The Tinubu Media Support Group (TMSG) has cautioned former Vice President Atiku Abubakar’s media team against what it described as hasty and uninformed criticism of President Bola Tinubu’s administration, particularly on issues relating to Nigeria’s foreign reserves and projected oil windfalls from the Middle East crisis.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said recent remarks credited to Atiku’s camp on the country’s foreign reserves were “highly flawed” and “poorly thought out.”
TMSG maintained that there was no cause for alarm over the recent dip in Nigeria’s foreign reserves, insisting that the development was temporary and part of routine economic management.
According to the group, the Tinubu administration grew Nigeria’s gross foreign reserves from below $34 billion at the end of 2023 to $50.45 billion in mid February 2026 the highest level recorded since 2009.
The statement further noted that net foreign reserves stood at $3.99 billion when President Tinubu assumed office in May 2023, before rising to $23.11 billion by the end of 2024 and later reaching $34.80 billion.
TMSG acknowledged that recent Central Bank of Nigeria data showed a decline of $731 million in the first week of April 2026 but stressed that the CBN Governor, Olayemi Cardoso, had already dismissed concerns over the fluctuation.
The group attributed the decline to foreign exchange interventions and the settlement of external obligations, noting that such measures were legitimate uses of the reserves.
“For us, a government that grew external reserves by over $15 billion in less than three years while still meeting all obligations is not one to be criticised over a temporary fluctuation,” the statement said.
TMSG also faulted what it called speculative claims by Atiku’s camp regarding potential oil windfalls from the ongoing Middle East crisis, stressing that the foreign reserves should not be viewed as a savings account for oil revenues.
The group urged Nigerians to disregard allegations that the Tinubu administration was mismanaging the country’s external reserves, describing such claims as lacking credible evidence.