Tinubu deserves commendation for $52bn reserves surge — Shettima

By Precious Mark and Taiwo Scholarstica

Vice President Kashim Shettima has declared that the President Bola Tinubu’s administration deserves praise rather than criticism for its bold economic reforms, pointing to a massive rise in Nigeria’s foreign reserves as evidence of recovery.

Speaking on Monday at the Delta Economic and Investment Summit in Asaba, Shettima revealed that the country’s external reserves have surged to over $52 billion following key financial overhauls.

Addressing state governors, diplomats, and business leaders, the Vice President emphasized that the administration’s strategic economic direction has effectively reversed capital flight and restored confidence in the nation’s financial system.

“From reserves of $3 billion, when we were experiencing capital plight and capital scarcity, now we are experiencing capital inflows, so that our foreign reserves have gone up to over $52 billion and counting, in a turbulent world, mind you.”

“I think the President deserves commendation and not condemnation,” Shettima stated.

He noted that major international credit rating agencies including Fitch, Moody’s, and S&P have recently revised Nigeria’s credit outlook upward following the implementation of comprehensive foreign exchange and monetary reforms.

Shettima also commended Anambra State Governor, Prof. Chukwuma Soludo, for publicly defending the federal government’s policy direction and consistently emphasizing the necessity of structural reforms.

“Professor Soludo, you have done a lot of things for the federal government, especially informing Nigerians where we are coming from,” Shettima said.

Turning to the host state, the Vice President praised Delta State Governor Sheriff Oborevwori for his efforts to diversify the state’s economy beyond crude oil, assuring private investors and corporate leaders of the federal government’s unwavering backing.

“The federal government stands ready to support credible investments, strengthen enabling institutions, and work with the state to remove obstacles to enterprise.”

“We are co-travelers on the road from promise to production, from allocation to transformation, and from potential to prosperity,” the VP said.

Echoing the Vice President’s sentiment, Governor Soludo affirmed that the Nigerian economy has stabilized, describing the turn-around as a landmark achievement that deserves widespread recognition when measured against the severe economic headwinds of 2023.

Soludo’s assessment was highlighted by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a post shared on his official X handle.

According to Onanuga, the Anambra governor evaluated the country’s trajectory by contrasting current reserve levels with the precarious position inherited by the present administration.

“Today the net reserve is about $40 billion and the gross reserve about $52 billion,” Onanuga quoted Soludo as saying, noting that net foreign exchange reserves hovered at a meager $3 billion in 2023.

The governor’s assessment comes amid ongoing public discourse surrounding the macroeconomic impact of the Federal Government’s reforms, particularly efforts aimed at stabilizing the foreign exchange market, tightening fiscal management, and renewing investor interest.

While the dramatic growth in foreign exchange reserves stands out as a critical benchmark of recovery, broader economic discussions continue to center on translating these macroeconomic gains into tangible relief for citizens navigating living-cost pressures.

Nonetheless, the surge in external buffers highlights the growing momentum behind policies designed to defend the naira, attract long-term foreign direct investment, and rebuild sustainable economic growth.