External reservesThe nation’s foreign exchange reserves have grown to $48 billion (N14.7 trillion at N306/$), from a low of $23 billion as at October 2016. As at May 28, 2015, Nigeria’s external reserves stood at $29.6 billion (N5.9 trillion at N199/$), with oil price settled at about $60 per barrel. At least, it gave the country a written direction in terms of economic policy. The Budget Office of the Federation, led by Ben Akabueze, recently said the 2017 budget was also adversely impacted by its late passage. However, the country’s debt stock rose to N21.7 trillion ($70.92 billion) at the end of December 2017.

Source: The Guardian May 29, 2018 01:41 UTC