Our Reforms Are Working, Tinubu Hails World Bank Report

…Promises Better Life For Nigerians

President Bola Tinubu has welcomed the World Bank’s October 2026 Nigeria Development Update as fresh evidence that his administration’s economic reforms are working and placing the economy on a firmer footing for sustained growth.

The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, was released this week.

According to the President, the Bank’s finding that poverty rate has stabilised for the first time since 2019, with expectation of gradual decline as GDP grows faster than population, underscores the impact of the reforms.

The World Bank noted that the economy grew by 4.2 per cent in the first half of 2026, up from 3.9 per cent in the same period of 2025, despite the Middle East conflict, and projected growth to average at least 4.4 per cent between 2026 and 2028.

On inflation, the report said it fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025. Though higher global fuel prices have slowed the decline, inflation is expected to ease to about 12 per cent by 2028.

Nigeria’s external position also strengthened, with current account surplus rising to $12.0bn, or 7.0 per cent of GDP, in H1 2026, up from $8.6bn a year earlier. Gross external reserves increased from $45.5bn at end-2025 to $53.8bn at end-August 2026.

The Bank credited reforms since 2023 with raising federation revenues by 69 per cent in real terms between 2023 and 2025, with states as the largest beneficiaries.

States used the additional resources to increase capital spending by 151 per cent in real terms, mostly on roads, transport, agriculture, energy and housing.

Twenty-nine of 33 states shifted spending towards economic infrastructure, while real social spending per person rose in all but one state.

Other highlights of the report: Internally generated revenue grew in real terms in 31 of 35 states; 21 states reduced their debt-to-GDP ratio between 2021 and 2025; Nigeria’s overall public debt is expected to fall from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.

President Tinubu said the findings confirm that the difficult decisions to remove petrol subsidy, unify the foreign exchange market and enforce fiscal discipline have raised revenues, stabilised the economy and created fiscal space for all tiers of government.

“These findings confirm that the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people.

“The dividends of reform are becoming visible. But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people,” the President said.

He assured that the administration would stay the course and redouble focus on inclusive growth under the Renewed Hope Agenda, expanding targeted cash transfers that have already reached over 10 million households, accelerating CNG deployment, raising agricultural productivity and improving access to affordable healthcare and quality education.

The President urged state governments to use their higher revenues more prudently and prioritise projects that improve living standards, health and education.

He commended the Economic Management Team led by the Minister of Finance and Coordinating Minister of the Economy, state governors and all stakeholders for their cooperation, assuring that “the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared prosperity for all Nigerians.”

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