Nigeria’s Foreign Reserves Rise To $38.448b In June – Isiaka

The Chairman, House Committee on National Planning and Economic Development, Gboyega Nasir Isiaka, on Sunday disclosed that the country’s foreign exchange reserves have risen from $32.9 billion at the end of 2023 to over $38.448 billion in June, 2025.
He equally said that the federal fiscal deficit has narrowed significantly, stressing that this is signaling stronger financial discipline and improved economic management.
Isiaka, member of the House of Representatives, representing Yewa North/Imeko-Afon Federal Constituency of Ogun State, who stated this at a media parley in Abeokuta, Ogun State capital, commended President Bola Tinubu’s bold step in reforming the nation’s economy.
He said, the positive trajectory is driven by the bold leadership of President Bola Ahmed Tinubu, whose Renewed Hope Agenda has created the enabling policy framework for meaningful reforms across the nation.
He said, “since assuming office, Mr. President has pursued a reform-driven economic agenda, anchored on difficult yet necessary decisions. 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”.
“The economy is gradually gaining resilience. Growth projections remain steady, with GDP expected to expand by an average of 3.5% through 2026. Monetary tightening by the Central Bank is beginning to rein in inflation, creating the fiscal space for a more balanced and productive economy”.
“Indeed, where would we have been without these bold decisions? Instead of taking the easy path that offers short-term gain but long-term pain, the President has chosen a courageous and necessary leap and we commend him for that. His leadership has inspired growing confidence that Nigeria is turning a corner”.
“The reforms, while demanding, are laying the groundwork for long-term stability and shared prosperity. As a constituency, we align with this vision, believing that the sacrifices of today will secure a better future for Nigerians, sooner or later.