Nigeria’s financial footing has strengthened markedly over the past year, with foreign exchange reserves rising from $32.9 billion at the end of 2023 to $38.45 billion in June 2025. At the same time, the federal fiscal deficit has narrowed significantly, signaling tighter budget discipline and healthier public finances, the chairman of the House Committee on National Planning and Economic Development, Gboyega Nasir Isiaka, announced Sunday in Abeokuta.
Speaking at a media briefing in his Ogun State constituency office, Isiaka credited the gains to President Bola Tinubu’s reform-driven “Renewed Hope Agenda.” Major policy moves—removal of fuel subsidies, unification of foreign-exchange windows and passage of a comprehensive Tax Reform Bill—have all played a part, he said.
“Since 2023, we have pursued difficult yet necessary decisions,” Isiaka said. “Foreign reserves have climbed by nearly $6 billion, and our deficit is shrinking. This reflects improved revenue collection, prudent spending and greater investor confidence.”
Isiaka also pointed to steadier currency rates and easing inflation as signs of economic resilience. “A predictable exchange rate has unlocked fresh investment,” he noted. “Monetary tightening at the Central Bank is bearing down on inflation, giving us room to fund infrastructure and social services.”
The committee chairman highlighted growth projections of roughly 3.5 percent in GDP through 2026, driven by reforms across agriculture, energy and finance. He praised the recently enacted Tax Reform Bill for broadening the tax base and closing loopholes, setting the stage for sustained infrastructure investment.
On the local front, Isiaka reviewed his two years in office, noting five sponsored bills—among them legislation to establish an Agro-Processing and Export Free Trade Zone—and multiple constituency projects. These include classroom renovations, solar-powered streetlights, boreholes and a computer-based testing centre, all aimed at improving education, healthcare and economic opportunity in Yewa North/Imeko-Afon.
“Our philosophy is simple: translate policy into tangible outcomes,” Isiaka said. “The progress we’ve made on the national balance sheet mirrors the changes we’re delivering at home—better roads, schools and livelihoods.”
As Nigeria charts its course toward a $1 trillion economy by 2030, the latest figures offer a clear signal: reform measures are taking hold, reserves are rebuilding, and the path to sustainable growth is becoming more visible.