Senator Orji Uzor Kalu has commended President Bola Ahmed Tinubu’s economic reforms, attributing the recent surge in Nigeria’s foreign exchange reserves to $48.5 billion the highest level since May 2013 to the President’s policy direction.
According to data from the Central Bank of Nigeria (CBN), the reserves hit the $48.5 billion mark on Tuesday, a figure not seen since May 14, 2013, when reserves stood at approximately $48.51 billion.
Kalu, in a statement reacting to the development, emphasized that the President’s economic agenda is on track and beginning to yield tangible results. He noted that the accumulated reserves would ultimately benefit the most vulnerable citizens.
”The President is on track, because the effects will trickle down to the lower echelon,” Kalu said. “This is one of the positive effects of President Tinubu’s economic policies that will further bring renewed prosperity for the poorest of the poor.”
The sustained growth in external reserves provides the Central Bank with greater ammunition to stabilize the naira and signals growing investor confidence in the African largest economy.
