Nigeria’s Foreign Reserves Soared To $38.448bn In June – Rep

Nigeria’s foreign exchange reserves rose from $32.9 billion at the end of 2023 to over $38.448 billion in June, 2025.

The Chairman, House Committee on National Planning and Economic Development, Prince Gboyega Nasir Isiaka, disclosed this on Monday.

The lawmaker, who represents Yewa North/Imeko-Afon federal constituency, further said the federal fiscal deficit has narrowed significantly, signaling stronger financial discipline and improved economic management.

The Ogun lawmaker, an economic expert, stated that President Bola Tinubu’s economic reforms anchored on “difficult yet necessary decisions”, have been yielding positive results.

Speaking while presenting his scorecard in the last two years at the Green Chamber said, “From the removal of fuel subsidy to the unification of foreign exchange rates, these measures have begun to yield measurable outcomes.

“Foreign exchange reserves have risen from $32.9 billion at the end of 2023 to over $38.448 billion USDAs of today, June, 2025, while the federal fiscal deficit has narrowed significantly, signaling stronger financial discipline and improved economic management.

“Also, our exchange rate policy has yielded a stable and predictable exchange rate that enhances planning and encourages greater direct investment flows into the economy. While inflation, which had previously risen to alarming levels, is now beginning to trend downward.

“The recently passed Tax Reform Bill represents a major step forward, optimizing revenue collection, reducing leakages, and enabling more sustainable investments in infrastructure and social services.”

Speaking on the hardship caused by the president’s economic policies, the lawmaker said, “The essence of leadership is to take you through the best route that will give you desired results.

“We need to exercise some patience and by the time the president gets his second term which am sure by the time he’s sworn in by May 2027 insha Allah, I am sure we are going to see more better and better days.”
He disclosed that has empowered over 4,000 constituents through different interventions in the last two years, and has sponsored five bills. He said five motions he sponsored touched on the national and community development.

“We are intentionally equipping our people with different means to build sustainable livelihoods and foster economic self-reliance.”

Nigeria’s Foreign Reserves Soared To $38.448bn In June – Rep is first published on The Whistler Newspaper