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 on Sunday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the October 2026 edition of the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,’ showed that the reforms were delivering results and putting the economy on a firmer footing for sustained growth.
According to the report, 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 the impact of the conflict in the Middle East. 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 external reserves rose to $53.8bn. Federation revenues rose 69% in real terms, with states increasing capital spending by 151% on roads, agriculture and energy. It also found that internally generated revenue grew in real terms in 31 of 35 states; 21 states reduced their debt-to-GDP ratio between 2021 and 2025; and 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.
Tinubu urged governors to use higher revenues prudently and to prioritise projects that improve living standards, while assuring that cash transfers have reached over 10 million households and CNG buses are helping cut transport costs.
- Samuel Obaze
- Samuel Obaze
- Samuel Obaze
- Samuel Obaze
