Onanuga: CBN Figures Show Tinubu’s Economic Reforms Working
The Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bayo Onanuga, has said the latest economic indicators released by the Central Bank of Nigeria (CBN) show that the administration’s economic reform agenda is yielding results.
Onanuga stated this while reacting to figures contained in the communiqué of the 307th meeting of the CBN’s Monetary Policy Committee (MPC).
He said the new figures showed that the reforms were “working and bolstering the Nigerian economy.”
According to the CBN, Nigeria’s foreign exchange reserves rose to $55.25 billion as of September 18, 2026, representing the highest level in more than 18 years.
The reserves are also sufficient to finance 11.3 months of imports of goods and services.
Onanuga highlighted the improvement in the country’s external accounts, noting that the current account surplus increased by 67.92 per cent from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter.
Similarly, the balance of payments surplus rose from $2.38 billion in the first quarter to $3.51 billion in the second quarter.
The CBN Governor, Olayemi Cardoso, said the improvement in Nigeria’s external position had contributed to greater stability in the foreign exchange market.
He said foreign exchange pressures had “receded significantly” as the country rebuilt its external buffers.
The Monetary Policy Committee also reduced the benchmark interest rate, or Monetary Policy Rate (MPR), from 26.5 per cent to 23 per cent.
The 350-basis-point reduction represents a major adjustment in the CBN’s monetary policy stance as the apex bank recalibrates its policy corridor amid improving macroeconomic indicators.
Onanuga said the latest figures provided evidence of progress under the Tinubu administration’s economic reform programme, particularly in strengthening Nigeria’s external position and restoring confidence in the economy.
The CBN’s latest data comes after a period of significant policy changes under the administration, including reforms to the foreign exchange market and monetary policy framework.
The Presidency has consistently maintained that the reforms are designed to stabilise the economy, attract investment, strengthen external buffers and create the conditions for sustainable economic growth.
The latest CBN figures, particularly the rise in reserves and the stronger current and balance-of-payments positions, provide fresh indicators of the changing external position of the Nigerian economy.