Group Hails Tinubu as Nigeria’s Foreign Reserves Hit $50bn Again

The Tinubu Media Support Group (TMSG) has commended President Bola Tinubu over the steady improvement in Nigeria’s external reserves, which have once again crossed the $50 billion mark, describing the development as evidence that ongoing economic reforms are yielding positive results.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the latest figures released by the Central Bank of Nigeria (CBN) show that the country’s external position is strengthening despite earlier criticisms of government policies.

TMSG said the upward movement of the reserves reflects the effectiveness of reforms in the foreign exchange market, improved crude oil production, stronger diaspora remittances, and reduced demand for foreign exchange for fuel importation.

It added that policy efforts aimed at attracting foreign capital inflows have also contributed to improved external liquidity.

According to the group, Nigeria’s reserves, which recently climbed back above the $50 billion threshold at $50.12 billion, represent one of the strongest positions in nearly two decades.

The statement argued that the latest performance further validates the administration’s economic direction, noting that previous temporary declines in reserves had been misinterpreted by critics.

It recalled that after the reserves briefly dipped in April following an earlier peak above $50 billion, some political figures had attributed the movement to policy missteps, a claim the group dismissed as selective interpretation of data.

TMSG said the reserves have maintained a steady recovery path, growing from $37.21 billion in June 2025 to $45.50 billion by December, before rising further in early 2026 and crossing the $50 billion mark again.

The group also highlighted daily improvements in recent weeks, citing figures showing consistent growth from $48.98 billion on May 22 to over $50.11 billion in early June.

It expressed confidence in projections by the Central Bank of Nigeria that reserves could reach $51 billion if current trends continue, especially with crude oil production stabilising at about 1.8 million barrels per day.

TMSG urged Nigerians to remain patient with the administration’s reforms, insisting that the improving macroeconomic indicators would gradually translate into broader economic relief for citizens.

It maintained that the current trajectory demonstrates progress in stabilising the economy and restoring investor confidence.