{"id":787748,"date":"2026-02-25T09:42:15","date_gmt":"2026-02-25T09:42:15","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/787748\/"},"modified":"2026-02-25T09:42:15","modified_gmt":"2026-02-25T09:42:15","slug":"executive-order-on-oil-revenues-to-boost-foreign-reserves","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/787748\/","title":{"rendered":"Executive order on oil revenues to boost foreign reserves"},"content":{"rendered":"

The Central Bank of Nigeria<\/a><\/strong> (CBN) has expressed its commitment to embracing the \u2018Presidential Executive Order 09\u2019, saying it will improve Nigeria\u2019s revenue and external reserves.<\/p>\n

The CBN governor, Olayemi Cardoso, disclosed this on Tuesday while addressing the media at the end of the 304th Monetary Policy Committee (MPC) meeting held in Abuja.<\/p>\n

The apex bank governor stated that the presidential order has potential impacts on improving revenue and accretion to reserves.<\/p>\n

President Bola Tinubu recently signed the \u2018Presidential Executive Order 09\u2019, which requires all oil and gas revenues due to Nigeria to be paid directly into the Federation Account.<\/p>\n

On Tuesday, the CBN governor cited the prospective impacts of oil and gas revenues on Nigeria\u2019s gross external reserves.<\/p>\n

He added that the MPC committee acknowledged and embraced the newly issued \u2018Presidential Executive Order 09\u2019, which redirects oil and gas revenues into Federation accounts.<\/p>\n

\"PT<\/a><\/p>\n

\u201cMembers also welcomed the newly issued Presidential Executive Order 09, which redirects oil and gas revenues into Federation accounts. The committee acknowledged the potential impact of this order in improving fiscal revenue and accretion to reserves,\u201d Mr Cardoso said.<\/p>\n

Gross external reserves<\/strong><\/p>\n

Mr Cardoso explained that at $50.45 billion, Nigeria gross external reserves provide an import cover of 9.68 months for goods and services for the country<\/p>\n

The current reserve value is the highest level recorded since 14 May 2013, when the country\u2019s reserves stood at about $48.51 billion, according to the CBN.<\/p>\n

The reserves closed in 2025 at about $45.5 billion, up from $40.8 billion at the start of the year, and have continued to rise steadily in early 2026.<\/p>\n

\u201cGross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in 13 years. This provides an import cover of 9.68 months for goods and services,\u201d the CBN governor said.<\/p>\n

While explaining the factors behind the surge in Nigeria\u2019s gross external reserves, Mr Cardoso cited the positive outcomes of macroeconomics, particularly the surge in non-oil exports.<\/p>\n

He also noted that the bank has demonstrated confidence in its markets operation, which the CBN said has helped in optimising the market prospects.<\/p>\n

\u201cWe\u2019ve seen very positive signals with respect to the way the macros are developing. There have been favourable trade developments. The current account is in a healthy surplus.<\/p>\n

\u201cAnd, of course, the non-oil exports have also gone up, respectively. We are all, something I talk about all the time, which is the issue of the diaspora remittances, which again is going up very respectively indeed.<\/p>\n

\u201cOf course, with all this and underpinning all this, quite frankly, is market confidence. Without market confidence, no matter what you do, you will find you will significantly sub-optimise,\u201d he said.<\/p>\n

\nREAD ALSO:\u00a0CBN warns oil prices, pre-election spending could threaten stability<\/a><\/strong>\n<\/p><\/blockquote>\n

International fora<\/strong><\/p>\n

The governor also highlighted CBN\u2019s visits to international fora and engagement with global economic actors, which he said has paid off in Nigeria\u2019s foreign exchange system.<\/p>\n

\u201cWe, over the period of time, have embarked on a great number of international forums where we\u2019ve gone out, told our story, and we\u2019ve made promises.<\/p>\n

\u201cWe ensured that we stuck to those promises and were transparent as we could to engender positive market sentiment and have economic actors believe in the framework in which we were setting out for the future of our foreign exchange system. So that all, I believe, has paid off quite respectively,\u201d he stated.<\/p>\n","protected":false},"excerpt":{"rendered":"The Central Bank of Nigeria (CBN) has expressed its commitment to embracing the \u2018Presidential Executive Order 09\u2019, saying…\n","protected":false},"author":2,"featured_media":787749,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3090],"tags":[51,75972,52786,1700,229315,78137,12,3007,2578,16,15],"class_list":["post-787748","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-cardoso","tag-cbn","tag-economy","tag-executive-order-09","tag-mpc","tag-news","tag-nigeria","tag-premium-times","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116130620795195229","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/787748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=787748"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/787748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/787749"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=787748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=787748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=787748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}