Nigeria’s foreign exchange reserves increased from $32.9 billion at the conclusion of 2023 to over $38.448 billion by June 2025.
The Chairman of the House Committee on National Planning and Economic Development, Prince Gboyega Nasir Isiaka, confirmed this in a report on Monday, June 23.
Isiaka, who serves as the representative for the Yewa North/Imeko-Afon federal constituency, also indicated that the federal fiscal deficit has significantly decreased, reflecting enhanced financial discipline and better economic management.
The Representative made these statements in Abeokuta, the capital city of Ogun State, while providing a report on his activities over the past two years in the Green Chamber.
Isiaka pointed out that the economic reforms initiated by President Bola Tinubu, which are based on challenging yet essential decisions, have started to produce favourable outcomes.
From the elimination of the fuel subsidy to the unification of foreign exchange rates, these initiatives have begun to show tangible results.
“Foreign exchange reserves have risen from $32.9 billion at the end of 2023 to over $38.448 billion USD as of today, June 2025, while the federal fiscal deficit has narrowed significantly, signalling 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, optimising revenue collection, reducing leakages, and enabling more sustainable investments in infrastructure and social services,” Isiaka noted.
Responding to questions on the hardship that greeted some of the policies, Isiaka insisted that “The essence of leadership is to take you through the best route that will give you desired results.”
He added that “We need to exercise some patience and by the time the president gets his second term, which I am sure by the time he’s sworn in by May 2027 insha Allah, I am sure we are going to see better and better days.”
The three-time governorship candidate in Ogun State disclosed that he has empowered over 4,000 constituents through different interventions in the last two years.
Isiaka said he had sponsored five bills and five motions that touch on the national and community development.
“We are intentionally equipping our people with different means to build sustainable livelihoods and foster economic self-reliance,” He said.
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