Nigeria’s Foreign Reserves Rise to $40.16 Billion as Tinubu’s Economic Reforms Deliver Results – Presidency
Story: written by okafor joseph August 12,2025
Nigeria’s foreign exchange reserves have surged to $40.159 billion, marking a significant increase from $37.195 billion recorded on July 1, 2025. The Presidency attributes the growth to the ongoing economic reforms implemented by President Bola Ahmed Tinubu’s administration.
Presidential spokesman Bayo Onanuga, in a post on X (formerly Twitter) on Monday, cited fresh data from the Central Bank of Nigeria (CBN) showing the upward movement in reserves. He noted that when President Tinubu assumed office on May 29, 2023, the reserves stood at $32 billion, much of it encumbered.
“Surely, the management of the economy is in good hands, as positive indicators abound in other sectors,” Onanuga said.
Otega Ogra, Senior Special Assistant to the President on Digital Strategy, Engagement, and Communications, also weighed in, stressing that economic reform is never painless but necessary. He criticised calls from political opponents to slow down reforms, warning that delaying tough measures could lead to economic collapse, citing Bulgaria’s failed economic strategy in the 1990s as a cautionary tale.
Ogra highlighted that from his first day in office, President Tinubu:
- Removed the petrol subsidy, saving over ₦4 trillion annually.
- Allowed the naira to find its market value.
- Restored fiscal discipline.
- Cleared over $7 billion in foreign exchange backlogs.
These reforms, he said, have helped remove Nigeria from IATA’s blacklist, attracted $5.6 billion in inflows in late 2024—more than in the previous two years combined—and boosted non-oil tax revenue by over 20%.
He urged the government to maintain momentum by keeping subsidy savings transparent, allowing a market-driven currency, and sustaining tight monetary policies until inflation falls to a stable range.
“The choice is simple: pain now with a recovery we can see, or comfort now with a collapse we cannot control. Bulgaria 1990 is the warning; Nigeria 2023 is the opportunity,” Ogra concluded.
