Nigeria’s new foreign reserves rising from $3.99bn in 2023 to a huge $34.8bn in 2026, confirms Tinubu’s effective reforms – TMSG

The Tinubu Media Support Group (TMSG) has welcomed the quantum leap in Nigeria’s net foreign reserves from a paltry $3.99 billion in 2023 to a whopping $34.8 billion in 2026, describing it as a major confirmation of President Bola Tinubu’s effective reforms.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group maintained that it is a vivid validation of ongoing economic reforms embarked on by the administration since assuming office in May 2023.

The statement read in part, “We are aware that on assuming office in May 2023, President Bola Tinubu set in motion, a slew of economic policies targeted at reforming the national economy.

”Though the immediate effect of the reforms appeared painful, it is now obvious that those decisions were effective and well-thought-out. And what is more? The pains are not in vain.

“So with the foreign reserves up to record level in about 34 months, we align with the governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso’s remark that the quantum leap in foreign reserves represents ‘a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years’.

“We note that the improvement reflects stronger foreign exchange inflows, better reserves management and a renewed ability to meet external obligations ⁠and a steady exchange rate which many Nigerians have rightly attributed to the Bola Tinubu reforms.

“For the avoidance of doubt, net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion by end-2025, a more than 50 per cent increase in just one year.

“It is important to add that gross reserves also expanded within the same period, rising from $40.19 billion in 2024 to $45.71 billion at the end of 2025, a rise of $5.52 billion but have now climbed to $50.45 billion as of February 16, 2026. This means a growth of about 8.56 per cent within a few weeks.

“What this means is that the country now has strong economic buffers especially for a fast-growing commodity exporter like Nigeria, where oil accounts for the bulk of its foreign exchange earnings.

“It is a fact that foreign reserves are typically held in major currencies such as the US dollar and are used to finance imports, service foreign debts and cushion the domestic currency during periods of external stress.

“We are aware that reserve adequacy is closely watched by investors and ratings agencies and with the country’s gross and net reserves showing positive and significant improvement, it is no surprise that the international community is seeing the Nigerian economy in a good light.”

The group added that the increase in foreign reserves is yet another indication that the Tinubu administration has virtually turned the corner, turning the Nigerian economy around for good.

While congratulating Nigerians for the feat, the group urged them to continue to show faith in the sincerity and capability of the government to take the right decisions capable of creating the greatest good for the greatest number of the populace.