Tinubu says World Bank report confirms economic reforms yielding results

President Bola Tinubu says the World Bank’s October 2026 Nigeria Development Update confirms his administration’s economic reforms are yielding results and strengthening the economy for sustained growth.

The statement, made by Presidential Spokesperson Mr Bayo Onanuga on Sunday in Abuja, is contained in the report.

Tinubu welcomed the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’, highlighting improvements in economic growth, revenue generation and fiscal management.

The President noted the World Bank’s finding that Nigeria’s poverty rate had stabilised for the first time since 2019.

He said poverty was expected to decline gradually as economic growth outpaced population growth.

According to the report, the economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in 2025.

The growth occurred despite the impact of the Middle East conflict, while the World Bank projected average growth of at least 4.4 per cent between 2026 and 2028.

The report showed that inflation declined from 27.6 per cent in January 2025 to 15.2 per cent in December 2025.

However, higher global fuel prices linked to the Middle East conflict slowed the decline, although inflation was projected to ease to about 12 per cent by 2028.

Nigeria’s external position also improved, with its current account surplus reaching 12 billion dollars, representing 7.0 per cent of GDP, in the first half of 2026.

This compared with 8.6 billion dollars recorded in the corresponding period of 2025.

Gross external reserves increased from 45.5 billion dollars at the end of 2025 to 53.8 billion dollars at the end of August 2026.

The report attributed the gains to reforms introduced since 2023, which increased federation revenues by 69 per cent in real terms between 2023 and 2025.

State governments emerged as the largest beneficiaries, with capital expenditure increasing by 151 per cent in real terms over the period.

Much of the additional spending went towards roads, transport, agriculture, energy and housing.

The report noted that 29 of the 33 states shifted spending towards economic infrastructure, while real social spending per capita increased in all but one state.

It also found that internally generated revenue grew in real terms in 31 of 35 states.

Meanwhile, 21 states reduced their debt-to-GDP ratios between 2021 and 2025.

Nigeria’s overall public debt was projected to decline from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.

Tinubu said the findings demonstrated the impact of his administration’s decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline.

“The difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues.

“The decisions have also 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.

“Our administration will stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda,” he said.

The President said the administration would expand targeted cash transfers, accelerate Compressed Natural Gas (CNG) deployment, raise agricultural productivity and improve access to affordable healthcare and quality education.

“We will continue to expand targeted cash transfers, which have already reached more than 10 million households.

“We will accelerate the deployment of CNG, raise agricultural productivity, and improve access to affordable healthcare and quality education.

“I urge state governments to use their higher revenues more prudently and prioritise projects that improve the living standards of Nigerians, and the health and education of our people,” Tinubu said.

The President commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, state governors and other stakeholders for supporting the reforms.

“I assure Nigerians 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,” he said.

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