A prominent support group has hailed the latest economic milestones under President Bola Tinubu, asserting that Nigeria’s foreign exchange reserves reaching a 17-year high has proven economic cynics wrong.
Reacting to the latest financial data, the Tinubu Media Support Group (TMSG) issued a statement highlighting that the country’s external reserves have breached the $50bn (£39.5bn) mark for the second time during the current administration, currently sitting at $50.12bn.
The group attributes this upward trajectory directly to ongoing economic reforms, specifically pointing to changes in the foreign exchange market and the stabilization of crude oil production at 1.8 million barrels per day as key drivers of the rebound.
In the joint statement signed by TMSG Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group used the milestone to fire back at political opposition figures who had heavily criticized the administration during earlier, temporary economic fluctuations.
“We recall that when the foreign reserves recorded a slight dip in April… former Vice President Atiku Abubakar claimed that it was a result of poor economic decisions,” the group stated. “Now the external reserves have not only bounced back, but they are at their highest in 17 years.”
Reflecting on the recent fiscal timeline, the TMSG noted that Central Bank of Nigeria (CBN) data shows a steady rise from $37.21bn in June 2025. According to their assessment, despite a brief dip to $48.98bn in late May 2026, a consecutive daily rebound in recent weeks successfully culminated in $50.11bn by June 5.
The group further emphasized that the current figure is now just short of the historic $50.58bn record set in January 2009.
Looking ahead, the TMSG expressed strong confidence that the Central Bank’s target of reaching $51bn is “attainable.” They argue that stronger diaspora remittances, lower demand for fuel importation, and increased foreign capital inflows will continue to vindicate the government’s approach.
President Tinubu launched a series of bold but controversial economic reforms after taking office in 2025, including the devaluation of the Naira and the reduction of fuel subsidies. While these policies have sparked widespread inflation and a cost-of-living crisis for ordinary citizens, the government has consistently maintained that they are necessary for long-term fiscal health.
In light of the new data, the support group urged the public to “keep faith” with the administration, promising that these positive macroeconomic indicators would soon translate into better economic fortunes for average Nigerians.
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