Tinubu Commends World Bank Report, Urges Prudent Spending
President Bola Tinubu welcomed the World Bank’s latest Nigeria Development Update and urged state governments to spend their increased revenues prudently, focusing on projects that enhance living standards, health, and education. The October 2026 update, titled "Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities," reported a 69 percent increase in federation revenues in real terms from 2023 to 2025, with states being the primary beneficiaries.
Capital spending by states rose by 151 percent during this period, primarily on infrastructure such as roads, agriculture, energy, and housing. Tinubu emphasized that these gains should lead to improved living standards, including lower food prices and job creation for youth.
He commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, for their role in implementing these reforms. The report also noted growth in internally generated revenue in 31 of 35 states and a decrease in the debt-to-GDP ratio for 21 states.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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