By Gabriel Ameh
The Tinubu Media Support Group (TMSG) has commended the administration of President Bola Ahmed Tinubu following the latest increase in Nigeria’s foreign exchange reserves, describing it as evidence that ongoing economic reforms are yielding positive results.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the latest reserves figure demonstrates the resilience of the Nigerian economy and the effectiveness of government policies aimed at stabilising the foreign exchange market.
According to the group, Nigeria’s external reserves recently rose to $50.12 billion, marking the second time under the Tinubu administration that reserves have crossed the $50 billion threshold and placing the country close to the $50.58 billion record achieved in January 2009.
TMSG noted that the growth in reserves has been driven by key economic reforms, improved crude oil production, increased diaspora remittances, reduced fuel import demand, and sustained efforts by monetary authorities to attract foreign investments and strengthen external liquidity.
The group recalled that despite a temporary decline in reserves earlier in the year, the figures have rebounded steadily, reflecting growing investor confidence and improved macroeconomic management.
It further highlighted the consistent rise in reserves from June 2025 through the first half of 2026, describing the trend as a sign of economic recovery and stability.
TMSG expressed confidence that the Central Bank of Nigeria’s projection of growing the reserves to $51 billion remains achievable, particularly with crude oil production stabilising at about 1.8 million barrels per day.
The group urged Nigerians to remain patient and continue supporting the administration, expressing optimism that the positive economic indicators would eventually translate into improved living conditions for citizens.
