The increase in Nigeria’s current account surplus at $7.54bn in the second quarter of 2026 from $4.49bn in the first quarter is yet another indication of its rising economic stability and viability, the Tinubu Media Support Group (TMSG) has said
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group described the 67.9% growth as a result of the country’s stronger and highly improved foreign exchange earnings.
“There is no longer any doubt whatsoever about Nigeria’s stronger and highly improved foreign exchange position since the President Bola Tinubu assumed office with a strong determination to turn the economy around.
“Aside from the foreign reserves which have continued to grow into historic levels, reports of a nearly 70% increase in current account surplus from first quarter of 2026 to the second quarter, has also shown that the country’s economy is attaining a level of stability and viability never seen in years.
“Moving from $4.49bn in Q1 2026 to $7.54bn in Q2 is a big deal on the back of stronger export earnings and increased remittances is clearly a boost for the country’s external position.
‘We are aware that when a country has a current account surplus, it earns more money from selling goods, services, and investments abroad than it spends on imports from other nations. And this can only happen in a situation where the economy is in a good shape.
“According to provisional Balance of Payments (BOP) data released by the Central Bank of Nigeria (CBN), the Q2 improvement was driven principally by a stronger goods account, which more than offset increased net outflows from services and primary income.
“The goods account surplus expanded to $10.12bn in Q2, compared with $5.96bn in Q1 and $4.85bn in the corresponding quarter of 2025. The expansion showed a broad increase in export receipts.
“A breakdown of the CBN statistics shows that total exports rose to $20.08bn during the quarter from $15.56bn in Q1. Crude oil export receipts rose 15.78 % to $9.39 bn in Q2, from $8.11 bn in Q1. Gas exports increased 40.15 % to $3.63 bn, while receipts from refined petroleum products rose 66.24 % to $3.94 bn.
“Non-oil exports rose by 25.30% to $3.12bn, pointing to a substantial growth in Nigeria’s export earnings during the period.
“The implication is that there is a steady upward trajectory quarter-on-quarter in the balance of payment as a result of stronger foreign exchange earnings.
“We dare say that this is as a result of the economic policies of the President Tinubu administration which incidentally opposition elements have been painting in bad light in the run-up to the 2027 general elections.”
The group maintained that the economy has already turned the corner, and urged Nigerians to pay more attention to verifiable data on the economy and ignore the doomsday political rhetorics and the deliberate lying and misinformation by desperate opposition politicians seeking to weaponize a global cost of living crisis to take power in the forthcoming general elections.
