Nigeria Reports Record Revenue and Foreign Reserve Growth
President Bola Ahmed Tinubu's fiscal reforms have led to a 13-year high in foreign reserves and a surge in non-oil government revenue.
Nigeria has achieved significant growth in government revenue and foreign reserves following structural reforms implemented by the administration of Bola Ahmed Tinubu. Foreign reserves reached a 13-year high of $50.45 billion in February 2026 and continued to climb, reaching $50.81 billion by June 15, 2026. This growth is attributed to foreign exchange reforms and a broader annual increase of over $11 billion.
The economy also saw a sharp rise in its current account surplus, which jumped 255.7% quarter-on-quarter to $4.98 billion in the first quarter of 2026. This was driven by increased exports of crude oil, gas, and refined petroleum, while imports of refined petroleum products plunged by 87.5%.
Fiscal gains extended to government collections, with the Federal Inland Revenue Service recording N21.7 trillion in 2024 and the Nigeria Customs Service generating N7.28 trillion by late 2025. The Nigerian National Petroleum Company Limited resumed remittances to the Federation Account after the 2023 fuel subsidy removal, while Executive Order 9 further boosted monthly receipts by 60% in February 2026. Additionally, the Central Bank of Nigeria completed a 24-month banking recapitalization program that attracted N4.65 trillion in new capital across 33 licensed banks.
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