President Bola Tinubu says the World Bank's October 2026 Nigeria Development Update confirms his administration's economic reforms are yielding results and strengthening the economy for sustained growth. The statement, made by Presidential Spokesperson Mr Bayo Onanuga on Sunday in Abuja, is contained in the report. Tinubu welcomed the report, titled 'Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities', highlighting improvements in economic growth, revenue generation and fiscal management. The President noted the World Bank's finding that Nigeria's poverty rate had stabilised for the first time since 2019, and said poverty was expected to decline gradually as economic growth outpaced population growth. According to the report, the economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in 2025, despite the impact of the Middle East conflict.
Don't miss out on breaking stories and in-depth articles.
