Tinubu promises lower food prices, more jobs as World Bank backs reforms

President Bola Tinubu has welcomed the World Bank’s latest assessment of Nigeria’s economy, saying its findings demonstrate that his administration’s reforms are producing results despite persistent challenges facing households.
In a statement issued on Sunday by his special adviser on information and strategy, Bayo Onanuga, Tinubu said the October 2026 Nigeria Development Update confirmed that the economy was moving towards sustained growth.
The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, showed that Nigeria’s economy expanded by 4.2% in the first half of 2026, compared with 3.9% during the corresponding period in 2025.
The World Bank projected average economic growth of at least 4.4% between 2026 and 2028, while noting that the poverty rate had stabilised for the first time since 2019.
“The Bank expects poverty to decline gradually as GDP grows faster than the population,” the statement said.
Tinubu also highlighted improvements in inflation, external reserves and government revenues.
According to the statement, inflation declined from 27.6% in January 2025 to 15.2% in December 2025, although rising global fuel prices had subsequently slowed the downward trend.
Nigeria’s external reserves increased from $45.5bn at the end of 2025 to $53.8bn in August 2026, while the current account surplus reached $12bn during the first half of the year.
The President said reforms introduced since 2023 had increased federation revenues by 69% in real terms between 2023 and 2025, enabling state governments to expand capital expenditure by 151%.
He attributed the improvements to the removal of petrol subsidies, foreign exchange reforms and stronger fiscal discipline.
“The dividends of reform are becoming visible. But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people,” Tinubu said.
He pledged to expand targeted cash transfers, improve agricultural productivity, accelerate compressed natural gas adoption and strengthen healthcare and education.
The President also urged governors to ensure that increased revenues translated into meaningful improvements in citizens’ living standards.
“Our administration will stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda,” he said.
Tinubu maintained that his administration remained committed to delivering broader economic prosperity, declaring that “the best is yet to come”.