TMSG Responds to Atiku’s Remarks on Nigeria’s Foreign Reserves

The Tinubu Media Support Group (TMSG) has reacted to recent comments credited to former Vice President Atiku Abubakar concerning Nigeria’s foreign reserves, describing the concerns raised as misplaced and not reflective of the broader economic realities.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group maintained that there is no cause for alarm over the recent marginal decline in the nation’s foreign reserves, noting that the overall performance of the reserves under the administration of President Bola Tinubu remains positive.

According to the group, Nigeria’s gross foreign reserves grew from below $34 billion at the end of 2023 to about $50.45 billion in February 2026, representing one of the strongest reserve positions recorded in recent years.

The statement further noted that the country’s net foreign reserves, which stood at approximately $3.99 billion in May 2023, also witnessed substantial growth over time, reaching $23.11 billion by the end of 2024 and later rising further.

TMSG acknowledged that recent data from the Central Bank of Nigeria (CBN) indicated a slight decline in reserves in early April 2026 but stressed that such fluctuations are not unusual in the management of an economy.

The group added that financial analysts have linked the temporary dip to foreign exchange interventions by the CBN and the settlement of external obligations, both of which are legitimate uses of external reserves.

It also referenced comments by CBN Governor Olayemi Cardoso, who reportedly described the movement as a normal development within the context of reserve management and exchange rate stability.

On the issue of potential oil windfalls arising from developments in the Middle East, the group advised against drawing premature conclusions, explaining that foreign reserves are not simply a holding account for oil proceeds but are actively managed to support economic stability and meet national obligations.

TMSG urged Nigerians to remain confident in the country’s economic management framework and to view temporary movements in the reserves within the context of broader economic reforms and ongoing fiscal adjustments.