The Federation Account Allocation Committee (FAAC) has seen monthly disbursements rise to between N1.8 trillion and N2.6 trillion, while Nigeria's foreign reserves have climbed to $49.4 billion, according to Imo State Governor and Chairman of the Progressive Governors' Forum, Senator Hope Uzodimma. He attributed these gains to the economic reforms under President Bola Ahmed Tinubu's Renewed Hope agenda.
Speaking on Monday at an engagement with diplomatic corps in Abuja, Uzodimma outlined the administration's economic trajectory since May 2023. He stated that the removal of fuel subsidy and unification of the foreign exchange market had fundamentally reshaped Nigeria's fiscal outlook and restored investor confidence.
The governor described the subsidy removal as a major anti-corruption measure, noting that the previous regime had become a conduit for fraud. “For decades, the petroleum subsidy regime functioned as the single largest organised corruption pipeline in our public finances,” he said. He added that subsidies were claimed on imaginary petrol volumes, and large quantities were rerouted across borders.
Uzodimma disclosed that foreign reserves rose from about $32 billion in mid-2024 to $49.4 billion by March 2026, providing approximately 13 months of import cover. He also noted that the naira float had reduced the gap between official and parallel market rates from over 30% to below 2%.
Diaspora remittances increased from $200 million monthly in 2023 to $600 million, while foreign exchange market liquidity reached $10 billion in April 2026. The government cleared over $10 billion in forex liabilities and secured more than $50 billion in foreign direct investment commitments. Credit rating upgrades by Fitch and Moody's further reflect international recognition of the reforms.
On fiscal expansion, Uzodimma said monthly FAAC disbursements now range between N1.8 trillion and N2.6 trillion, with states receiving N700 billion to N800 billion monthly. In February 2026, state allocations hit N784 billion, a 23% increase year-on-year. “The era of governors traveling to Abuja for bailouts is over,” he declared.
Improved revenues have enabled large-scale infrastructure projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway. Property values in the Ibeju-Lekki and Epe axis have risen by about 35% annually. Over 440 road projects and 2,700 kilometers of superhighway are underway.
In education, the Nigerian Education Loan Fund has disbursed N242.4 billion to over 1.388 million students. Tax reforms exempt workers earning N800,000 or less annually from personal income tax, and small businesses with turnover below N100 million from several taxes. The digital economy is projected to generate $18.3 billion by end of 2026, with Nigeria hosting five tech unicorns: Flutterwave, Interswitch, OPay, Andela, and Moniepoint.
Acknowledging opposition to the reforms, Uzodimma said, “Reform produces political opposition. When entrenched interests are disrupted, those who benefited do not retire quietly.” He urged reliance on verifiable data over political narratives.
