By Iyiola Olalere
The Tinubu Media Support Group (TMSG) has maintained that the Tinubu administration has continued to prove bookmakers and cynics wrong, citing the latest figure of Nigeria’s foreign reserves as the latest indicator.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group noted that the upward trajectory of the reserves reflects the efficacy of the Tinubu reforms.
The statement read in part: “We recall that when the foreign reserves recorded a slight dip in April after initially hitting the $50bn mark, former Vice President Atiku Abubakar, who was silent during the upward movement, claimed that it was a result of poor economic decisions.
“Now the external reserves have not only bounced back, but they are at their highest in 17 years, even more than where they were when they dipped to about $48bn.
“It is the second time on President Tinubu’s watch that the reserves would go beyond $50bn, with the latest figure standing at $50.12bn. This is about $350m short of the $50.58bn mark set in January 2009, but seeing the manner in which the federal government grew the reserves in the last two years, we dare say it won’t be long before the Central Bank of Nigeria (CBN) announces a further increase.
“We are not surprised that the external reserves have once again breached the $50bn mark, and that is because of the manner in which the government has managed the economy.
“Indeed, the increase in reserves comes amid ongoing reforms in the foreign exchange market, improved oil production levels, stronger diaspora remittances, lower fuel importation demands, and efforts by monetary authorities to attract foreign capital inflows and boost external liquidity.
“All these have led to an over 300% from $37.21bn in June 2025, when the reserves began to rise steadily, hitting $39.36bn in July before increasing to $41.31bn in August and $42.35bn in September.
“We are aware that as of December 2025, external reserves grew to $45.50bn, climbed to $46.69bn by January 2026, and $49.69bn in February before crossing the $50bn mark in March and later recorded a momentary dip in April, which some opposition elements latched on to lampoon President Tinubu.
“The latest data released by the apex bank however showed that the reserves rebounded in recent weeks from $48.98bn on May 22 to $49.26 bn on May 25, $49.34 bn on May 26, $49.58 bn on May 29, $49.80 bn on June 1, $49.88 bn on June 2, $49.96 bn on June 3, $50.04 bn on June 4 and $50.11 bn on June 5.
“We are convinced that the CBN’s projection of growing the reserves to $51bn is attainable because oil earnings and daily crude production have stabilised at 1.8 million barrels per day in recent months.
The group urged Nigerians to continue to keep faith with the Tinubu-led administration, maintaining that it won’t be long before the positive economic indices begin to reflect in the good fortunes of the average Nigerian.