ABUJA, Nigeria — A prominent pro-government group has told former Vice-President Atiku Abubakar to stop attacking the government’s economic record, describing his recent comments on Nigeria’s foreign reserves as “poorly thought out.”
The Tinubu Media Support Group (TMSG) issued a stinging rebuke to the former Vice-President on Sunday, accusing his team of manufacturing “hollow” political attacks to meet a weekly quota of criticism against President Bola Tinubu’s administration.
In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group insisted that a recent dip in the country’s external buffers was a routine part of debt settlement rather than a sign of economic mismanagement.
Record Growth Defended
The TMSG hit back at what it called the “perennial naysaying” of the Atiku camp, highlighting the significant growth of the reserves since President Tinubu took office in 2023.
According to the group:
- Historical Peak: Gross foreign reserves rose from under $34bn at the end of 2023 to $50.45bn by mid-February 2026—the highest level seen since 2009.
- Net Reserve Surge: Net reserves, which were at $3.99bn in May 2023, reportedly grew to over $34bn by the end of 2024.
“A government that grew external reserves by over $15bn in less than three years, while still meeting all other obligations, is not one to be heckled over a temporary fluctuation,” the statement read.
Explaining the ‘Dip’
The group acknowledged a recent drop of $731m in the first week of April 2026, as per Central Bank of Nigeria (CBN) data. However, it echoed the stance of CBN Governor Olayemi Cardoso, who recently downplayed the movement as a standard operational shift.
Analysts suggest the downward trend is the result of the CBN’s interventions to stabilise the exchange rate and the settlement of Nigeria’s international debt obligations. The TMSG argued that these are exactly what the reserves are intended for, describing the administration’s actions as a “delicate balancing act.”
The ‘Oil Windfall’ Debate
The support group also dismissed claims from the Atiku camp regarding a potential oil windfall from the ongoing Middle East crisis. They argued that the foreign reserves should not be viewed as a “savings account” for oil receipts, but as a functional tool for national liquidity.
The TMSG urged Nigerians to ignore suggestions that the administration was “frittering away” the country’s wealth, insisting that the economic buffers remain strong despite the regional volatility.
Add Comment