States got richer as Nigeria’s revenue rose by 93% – World Bank report
The Washington-based World Bank has disclosed that revenues allocated to states, or subnational governments in Nigeria grew by 93 per cent in real terms over two years. The bank made this disclosure in its October Nigeria Development Update on Thursday. According to the World Bank, revenue allocations to states surged following the removal of fuel subsidy between […] States got richer as…
The World Bank has reported that Nigeria's revenue allocated to states increased by 93 percent in real terms over a two-year period, according to its latest October Development Update. This surge in state revenue occurred after the removal of fuel subsidies between 2023 and 2025. The bank posits that the rise in state revenues could lead to an improvement in living standards for citizens and a reduction in poverty levels.
However, it emphasizes the need for state governments to enhance spending efficiency and invest more in human capital to realize these improvements. Mathew Verghis, the World Bank Country Director for Nigeria, stated that bolstering spending efficiency, accountability, and service delivery would be crucial in ensuring that public resources enhance the lives of Nigerians.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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