President Bola Tinubu says the World Bank’s October 2026 Nigeria Development Update confirms his administration’s financial reforms are yielding outcomes and strengthening the financial system for sustained progress.
This is contained in an announcement by the Presidential Spokesperson, Mr Bayo Onanuga, on Sunday in Abuja.
Tinubu welcomed the report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’, highlighting enhancements in financial progress, income era and financial administration.
The President famous the World Bank’s discovering that Nigeria’s poverty charge had stabilised for the primary time since 2019.
He mentioned poverty was anticipated to say no step by step as financial progress outpaced inhabitants progress.
According to the report, the financial system grew by 4.2 per cent within the first half of 2026, in contrast with 3.9 per cent in 2025.
The progress occurred regardless of the impression of the Middle East battle, whereas the World Bank projected common progress of no less than 4.4 per cent between 2026 and 2028.
The report confirmed that inflation declined from 27.6 per cent in January 2025 to fifteen.2 per cent in December 2025.
However, greater world gasoline costs linked to the Middle East battle slowed the decline, though inflation was projected to ease to about 12 per cent by 2028.
Nigeria’s exterior place additionally improved, with its present account surplus reaching 12 billion {dollars}, representing 7.0 per cent of GDP, within the first half of 2026.
This in contrast with 8.6 billion {dollars} recorded within the corresponding interval of 2025.
Gross exterior reserves elevated from 45.5 billion {dollars} on the finish of 2025 to 53.8 billion {dollars} on the finish of August 2026.
The report attributed the positive aspects to reforms launched since 2023, which elevated federation revenues by 69 per cent in actual phrases between 2023 and 2025.
State governments emerged as the most important beneficiaries, with capital expenditure rising by 151 per cent in actual phrases over the interval.
Much of the extra spending went in the direction of roads, transport, agriculture, power and housing.
The report famous that 29 of the 33 states shifted spending in the direction of financial infrastructure, whereas actual social spending per capita elevated in all however one state.
It additionally discovered that internally generated income grew in actual phrases in 31 of 35 states.
Meanwhile, 21 states lowered their debt-to-GDP ratios between 2021 and 2025.
Nigeria’s total public debt was projected to say no from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.
Tinubu mentioned the findings demonstrated the impression of his administration’s selections to take away the petrol subsidy, unify the overseas trade market and strengthen fiscal self-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 mentioned.
The President mentioned the administration would broaden focused money transfers, speed up Compressed Natural Gas (CNG) deployment, increase agricultural productiveness and enhance entry to inexpensive healthcare and high quality training.
“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 mentioned.
The President counseled the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, state governors and different 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 mentioned. (NAN)
Edited by Kamal Tayo Oropo
