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Nigeria’s FX Reserves Exceed $35 billion, First Time Under President Tinubu’s Administration 

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Nigeria’s external reserves have surged to a new high of $35.05 billion as of July 8, 2024, according to Central Bank of Nigeria’s (CBN) data.

This marks the highest level since May 30, 2023, when the reserves stood at $35.09 billion, just before the introduction of the foreign exchange unification policy in June 2023.

This significant milestone is the first time the reserves have exceeded $35 billion under the current administration of President Bola Tinubu.

The growth is attributed to the Central Bank of Nigeria’s recent foreign exchange policies and financial support from institutions like Afrexim Bank and the World Bank through loans, which have collectively contributed to the boost in reserves.

When Bola Tinubu was sworn in as the 16th president of Nigeria on May 29, 2023, the country’s external reserves were about $35.09 billion.

However, when the CBN announced the FX unification policy, Nigeria’s external reserves had dropped to $34.66 billion.

From July to December 2023, the reserves fluctuated within the $33 billion range.

This year, the reserves experienced three months of noticeable fluctuations,  plunging to a low of $32.11 billion on April 19, 2024.

The central bank Governor had to address the issue of the decline at the last IMF Spring meeting, where he said that the decreasing reserves were primarily due to debt repayments and other standard financial obligations, rather than efforts to defend the naira.

However, since then, a gradual and consistent upward trajectory has been observed, coinciding with a period of exchange rate stability.

Nigeria has been experiencing a surge in exchange rate in the last few weeks ending the month of June above $34 billion for the first time since April. The reserves have continued to swell in July hitting multiple highs that have now culminated in the highest reserve in the last one year.

Since the lowest level of $32.11 billion under Tinubu in April, the external reserves have surged by $2.94 billion in less than three months.

The Monetary Policy Committee (MPC) recently urged the CBN to focus on boosting the external reserves.

To ensure a steady flow of foreign exchange into the country, the CBN plans to double the diaspora remittance inflow this year.

Also, Afrexim Bank earlier announced the disbursement of $925 million- another tranche of the $3.3 billion crude oil-backed loan agreement it entered into with the NNPC last year. The bank disclosed this in a statement on its website stating that the current disbursement brings the total payment for the facility to $3.175 billion. This loan is expected to help stabilize the forex market in light of the severe volatility.

The World Bank also recently approved $2.25 billion in loans to Nigeria to boost the country’s economic stability and support its vulnerable populations. This financial infusion is intended to provide immediate financial and technical support for Nigeria’s urgent economic stabilization efforts.

Amid the increase in reserves and financial commitments to Nigeria, Fitch noted that the lack of clarity over the precise size and composition of Nigeria’s FX reserves remains a significant constraint on the nation’s sovereign credit profile.

BIG STORY

Defection: ‘We’ll Fully Accommodate You,’ APC Welcomes Governor Eno

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The All Progressives Congress (APC) National Working Committee has welcomed the defection of Akwa Ibom State Governor, Umo Eno, fErom the Peoples Democratic Party (PDP), expressing satisfaction with his decision.

The party described Eno’s move as a well-considered choice that would promote further development in Akwa Ibom and benefit its residents.

In a statement issued Friday on X by the party’s National Publicity Secretary, Felix Morka, and titled APC Welcomes Akwa Ibom State Governor, Umo Eno, Into Party, the APC gave the governor assurance of full support and integration.

The statement read, “The National Working Committee of All Progressives Congress (APC) under the leadership of His Dr. Abdullahi Umar Ganduje is delighted at the news of the Governor of Akwa Ibom state, Umo Eno’s decision to join our great Party.

“We are confident that his thoughtful decision will inure to the greater progress of Akwa Ibom state and people.

“Our great party assures the governor of its fullest cooperation and accommodation in the APC family, as we continue to grow the Party and work together towards the full realisation of the Renewed Hope Agenda of President Bola Ahmed Tinubu, for the good and benefit of all Nigerians.”

Eno officially left the PDP and joined the APC on Friday.

He explained that his move to the APC was to enable him to fully back the economic initiatives of President Bola Tinubu.

“We are not joining the APC from a position of weakness, we are joining the APC from a position of strength,” he added.

Eno’s switch came just a few weeks after Delta State Governor, Sheriff Oborevwori, also left the PDP for the APC.

Two weeks earlier, Eno had directed his commissioners and appointees to either follow him into the APC or step down from their roles.

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BIG STORY

Eid al-Adha: Speaker Obasa Calls For Compassion For The Needy, Urges Nigerians To Unite As One

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The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa has emphasised the importance of compassion and charity towards the less fortunate in society.

The Speaker said this in a heartfelt message marking the celebration of Eid al-Adha, which was released to the public ahead of the festival by his Chief Press Secretary, Dave Agboola.

Speaker Obasa highlighted the essence of Eid al-Adha, which commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son as an act of obedience to God. He drew parallels between this spirit of sacrifice and the modern-day necessity of aiding the disadvantaged. “As we celebrate this significant occasion,” he noted, “let us remember those who are less fortunate. Compassion should be at the core of our hearts, motivating us to support the needy among us.”

He called on residents of Lagos State, especially the Muslim ummah, to extend their hands in kindness and participate in charitable acts, whether through donations, food distribution, or other forms of assistance to those facing hardships. “I encourage everyone to open their hearts and contribute to the welfare of others. It is through our collective efforts that we can alleviate suffering and build a more inclusive society,” he stated.

In the sallah message, Obasa stressed the need for individuals to embody the spirit of sacrifice in their daily lives, not only during festive periods but throughout the year. He reminded the public that sharing and caring for others fosters a sense of belonging and creates a more harmonious society.

The Speaker also reflected on the values of unity and community that Eid embodies, encouraging citizens all over the country to come together regardless of their differences. “Eid al-Adha teaches us the power of togetherness. Let us embrace our diversity and strengthen our bonds as a community, ensuring that no one is left behind,” he added.

Dr Obasa further extended his warm greetings to all Muslims in Lagos State, urging them to celebrate safely and responsibly while reflecting on the deeper meanings of the holiday. “Let us celebrate with gratitude and a renewed commitment to helping people around. May this Eid bring peace, joy, and prosperity to us all,” he concluded.

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BIG STORY

Tinubu Had The Guts To End Petrol Subsidy, Past Leaders Lacked The Will — Wike

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Nyesom Wike, minister of the federal capital territory (FCT), has said that President Bola Tinubu showed exceptional bravery by eliminating the petrol subsidy on his first day in office.

Wike made this statement on Thursday during the 2025 distinguished personality lecture held at Obafemi Awolowo University (OAU), Ile-Ife, Osun state.

The theme of the lecture was “The Nigeria of Our Dreams”.

According to the FCT minister, Tinubu set himself apart from previous leaders who, in his view, only talked about removing the subsidy without taking any action.

Leaders before him all spoke about the evil of fuel subsidy, but none had the courage to dare the blackmail of removing it, Wike said.

Tinubu did and is fittingly grappling with the inevitable, unintended and sometimes orchestrated consequences of this removal.

He said that as a result of the removal, states now have increased resources for development, public debt is no longer increasing, and fuel prices are gradually aligning with market forces due to regulatory enforcement.

‘NIGERIA’S MAIN PROBLEM IS BAD LEADERSHIP’

Wike pointed out that the major issue Nigeria continues to face is poor leadership.

He cited Chinua Achebe’s The Trouble with Nigeria, stressing that the absence of sound leadership remains the nation’s most persistent challenge.

This statement, damaging as it may appear, is extremely difficult to controvert, he said.

He said most of Nigeria’s leaders have come into power through self-interested arrangements that rarely prioritize national growth, whether under military or civilian rule.

He stated that Tinubu has proven himself to be a leader with integrity, foresight and determination.

Wike characterized the president as someone who takes well-informed, forward-thinking and practical decisions, and who leads with determination and courage.

The leader we need must believe in the infinite possibilities that Nigeria exemplifies while taking solid, proactive, logical and well-informed decisions that would maximally actualise her potential, he said.

This leader must have the courage and audacity to act, build, innovate and generally expand the frontiers of development with a hands-on approach that would emphasise excellence over mediocrity.

He added that Tinubu’s governance record in Lagos and his deep dedication to democratic values make him well-qualified for the presidency.

He has shown in several ways and at different times a stout commitment to the enthronement of democracy in our country, to the extent of even putting his own life on the line in the process, he said.

He has shown great capacity for engendering development, as captured in the unprecedented rapid and exponential development of Lagos state under his watch and even beyond.

‘TRUE FEDERALISM BEING RESTORED’

Wike also highlighted Tinubu’s initiatives to decentralise authority and encourage growth at the regional level.

The overwhelming cry of over-centralisation of power and resources at the national level and the attendant abuse of the doctrine of federalism are being systematically addressed, he said.

He explained that this is happening through the creation of regional commissions tasked with pushing development in their respective areas, enabling power to return to the people.

In terms of national security, Wike said Tinubu is enhancing personnel capabilities through training and retraining.

He mentioned that the president’s approval of forest guard recruitment marks a significant step in eliminating sanctuaries used by criminals and terrorists.

Bandits and terrorists would no longer find incubation points and free territories to operate, he said.

Put simply, the era of banditry and terrorism would soon come to an end.

He concluded by saying that all these efforts show Tinubu’s determination to set Nigeria on a path of progress.

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