Presidency hits critics as external reserves reach $41bn milestone
Source: CBN
Abdullateef Fowewe
Nigeria’s external reserves have reached $41,001,830,139.96, as reported by the Central Bank of Nigeria on August 19th. The net foreign reserve was previously $40.3 billion.
In a post on X, presidential aide Bayo Onanuga announced that this is the first time the country’s reserves have hit this figure in 44 months, since 2021.
Onanuga emphasised that this achievement occurred without an increase in oil revenues, attributing it instead to what he described as the “prudent management of the economy” under President Bola Tinubu.
He argued that despite declining global oil prices, the administration has managed to stabilize Nigeria’s foreign liquidity.
Additionally, he criticised opposition figures, including former Vice President Atiku Abubakar, former Anambra State Governor Peter Obi, former Kaduna State Governor Nasir El-Rufai, and Babachir Lawal, for not acknowledging the advancements made under Tinubu’s administration.
Onanuga wrote, “Nigeria recorded an external reserve of $41,001,830,139.96 (forty-one billion dollars) on 19 August, according to data published today by the Central Bank. Net foreign reserve was $40.3 billion. Nairametrics reported that the last time our country recorded such a level of foreign liquidity was in 2021, 44 months ago.
“The latest milestone was reached without our country having a massive inflow from oil sales. Indeed, oil prices are sliding southwards. It’s all about the prudent management of the economy by President Bola Tinubu. I can bet that Atiku Abubakar, Peter Obi, Nasir El-Rufai and Babachir Lawal would never acknowledge this remarkable success. They are more interested in their doomed campaign to overthrow Bola Tinubu. This obsession has blinded them from recognising the progress being delivered by President Bola Tinubu’s government on multiple fronts.”
