Tinubu Defends Economic Reforms Amid World Bank Findings

President Bola Tinubu defended his administration’s economic reforms during a statement in Abuja, referencing a World Bank report that indicates Nigeria's steady economic growth. He highlighted stronger economic growth, rising foreign reserves, and increased revenues to states.

Tinubu revealed that the federal government had forgone over N3.3 trillion in fuel taxes and duties to mitigate rising petrol prices and emphasized the expansion of compressed natural gas (CNG) transportation to reduce living costs. The World Bank's October 2026 Nigeria Development Update confirmed that the difficult decisions made since 2023, such as the removal of the petrol subsidy and unification of the foreign exchange market, have begun to yield positive results.

The report indicated that Nigeria's economy grew by 4.2 percent in the first half of 2026 and projected an average growth of at least 4.4 percent between 2026 and 2028. Additionally, federation revenues increased by 69 percent in real terms from 2023 to 2025, allowing state governments to significantly raise capital expenditure.