Ex-VP Abubakar got it very wrong on Nigeria’s foreign reserves – TMSG
The Tinubu Media Support Group (TMSG) has asked former Vice President Atiku Abubakar’s media goons not to dabble into every issue in their unbridled haste to meet their weekly target of gaining hollow mileage in attacking President Bola Tinubu’s government
This, according to the group, is because their recent, highly flawed commentary on Nigeria’s foreign reserves and the oil windfall from the ongoing Middle East Crisis was inadequate and, at best, poorly thought out.
In a statement by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group argued that contrary to their position, there is indeed no cause for alarm over the slight dip in Nigeria’s foreign reserves even in the face of a potential oil windfall.
The statement reads in part: “In the first place, we are not aware if former Vice President Atiku Abubakar, the perennial naysayer, acknowledged the brilliant manner the President Bola Tinubu administration grew the gross foreign reserves from slightly below $34 billion at the end of 2023 to $50.45bn, its highest level since 2009, in mid-February 2026 which reflected a significant recalibration and strengthening of the country’s external buffers.
“It is also instructive to note that the net foreign reserves stood at $3.99bn at the time President Tinubu assumed office in May 2023 before its massive growth to $23.11 billion at the end of 2024 before hitting $34.80 billion even at a period the former Vice President kept telling his audience that Nigeria was sinking on President Tinubu’s watch.
“We however note that in recent weeks there has been a dip in the reserves as reflected in the latest data released by the Central Bank which indicated a drop of $731 million in the first week of April 2026.
“We are also aware that CBN Governor Olayemi Cardoso has since downplayed the movement as unusual but seeing the former Vice President seeking to make it a political talking point is something we find incongruous and laughable.
“Analysts have however attributed the downward trend to foreign exchange interventions by the CBN and the settlement of external obligations which is exactly what the reserves are meant for. For us, a government that grew external reserves by over $15 billion dollars in less than three years while still meeting all other obligations is not one to be heckled over a temporary fluctuation in reserves.
“For the avoidance of doubt, it is not unusual for the CBN to maintain a delicate balancing act in managing exchange rate stability, liquidity conditions as well as external debt commitments. Therefore, there is really no cause for alarm.
“There is also no reason for Atiku’s camp to make speculative claims about potential oil windfall from the ongoing Middle East crisis vis-à-vis the dip in foreign reserves because it is not a savings account where oil receipts are kept.”
The group urged Nigerians to dismiss lame suggestions without credible evidence that the Tinubu-led federal administration had been frittering away the country’s external reserves.
