, reversing years of decline. Federation revenue is projected to hit over N30 trillion this year, far above the 2022 level of N7.7 trillion.

“By May this year, N15.7 trillion has already been collected, more than twice the entire revenue collected in 2022. State governments now have more resources to pursue development projects in education, infrastructure, health care, housing, and so on.”

Bayo Onanuga, special adviser to the president on information and strategy, stated further that the stock market has soared, with the All-Share Index rising from 50,000 to over 250,000, creating wealth for about 6 million Nigerian investors.

According to him, “The naira-to-dollar exchange rate has been stable. Foreign Direct and Portfolio Investments are at record highs, reflecting renewed investor confidence, especially in the oil and gas sector.”

The presidency further berated Obi’s views in comparing Nigeria’s situation with what is currently happening in the British government, as “also simplistic, as is often the case anytime he opens his mouth.”

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Onanuga lampooned Obi for ignoring the difference between a parliamentary system of government, like it is in the UK, and Nigeria’s presidential system.

“We run a presidential system, with the president elected to a fixed 4-year term. The people of Ekiti State and the Senatorial constituents in Nasarawa, Enugu, Ondo, and Rivers have just delivered a resounding victory for President Tinubu and his party.”

He described the election results as “some early referendum of sorts, showing that President Tinubu and his party are popular with Nigerians.

“This should be more concerning for Peter Obi and his new Special Purpose Vehicle, NDC, as we move towards the January 2027 election. Obi should wait until the presidential election to know what the people think of Tinubu’s government. Moving to use X to harangue the president out of office is off the mark and anti-democratic.”

The presidency also stressed that “Tinubu did not inherit a country in perfect shape, adding that “the security challenges we face today are longstanding and deeply rooted. Yet under President Tinubu’s leadership, Nigeria has made significant, measurable progress.

“Hundreds of people have been rescued from captivity, including high-profile operations in Borno and the Northwest
The presidency also noted that Nigeria’s gallant troops have neutralised terrorist kingpins, sometimes with the help of our foreign allies.

“Over 15,000 terrorists have been taken off the streets and forests, and security operations have intensified nationwide. President Tinubu has not only sustained but also expanded investments in security by deploying advanced technologies and drones and by appointing a special adviser on homeland security to ensure a holistic approach.

“These actions demonstrate commitment, not failure. It is laughable that Obi, who, as governor, was a colossal failure, unable to secure lives and property in his small state of Anambra, as documented by his successor, Willie Obiano, is now the one calling for President Tinubu’s resignation over security breaches in some parts of the country”

While calling Peter Obi’s call for President Tinubu’s resignation “childish and hollow”, it added that “it is not a call to hold the leader accountable. It is merely a political grandstand and an unworthy distraction just hours after President Tinubu’s party recorded resounding victories in the weekend polls.

“Leadership is about determination to confront the challenges facing our country and the economy. President Tinubu focuses on solutions, not rhetoric—investing in reforms, stabilising the economy, improving security, and laying the groundwork for a more prosperous Nigeria. He is not waiting to learn from Bangladesh, Rwanda or Egypt. He has a team of thinkers and doers. And Nigeria, under him, has been an exemplar for other nations to copy.
“True leadership means staying the course, learning, adapting, and delivering results. President Tinubu has shown he is up to the task, and Nigeria is on the path to progress.

“With his puerile tweet on X, we are now convinced that Peter Obi lives in his self-constructed echo chambers, where he reels off lie after lie to himself and believes his self-created reality about the situation in Nigeria. We sympathise with him. That reality he fantasises about is mostly a figment of his imagination.”