Nigeria’s external reserves have crossed the $50 billion mark for the second time under President Bola Tinubu’s administration, reaching $50.12billion, the highest level in 17 years, a pro-government group said on Sunday.
The Tinubu Media Support Group (TMSG), in a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, described the figure as evidence of the effectiveness of the administration’s economic reforms.
The group said the latest figure falls roughly $350 million short of the $50.58 billion recorded in January 2009 but noted the rapid pace at which reserves have climbed in recent months as an encouraging trend.
Data cited by the group shows reserves have grown sharply from $37.21 billion in June 2025, rising through $39.36 billion in July. $41.31 billion in August, $42.35 billion September, and $45.50 billion in December 2025.
The upward trajectory continued into 2026, with reserves reaching $46.69 billion in January, and $49.69 billion in February before crossing $50 billion in March.
It said a brief pullback in April when reserves dipped to around $48 billion drew criticism from opposition figures, including former Vice President Atiku Abubakar.
The TMSG dismissed that criticism, noting that reserves have since rebounded steadily. The Central Bank of Nigeria (CBN) data showed the figure climbing from $48.98 billion on May 22 to $50.11 billion by June 5.
The group attributed the reserves growth to a combination of factors, including foreign exchange market reforms, improved crude oil production, stronger diaspora remittances, reduced fuel import demand, and monetary policy measures aimed at attracting foreign capital inflows.
Nigeria’s daily crude production has stabilised at approximately 1.8 million barrels per day in recent months, the group said, expressing confidence that the CBN’s target of $51 billion in reserves is within reach.
The TMSG urged Nigerians to remain patient with the administration, saying the improving macroeconomic indicators would eventually translate into better living conditions for ordinary citizens.
