Nigeria’s Forex Reserves Surge to $40.16bn on Tinubu’s Bold Economic Reforms — Presidency

Nigeria’s foreign exchange reserves have risen to $40.159 billion as of August 7, 2025, from $37.195 billion a month earlier, according to data from the Central Bank of Nigeria (CBN). The Presidency attributed this $2.96 billion increase to ongoing economic reforms championed by President Bola Ahmed Tinubu’s administration. Presidential aide Bayo Onanuga noted that when Tinubu assumed office on May 29, 2023, reserves stood at $32 billion, much of it encumbered, but the current trajectory shows positive economic management.

Otega Ogra, Senior Special Assistant to the President on Digital Strategy and Communications, acknowledged that economic reforms are often painful but necessary. He contrasted Tinubu’s approach with proposals from political rivals such as Peter Obi, Atiku Abubakar, Rotimi Amaechi, and Nasir El-Rufai, who have advocated gradual or delayed reforms. Ogra warned that such “soft-landing” measures could lead to economic collapse, drawing parallels to Bulgaria’s failed gradualist policies in the 1990s, which resulted in hyperinflation and economic devastation.

Highlighting the administration’s decisive actions, Ogra pointed to the removal of petrol subsidies—previously draining over ₦4 trillion annually—the liberalization of the naira exchange rate, the restoration of fiscal discipline, and the clearance of over $7 billion in FX backlogs. These measures, he said, helped Nigeria exit IATA’s blacklist, attracted $5.6 billion in foreign inflows in late 2024, and boosted non-oil tax revenue by over 20 percent.

The Presidency stressed that slowing or reversing these reforms could undermine Nigeria’s progress. Ogra cautioned against what he described as the “Association of Displaced Politicians” pushing for artificially fixed exchange rates, phased subsidy removal, or relaxed monetary discipline. Instead, he urged maintaining transparency in subsidy savings, keeping the naira market-driven, and holding tight monetary policies until inflation reaches a sustainable level.

Framing the choice as “pain now for lasting recovery” versus “comfort now and collapse later,” Ogra expressed optimism that Nigeria could become a model for African economic revival if it stays the course. “We are making in months the progress that took others years,” he asserted, adding that the reforms offer a unique opportunity to build a resilient, competitive economy less dependent on oil prices.

Source: Business day