News Investigators/ The Tinubu Media Support Group (TMSG) has described the growth in Nigeria’s foreign reserves from $39.4bn in July to $41bn within two weeks of August as a reflection of the hard work the President Bola Tinubu administration is putting into growing the economy.
This, it said, was why the country’s reserves grew by about $81 million per day in August.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group attributed the upward trajectory to improved foreign exchange inflows due to improved capital inflow arising from a stabilised economy.
It said: “We acknowledge that the unprecedented growth in gross foreign reserves in the first few weeks of August came as a shock to many Nigerians, not necessarily because the Bola Tinubu administration was not doing what was necessary but because the growth percentage exceeded expectations.
”A look at the recently released data by the Central Bank showed that the upward trajectory began quite early in the month when the reserves crossed the $40 billion mark on August 7 after it closed at $39.4 billion in July.
”It subsequently inched up to $40.5 billion within that week, hitting $41 billion, the highest level in nearly three years.
”We attribute it to the work the CBN and, by extension, the Tinubu administration have been doing to stabilise the naira as a result of improved foreign exchange inflows.
”It also reflects the success of sound policies which the administration had executed since assumption of office amid partisan pushback by opposition elements leveraging the attendant cost of living crisis to score political points.”
TMSG added that the record high foreign reserves are yet another proof that the economy is moving to a stronger level after the Tinubu administration had stabilised it.
”We are convinced that the continuous growth of the country’s foreign reserves will translate to increased benefits for the citizenry as the economy continues to respond in positive numbers.
”For the avoidance of doubt, the administration inherited a reserve that was slightly above $33 billion, even though the Net Foreign Exchange Reserve (NFEX) was $3.99 billion as at 2023, but it has since grown exponentially to the current level on the back of a foreign exchange reform.
”What this means in simple terms is that the country is in a stronger position to continue to attract Foreign Direct Investments (FDIs) across all sectors as well as create a better macroeconomic environment that will reflect in the lives of the average Nigerian,” it added.
TMSG also addressed claims of a recycled figure for the country’s foreign reserves.
”And for those who raised issues on the foreign reserves being $40 billion in 2024 and also in January 2025, they need to understand that the reserves fluctuated between $37 billion and $39 billion between January and June this year.
”We also know that the reserves actually dipped to $37.28 billion in early July before the recent rebound because of debt service obligations, foreign exchange market interventions and oil price swings.
”For instance, reserves dipped to $37.28 billion in early July before the recent rebound that peaked in mid-August,” the group said.
Nigeria’s Foreign Reserves, Highest In Four Years, A Grand Triumph Of Tinubunomics, Says TMS
