Nigeria’s Foreign Reserves Surge to $38.4bn in June House Committee Chair
Nigeria’s foreign exchange reserves have climbed to $38.448 billion as of June 2025, marking a significant increase from $32.9 billion at the end of 2023, according to the Chairman of the House Committee on National Planning and Economic Development, Hon. Gboyega Nasir Isiaka.
Hon. Isiaka, who represents the Yewa North/Imeko-Afon federal constituency in the House of Representatives, made this disclosure during a constituency briefing in Abeokuta, Ogun State, where he highlighted key economic indicators and presented his legislative report for the past two years.
He credited the growth in foreign reserves and improved fiscal metrics to the economic reforms initiated by President Bola Tinubu’s administration. “From the removal of the fuel subsidy to the unification of foreign exchange rates, these reforms though difficult are beginning to yield measurable results,” he stated.
According to Isiaka, Nigeria’s federal fiscal deficit has narrowed, a development he said reflects improved financial discipline and better economic management. He also pointed to a more stable exchange rate regime that is attracting foreign direct investment and aiding long-term economic planning.
While acknowledging that inflation had previously surged to worrisome levels, he said it is now showing signs of easing. He also cited the recently enacted Tax Reform Bill as a milestone policy aimed at boosting revenue, curbing leakages, and enabling more sustainable investments in infrastructure and social services.
Responding to concerns about the socioeconomic hardship resulting from the economic reforms, Isiaka defended the administration’s decisions, stressing that tough choices are often necessary to achieve long-term stability.
“The essence of leadership is to guide the nation through the right, albeit difficult, path to reach our desired goals,” he said. “We must be patient. By the time the president secures his second term and I believe he will, by God’s grace, in May 2027 Nigerians will begin to see even better outcomes.”
A seasoned economic expert and a three-time gubernatorial candidate in Ogun State, Isiaka used the opportunity to highlight his own achievements in the Green Chamber. He revealed that he has empowered over 4,000 constituents through various interventions focused on education, entrepreneurship, and skills development.
In the legislative domain, Isiaka said he has sponsored five bills and five motions that touch on national development and community-based initiatives. “We are deliberately equipping our people with the tools to achieve self-reliance and create sustainable livelihoods,” he noted.
His remarks come amid ongoing debates over the effectiveness of the Tinubu administration’s economic strategies, especially in light of the cost-of-living crisis and widespread concerns over poverty and unemployment. However, Isiaka insists the trajectory is positive and urges citizens to remain hopeful and resilient.
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Nigeria’s Foreign Reserves Surge to $38.4bn in June House Committee Chair