Tinubu Welcomes World Bank Report Proving Reforms Are Working
ABUJA, NIGERIA — President Bola Ahmed Tinubu has welcomed the World Bank’s October 2026 Nigeria Development Update, calling it definitive proof that his administration’s aggressive economic reforms are delivering tangible results.
The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, highlights major positive shifts in Nigeria’s macroeconomic trajectory. Most notably, the World Bank found that Nigeria’s poverty rate has stabilised for the first time since 2019, with projections indicating a gradual decline as economic growth begins to outpace population expansion.
According to the data, Nigeria’s economy expanded by 4.2 per cent in the first half of 2026, improving upon the 3.9 per cent growth recorded during the same period in 2025. This growth occurred despite global economic headwinds caused by conflicts in the Middle East. The World Bank expects this upward trend to continue, forecasting an average growth rate of at least 4.4 per cent between 2026 and 2028.
On the inflation front, the report notes a dramatic drop from 27.6 per cent in January 2025 to 15.2 per cent by December 2025. While rising global fuel prices have slightly slowed down further cooling, inflation is still projected to drop to roughly 12 per cent by 2028. Additionally, the country’s external buffers have strengthened, with gross external reserves climbing to US$53.8 billion at the end of August 2026, up from US$45.5 billion at the close of 2025.
President Tinubu attributed these milestones directly to his administration’s bold fiscal policies, including the elimination of the petrol subsidy and the unification of the foreign exchange market.
“These findings confirm that the difficult but necessary decisions… have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people,” President Tinubu said in a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga.
The report also reveals that the reforms boosted real federation revenues by 69 per cent between 2023 and 2025. State governments emerged as the primary beneficiaries, utilizing the influx of funds to skyrocket their real capital spending by 151 per cent, focusing heavily on critical infrastructure like transport, agriculture, energy, and housing.
Looking forward, the President assured citizens that the administration will redouble its efforts under the “Renewed Hope Agenda 2.0” to ensure these macroeconomic gains translate directly into lower food prices, job creation for youth, and expanded social safety nets like targeted cash transfers.
