The Tinubu Media Support Group (TMSG) has faulted recent comments attributed to former Vice President Atiku Abubakar over the slight decline in Nigeria’s foreign reserves, insisting there is no cause for alarm.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group accused Atiku’s camp of politicising economic issues in a bid to score cheap political points against the administration of President Bola Ahmed Tinubu.
TMSG described the criticism of the reserve movement as “highly flawed” and “poorly thought out,” arguing that the Tinubu administration had significantly strengthened the country’s external reserves since assuming office.
According to the group, Nigeria’s gross foreign reserves rose from slightly below $34 billion at the end of 2023 to about $50.45 billion in mid-February 2026, which it described as the highest level recorded since 2009.
The group further stated that net foreign reserves stood at $3.99 billion when President Tinubu assumed office in May 2023 before increasing to $23.11 billion by the end of 2024 and later reaching $34.80 billion.
TMSG acknowledged that recent data from the Central Bank of Nigeria (CBN) showed a decline of about $731 million in the first week of April 2026 but maintained that such fluctuations were normal in the management of external reserves.
It noted that CBN Governor Olayemi Cardoso had already dismissed concerns over the development, while analysts linked the decline to foreign exchange interventions and settlement of external obligations.
The group stressed that the reserves were meant to support exchange rate stability, liquidity management and debt servicing, adding that temporary fluctuations should not be interpreted as signs of economic distress.
TMSG also dismissed claims by Atiku’s camp regarding a supposed oil windfall from the ongoing Middle East crisis, saying the nation’s reserves were not a savings account where oil revenues were warehoused.
It urged Nigerians to disregard what it described as speculative allegations that the Tinubu administration was mismanaging the country’s foreign reserves.
