Nigeria’s foreign exchange reserves have surged to $38.448 billion as of June 2025, up from $32.9 billion at the end of 2023, a development hailed as a positive signal of the country’s recovering economic strength.
The Chairman of the House Committee on National Planning and Economic Development, Hon. Gboyega Nasir Isiaka, disclosed this in Abeokuta, Ogun State, while giving a mid-term account of his stewardship as the representative of Yewa North/Imeko-Afon Federal Constituency.
Isiaka, an economist and three-time governorship candidate in Ogun State, attributed the rise in reserves to the economic reforms implemented by President Bola Tinubu’s administration.
He said critical policy shifts such as the removal of fuel subsidy and the unification of foreign exchange rates were “difficult yet necessary decisions” that are beginning to yield tangible outcomes.
According to him, “Our foreign exchange reserves have risen from $32.9 billion in December 2023 to over $38.4 billion as of June 2025.
We’ve also seen a significant narrowing of the federal fiscal deficit, indicating stronger financial discipline and improved economic management.”
The lawmaker further stated that Nigeria’s exchange rate regime has become more stable and predictable, boosting investor confidence and enabling better long-term economic planning.
“Inflation, which had previously soared to worrying levels, is now on a downward trend,” he added.
“The newly passed Tax Reform Bill is a critical milestone. It will improve revenue generation, plug leakages, and support sustainable investment in infrastructure and social services.”
Responding to concerns over the hardship many Nigerians face due to some of these policies, Isiaka urged citizens to exercise patience, noting that real economic transformation takes time.
“The essence of leadership is to take people through the path that will lead to the desired results,” he said.
“By the time President Tinubu is sworn in for a second term in May 2027, insha Allah, we will be witnessing even better days.”
On his performance as a federal legislator, Isiaka disclosed that he has sponsored five bills and five motions centered on national development and local empowerment.
He also revealed that over 4,000 constituents have been empowered through various intervention programmes in the past two years.
“We are deliberately investing in our people—giving them the tools to build sustainable livelihoods and achieve economic independence,” he said.
Isiaka’s comments come at a time when the nation is grappling with inflationary pressure, currency volatility, and widespread concerns about the cost of living.
However, the increase in reserves and signs of fiscal consolidation offer a glimmer of hope for a more stable economic future.
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