President Bola Ahmed Tinubu has stated that the World Bank's 2026 Report has vindicated his administration's economic reforms. According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the report shows that Nigeria's economy grew 4.2% in the first half of 2026, up from 3.9% in the first half of 2025. This growth is despite the impact of the conflict in the Middle East.
The World Bank projects that Nigeria's growth will average at least 4.4% between 2026 and 2028. The report also notes a decline in inflation, from 27.6% in January 2025 to 15.2% in December 2025. However, higher global fuel prices have slowed the decline, but the World Bank expects inflation to ease to about 12% by 2028. These developments have been attributed to the reforms implemented by Tinubu's administration since 2023.
The World Bank report credits the reforms with raising federation revenues by 69% in real terms between 2023 and 2025. States have been the largest beneficiaries of these increased revenues. The report also notes that states have used these additional resources to increase capital spending by 151% in real terms over the same period. Most of the increase has gone towards roads and other transport, agriculture, energy, and housing.
Twenty-nine of 33 states have shifted their spending towards economic infrastructure, while real social spending per person has risen in all but one state. Internally generated revenue has grown in real terms in 31 of 35 states. Additionally, 21 states have reduced their debt-to-GDP ratio between 2021 and 2025. Nigeria's overall public debt is expected to fall from 40.0% of GDP in 2025 to 38.1% in 2026.
President Tinubu has attributed the positive profile of Nigeria's economy to his administration's bold economic decisions. These decisions include the removal of fuel subsidy, unification of the foreign exchange rate, and fiscal discipline. Tinubu has tasked state governors to use the higher revenues from the Federation Account prudently. He emphasized that the dividends of reform are becoming visible but more work remains to ensure they translate into better living standards for every household.
Tinubu's administration will continue to focus on inclusive growth under the Renewed Hope Agenda. The administration plans to expand targeted cash transfers, which have already reached more than 10 million households. It will also accelerate the deployment of Compressed Natural Gas (CNG), raise agricultural productivity, and improve access to affordable healthcare and quality education.
President Tinubu has commended the Economic Management Team, state governors, and other stakeholders for their cooperation in implementing these reforms. He assured Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which aims to accelerate the delivery of shared prosperity for all Nigerians.
Key points
- The World Bank report has vindicated President Tinubu's economic reforms, citing growth and reduced inflation.
- Nigeria's economy grew 4.2% in the first half of 2026, up from 3.9% in the first half of 2025.
- The World Bank projects Nigeria's growth to average at least 4.4% between 2026 and 2028.
