World Bank Report: Gains Of My Reforms Are Becoming Visible – Tinubu

President Bola Tinubu has said his administration’s economic reforms are beginning to yield results following improved economic growth, rising foreign reserves and increased revenue for state governments.

Tinubu made the remarks on Sunday while reacting to the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.

According to a statement issued by Bayo Onanuga, the president’s Special Adviser on Information and Strategy, Tinubu said the report confirmed that his administration’s policies were stabilising the economy and creating opportunities for sustained growth.

The president noted that the World Bank reported a stabilisation in Nigeria’s poverty rate for the first time since 2019. The bank also projected that poverty would gradually decline as economic growth outpaces population growth.

Politics Nigeria understands that the report showed that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period in 2025, despite the impact of the conflict in the Middle East.

It also projected average economic growth of at least 4.4 per cent between 2026 and 2028.

On inflation, the report stated that the rate 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 Middle East conflict have slowed further reductions.

The World Bank expects inflation to ease to about 12 per cent by 2028.

Nigeria’s external position also improved, with the current account surplus rising to $12 billion, representing 7 per cent of gross domestic product (GDP), in the first half of 2026, compared with $8.6 billion a year earlier.

The country’s gross external reserves also increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.

The report further attributed a 69 per cent increase in real federation revenue between 2023 and 2025 to the reforms introduced since 2023, with state governments emerging as the largest beneficiaries.

It said states increased capital expenditure by 151 per cent in real terms during the period, directing much of the additional spending towards roads, transportation, agriculture, energy and housing.

According to the report, 29 of 33 states shifted their spending towards economic infrastructure, while real social spending per person increased in all but one state.

The World Bank also found that internally generated revenue grew in real terms in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios between 2021 and 2025.

Nigeria’s overall public debt is projected to decline from 40 per cent of GDP in 2025 to 38.1 per cent in 2026.

Reacting to the findings, Tinubu said the removal of the petrol subsidy, unification of the foreign exchange market and stronger fiscal discipline had helped increase government revenue and stabilise the economy.

He, however, acknowledged that more work was needed to ensure that the gains translated into improved living conditions for Nigerians, particularly through lower food prices and increased employment opportunities for young people.

The president said his administration would expand targeted cash transfers, which he stated had reached more than 10 million households, while accelerating the deployment of compressed natural gas (CNG) and improving agricultural productivity.

He also pledged to improve access to affordable healthcare and quality education under the Renewed Hope Agenda.

Tinubu charged state governments to manage their increased revenues prudently and prioritise projects that would improve living standards, healthcare and education.

He commended the economic management team, state governors and other stakeholders for their roles in implementing the reforms.

The statement partly read, “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.

“I commend the Economic Management Team led by the Minister of Finance and Coordinating Minister of the Economy, state governors and all stakeholders for their cooperation in implementing these 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.”