Tinubu urges states to use ‘higher’ revenues prudently

President Bola Tinubu has urged Nigeria's state governments to wisely utilize their increased revenues and prioritize projects that enhance the standard of living for citizens. This call follows the World Bank's October 2026 Nigeria Development Update, which highlights the positive impact of the country's economic reforms. Tinubu's Special Adviser on Information and Strategy, Bayo Onanuga, announced the president's remarks in a State House release.

The reforms, including the removal of fuel subsidies, unification of the foreign exchange market, and fiscal discipline, have resulted in higher revenues and a more stable economy, according to the World Bank. Tinubu stated that these reforms have created fiscal space for all levels of government to invest in their people. He emphasized that prosperity should be shared by all Nigerians through targeted cash transfers, increased agricultural productivity, and improved access to healthcare and education.

The World Bank projects Nigeria's economy to grow by an average of 4.4% between 2026 and 2028, with inflation expected to ease to around 12% by 2028. The report also highlights that 31 out of 35 states have seen an increase in internally generated revenue in real terms, and 21 states have reduced their debt-to-GDP ratio between 2021 and 2025.