President Bola Tinubu has declared that the economic measures introduced by his administration are beginning to produce positive outcomes, citing stronger economic performance, an increase in foreign reserves and improved revenue available to state governments.
Tinubu made this known on Sunday while commenting on the World Bank’s October 2026 Nigeria Development Update, which examined how increased government earnings have influenced spending priorities across the states. The report was titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.
According to a statement released by Bayo Onanuga, the president’s Special Adviser on Information and Strategy, Tinubu said the findings supported his administration’s position that its economic decisions were helping to restore stability and establish conditions for long-term development.
The president maintained that the reforms were gradually strengthening the country’s economic outlook and providing opportunities for continued expansion. He also pointed to findings in the World Bank assessment as evidence that some of the economic difficulties experienced in previous years were beginning to ease.
On poverty, Tinubu highlighted the report’s observation that Nigeria’s poverty rate had stabilised for the first time since 2019. The World Bank projected that the situation could improve progressively if economic expansion continued to exceed the country’s population growth.
The report also recorded a notable reduction in inflation during 2025. According to the figures cited, the inflation rate dropped from 27.6 per cent in January to 15.2 per cent by December of the same year.
However, the World Bank noted that the decline had faced fresh challenges following an increase in international fuel prices associated with the conflict in the Middle East. The development has placed additional pressure on efforts to achieve further price reductions.
Despite these challenges, the institution projected that Nigeria’s inflation rate could fall to approximately 12 per cent by 2028, provided the expected improvements in economic conditions materialise.
Nigeria’s external financial position also recorded progress during the period under review. The country’s current account surplus increased to $12 billion, equivalent to seven per cent of gross domestic product, during the first six months of 2026.
This represented an improvement from the $8.6 billion recorded over the corresponding period in the previous year, indicating stronger external balances.
The report further showed that Nigeria’s gross external reserves rose from $45.5 billion at the end of December 2025 to $53.8 billion by the close of August 2026.
The increase in reserves represents another development highlighted in the assessment of the country’s economic performance under the current administration.
Tinubu’s response underscores his administration’s position that the ongoing reforms are beginning to deliver measurable results despite continuing economic pressures.
Nevertheless, the World Bank’s projections on poverty and inflation remain dependent on future economic performance, while rising fuel costs and the high cost of living continue to pose challenges for households and businesses across Nigeria.
