President Bola Tinubu on Sunday welcomed the World Bank’s latest Nigeria Development Update, saying its findings, including that the poverty rate has stabilised for the first time since 2019, confirm that his economic reforms are working.
In a statement by Bayo Onanuga, the President said the October 2026 edition titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’ showed that reforms were delivering results. The economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the first half of 2025, despite Middle East conflicts, and the bank projected growth to average at least 4.4 per cent between 2026 and 2028.
Inflation fell from 27.6% in January 2025 to 15.2% in December 2025, and reserves rose from $45.5bn at end 2025 to $53.8bn at end August 2026. Federation revenues rose 69% in real terms between 2023 and 2025, with states using extra funds to increase capital spending by 151% on roads, agriculture and energy. Internally generated revenue grew in 31 of 35 states and 21 states reduced debt-to-GDP. Overall public debt is expected to fall from 40.0% in 2025 to 38.1% in 2026.
Tinubu urged governors to spend more prudently and promised to expand cash transfers to over 10 million households and accelerate CNG rollout.
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