Tinubu Welcomes World Bank Report, Says Economic Reforms Are Yielding Results

By Micheal Chukwuebuka

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.