Nigeria's New Foreign Reserves Figure Clearly Puts Tinubu Administration Ahead of the Curve – TMSG

Nigeria's New Foreign Reserves Figure Clearly Puts Tinubu Administration Ahead of the Curve – TMSG

The Tinubu Media Support Group (TMSG) has said that the administration of President Bola Ahmed Tinubu continues to defy critics and pessimistic projections, citing Nigeria's latest foreign exchange reserves figure as further evidence of the success of its economic reforms.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group described the steady growth in the country's external reserves as a clear indication that the administration's economic policies are yielding positive results.

The statement read in part:

"We recall that when the foreign reserves recorded a slight dip in April after initially crossing the $50 billion threshold, former Vice President Atiku Abubakar, who had remained silent during the period of sustained growth, attributed the decline to poor economic decisions by the government.

"Today, the reserves have not only recovered but have risen to their highest level in 17 years, surpassing the level recorded before the temporary decline.

"This is the second time under President Tinubu's administration that Nigeria's external reserves have exceeded the $50 billion mark, with the latest figure standing at $50.12 billion. Although this is approximately $350 million below the all-time high of $50.58 billion recorded in January 2009, the pace of growth achieved over the last two years suggests that the Central Bank of Nigeria (CBN) could soon announce a new record level.

"We are not surprised that the reserves have once again crossed the $50 billion threshold. This development reflects the disciplined management of the economy and the positive impact of ongoing reforms.

"The increase in reserves comes amid sustained reforms in the foreign exchange market, improved crude oil production, stronger diaspora remittances, reduced dependence on fuel imports, and deliberate efforts by monetary authorities to attract foreign capital inflows and strengthen external liquidity.

"These measures have collectively driven significant growth in Nigeria's external reserves. From $37.21 billion in June 2025, the reserves rose steadily to $39.36 billion in July, $41.31 billion in August, $42.35 billion in September, and continued their upward trajectory thereafter.

"By December 2025, the reserves had climbed to $45.50 billion, increased further to $46.69 billion in January 2026, and reached $49.69 billion in February before crossing the $50 billion mark in March. Although there was a temporary decline in April, which some opposition figures exploited to criticise the administration, the reserves have since rebounded strongly.

"Latest data released by the apex bank show that reserves rose from $48.98 billion on May 22 to $49.26 billion on May 25, $49.34 billion on May 26, $49.58 billion on May 29, $49.80 billion on June 1, $49.88 billion on June 2, $49.96 billion on June 3, $50.04 billion on June 4, and $50.11 billion on June 5.

"We are confident that the CBN's projection of growing the reserves to $51 billion is achievable, particularly as oil earnings remain robust and daily crude oil production has stabilised at approximately 1.8 million barrels per day in recent months."

The group urged Nigerians to remain supportive of the Tinubu administration, expressing optimism that the positive macroeconomic indicators being recorded will, in the near future, translate into improved living conditions and greater economic opportunities for ordinary citizens.