… Ojulari’s reforms in over 100 days drive stronger oil revenues
Oredola Adeola
Nigeria’s external reserves grew from approximately climbed to an eight-month high of $40.15 billion, marking a 1.5% increase from $39.54 billion on August 1, 2025, this is according to data about movement in reserves published by the Central Bank of Nigeria on its website on Monday.
Bayo Onanuga Special Adviser Information and Strategy to President Bola Tinubu, confirmed this in a statement obtained by Advisors Reports via his official X handle on Monday.
He cited the CBN’s report, noting that when President Tinubu assumed office on May 29, 2023, the reserves stood at $32 billion, with most of the funds encumbered.
Onanuga confirmed that the management of the economy is in good hands, as positive indicators abound in other sectors.
Advisors Reports gathered that this development is helped by better oil revenue and a halt in defending the naira with dollars.
Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Tinubu, in a comment earlier on the matter stated that the last time reserves were at this level was on January 20, 2025, adding that Naira has maintained relative stability across official and parallel markets.
He said, “At Nigerian Foreign Exchange Market (NFEM) the Naira was ₦1,533.56 per US Dollar ($) as of Friday, August 8, marginally weaker by 1.61% from Monday’s ₦1,531.95, but still up 0.5% year-to-date.
“Parallel market was steady at ₦1,560 per $ through that week, appreciating 6.4% year-to-date from ₦1,660 at the start of 2025.
“The reserve build-up of $2.2 billion in July represents the largest monthly gain since July 2024.
He stated that the gains were driven by increased offshore investor inflows, reduced foreign exchange demand from lower import activity, and improved macroeconomic stability and investor confidence.
He said, “Reserves now cover 11.9 months of imports (8.2 months including services), providing the CBN with greater flexibility to sustain FX market interventions and keep the naira stable.
“Market outlook suggests continued reserve growth, supported by persistent foreign inflows and anticipated external borrowings, with the naira projected to close 2025 within the ₦1,490–₦1,520/$ range,” he stated.
He emphasized that the gains reflect President Bola Ahmed Tinubu’s Renewed Hope Agenda in action, strengthening currency stability, boosting investor confidence, and enhancing macroeconomic resilience.
Advisors Reports’ findings showed that as of June 2025, the Nigerian National Petroleum Company Limited (NNPC) recorded revenue of N4.57 trillion, reflecting improved crude oil and gas earnings on the back of increased production, which rose to 1.8 million barrels per day, the highest level in four years.
This recovery, edging closer to the 2025 budget benchmark of 2.06 million bpd, has strengthened revenue projections based on an assumed crude price of $75 per barrel.
The gains were attributed to enhanced monitoring by revenue authorities, improved compliance among multinational and indigenous producers, and renewed government investments in security aimed at creating a safer operating environment for oil companies.
Sector stakeholders also credit the improved oil revenue to better organisation under the new management of Engr. Bayo Ojulari, Group Chief Executive Officer of NNPC, who has spent over 100 days in office.
The GCEO’s ongoing reorganisation within the national oil company has boosted security, transparency, and overall management, leading to higher tax remittances and a more stable oil and gas sector.
