President [Bola Ahmed Tinubu](https://en.wikipedia.org/wiki/Bola_Ahmed_Tinubu) praised the World Bank’s October 2026 Nigeria Development Update, stating the findings validate that the administration’s reform agenda is producing tangible results and putting the economy on a firmer footing.
**What does the World Bank report say about growth?**
The report, titled *Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities*, shows Nigeria’s GDP expanded by **4.2 % in the first half of 2026**, up from **3.9 % in the same period of 2025**. It projects an average growth rate of at least **4.4 % per year between 2026 and 2028**, despite external pressures from the Middle‑East conflict.
**How have inflation and poverty trends changed?**
According to the update, inflation fell from **27.6 % in January 2025** to **15.2 % in December 2025**. Although higher global fuel prices have slowed the downward trend, the Bank expects inflation to ease further to around **12 % by 2028**. The poverty rate, for the first time since 2019, has stabilised, and the Bank anticipates a gradual decline as GDP outpaces population growth.
**Which reforms are credited for revenue gains?**
The analysis attributes a **69 % real‑term increase in federation revenues between 2023 and 2025** to reforms introduced since 2023, with states receiving the largest share. Special Adviser on Information and Strategy Bayo Onanuga highlighted that “internally generated revenue grew in real terms in **31 of 35 states**; **21 states** reduced their debt‑to‑GDP ratio between 2021 and 2025, and Nigeria’s overall public debt is expected to fall from **40.0 % of GDP in 2025** to **38.1 % in 2026**.”
**What are the President’s next steps?**
Tinubu affirmed that the administration will stay the course of reform under the **[Renewed Hope Agenda](https://www.presidency.gov.ng/)**, focusing on inclusive growth. He pledged to expand targeted cash transfers—already reaching over **10 million households**—accelerate CNG deployment, boost agricultural productivity, and improve access to affordable healthcare and quality education. He urged state governments to use their higher revenues prudently, prioritising projects that raise living standards, health and education outcomes.
“**The dividends of reform are becoming visible, but more work remains** to translate them into better living standards for every household, starting with lower food prices and decent jobs for our young people,” the President said, commending the Economic Management Team led by the [Minister of Finance](https://www.finance.gov.ng/) and state governors for their cooperation.
The President concluded that “the best is yet to come under **Renewed Hope Agenda 2.0**, which will accelerate shared prosperity for all Nigerians.”