According to the minister, Nigeria recorded a current account surplus of $12 billion in the first half of 2026, compared with $8.6 billion during the corresponding period of 2025. He also said the country’s external reserves had reached their highest level in nearly two decades in September.
The Central Bank of Nigeria’s published figures support the reported improvement in foreign reserves, which rose above $54 billion in September. Separately, the International Monetary Fund has projected economic growth of about 4.1 per cent for Nigeria in 2026.
Idris attributed the economic developments to the administration’s reform agenda, saying the government intended to consolidate the gains while pursuing further reductions in inflation.
He said inflation had declined from approximately 27 per cent in January 2025 to around 15 per cent, adding that the administration’s longer-term objective was to bring the rate down to single digits.
The minister acknowledged that better headline figures alone would not resolve the financial difficulties many Nigerians continue to face. He said the government was working to ensure that economic improvements were increasingly reflected in household spending, market prices and the cost of essential goods.
On trade, Idris said Nigeria generated more than $6 billion from non-oil exports in 2025, describing the performance as a historic achievement for the country’s economic diversification efforts.
Figures released by the Nigerian Export Promotion Council put non-oil export earnings at approximately $6.1 billion for the year, representing an increase of about 11.5 per cent over the $5.46 billion recorded in 2024.
The minister said export earnings were being driven by activities across agriculture, mining, petrochemicals, manufacturing, processing, transportation and logistics. He argued that expanding these sectors could create more opportunities for local businesses while reducing the country’s dependence on crude oil.
Idris also linked improved oil production and efforts to curb crude oil theft to increased revenue available for distribution among the federal, state and local governments.
On infrastructure, he said the administration was investing in roads, railways, electricity, healthcare and education as part of a broader development programme. He highlighted four major legacy projects spanning approximately 3,000 kilometres across Nigeria’s six geopolitical zones.
He also referred to a highway project valued at about ₦1.53 trillion in Niger State, saying the investment was expected to strengthen connections along an important agricultural and commercial corridor, ease the movement of goods and support business activities.
In agriculture, Idris said the government was prioritising food security through mechanisation, improved access to farm inputs, irrigation and agricultural financing. The measures, he explained, were intended to increase domestic food production, improve farmers’ earnings and help moderate food prices.
The minister also highlighted investments in specialised healthcare, saying two additional cancer treatment centres had been commissioned, bringing the total number commissioned to five. He added that the government was working towards commissioning five other completed centres to widen access to cancer care.
In education, Idris said the Nigerian Education Loan Fund had supported more than 1.6 million students, paid over ₦102 billion in tuition fees and disbursed approximately ₦180 billion in upkeep allowances.
He further disclosed that the government had issued a ₦758 billion bond to address inherited pension arrears dating back to 2007, with nearly one million pensioners expected to benefit. Another ₦1.23 trillion in bonds, he said, had been issued to settle inherited debts owed to electricity generation and gas companies.
On social protection, Idris said government programmes were reaching more than 10 million households, while consumer credit initiatives were helping eligible Nigerians spread the cost of essential purchases.
Security also featured in the minister’s assessment. He said the administration had strengthened the capacity of the armed forces, intelligence services and other security agencies through improved coordination, equipment, logistics and support for personnel operating on the front lines.
However, he acknowledged that insecurity remained a serious challenge in some parts of the country, adding that the government would continue investing in intelligence, technology and operational capabilities.
Idris also called on state and local governments to strengthen service delivery, particularly in education, primary healthcare, transportation and waste management. He maintained that cooperation among the three tiers of government was necessary to ensure that economic gains translated into improved public services.
The minister urged journalists to continue scrutinising government policies while providing the public with accurate information and context on the country’s economic challenges and progress.
Meanwhile, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, expressed concern about the spread of misinformation, including reports he said were being circulated by established media organisations.
Onanuga urged journalists to verify information carefully and maintain professional standards, stressing that accuracy and authenticity were essential to responsible reporting.
He also called on the media to hold state and local governments accountable alongside the Federal Government, particularly over services and responsibilities that fall within the jurisdiction of subnational administrations.
While the government has pointed to improving reserves, economic growth prospects and stronger non-oil export earnings as signs of recovery, the extent to which these gains will improve everyday living conditions remains a key test of the administration’s reform programme.
Reporting by TalkNaijaMedia
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