By Queen Kunde
Nigeria’s foreign exchange reserves have climbed to their highest level in 17 years, with supporters of President Bola Tinubu describing the development as fresh proof that the administration’s economic reforms are working.
The Tinubu Media Support Group (TMSG) said the latest figure released by the Central Bank of Nigeria (CBN), showing reserves at $50.12 billion, demonstrates that the government’s policies are strengthening the economy despite criticism from opposition figures.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the steady rise in reserves has continued to defy predictions of economic decline.
According to the group, critics were quick to fault the government when reserves briefly fell below $50 billion in April, but have remained silent now that the figure has rebounded to a 17-year high.
“This is the second time under President Tinubu that Nigeria’s reserves have crossed the $50 billion mark,” the statement said. “The latest figure of $50.12 billion is close to the record of $50.58 billion set in January 2009, and we believe it is only a matter of time before that record is surpassed.”
The group attributed the growth in reserves to ongoing reforms in the foreign exchange market, improved crude oil production, increased diaspora remittances, reduced fuel import costs and efforts by monetary authorities to attract foreign investment.
TMSG noted that the reserves have recorded steady growth over the last year, rising from $37.21 billion in June 2025 to over $50 billion this month.
The group also pointed to recent data showing a consistent increase in reserves from $48.98 billion on May 22 to $50.11 billion by June 5.
Expressing confidence in the country’s economic outlook, the group said the CBN’s projection of growing reserves to $51 billion is achievable, especially with oil production stabilising at about 1.8 million barrels per day.
TMSG urged Nigerians to remain patient and continue supporting the Tinubu administration, expressing optimism that the positive economic indicators would soon translate into improved living conditions for ordinary citizens.
The development comes as the government continues to defend its economic reforms, insisting that recent gains in key indicators will lay the foundation for long-term growth and stability.
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