President Bola Ahmed Tinubu says the World Bank’s latest Nigeria Development Update confirms that his administration’s economic reforms are yielding results and placing the economy on a path of sustained growth.
In a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, says the findings of the World Bank’s report validate the administration’s reform efforts and commitment to improving the living conditions of Nigerians.
The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, indicates that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025. It projects average economic growth of at least 4.4 per cent between 2026 and 2028.
The World Bank also reports that the poverty rate has stabilised for the first time since 2019, while inflation declined from 27.6 per cent in January 2025 to 15.2 per cent in December 2025. However, rising global fuel prices linked to the conflict in the Middle East have slowed further reductions in inflation.
The statement further notes that Nigeria’s external position also strengthened, with the current account surplus rising to 12 billion dollars in the first half of 2026, while gross external reserves increased to 53.8 billion dollars at the end of August.
The report attributes a 69 per cent increase in federation revenues in real terms between 2023 and 2025 to reforms introduced since 2023, noting that states used the additional resources to increase capital spending by 151 per cent, particularly on roads, transport, agriculture, energy and housing.
Reacting to the findings, President Tinubu said the removal of the petrol subsidy, unification of the foreign exchange market and stronger fiscal discipline had increased government revenues, stabilised the economy and created room for investment across the three tiers of government.
He acknowledged that more work was needed to translate the gains into improved living standards, particularly through lower food prices and the creation of decent jobs for young Nigerians.
The statement reaffirmed President Tinibu administration’s commitment to expanding targeted cash transfers, accelerating compressed natural gas deployment, improving agricultural productivity and increasing access to affordable healthcare and quality education.
It urged the state governments to manage their increased revenues prudently and prioritise projects that directly improve the welfare of the people.
President Tinubu commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, state governors and other stakeholders for their cooperation in implementing the reforms.
He assured Nigerians that his administration would sustain the reform agenda under Renewed Hope Agenda 2.0, with a focus on inclusive growth and shared prosperity.