{
  "id": 13053621,
  "title": "Nigeria’s state revenues rise 93% in real terms as capital spending expands — World Bank",
  "url": "https://urgent.news/2026/10/09/nigerias-state-revenues-rise-93-in-real-terms-as-capital-spending",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T05:47:33.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/09/nigerias-state-revenues-rise-93-in-real-terms-as-capital-spending-expands-world-bank/"
  },
  "original_language": "en",
  "account": "Between 2023 and 2025, state government revenues in Nigeria climbed by 93% in real terms, while expenditure grew by 92%, thanks to higher public receipts fueling an expansion in capital spending, according to the World Bank. The World Bank's latest Nigeria Development Update (NDU) examines how increased revenues have altered spending priorities across states. The report, titled \"Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,\" reveals that the share of state expenditure dedicated to capital projects surged from 46% to 61% over the same period. Factors like improved federation revenues, foreign exchange reforms, the end of the petrol subsidy, and better revenue administration contributed to the surge in public resources at the state level. However, the report highlights that while states allocated a larger portion of their budgets to capital projects, education's spending share declined, sparking questions about the balance between infrastructure investment and social services. The World Bank suggests that the higher revenues offer states a chance to tackle infrastructure gaps and enhance access to vital public services. They also emphasize the need for states to enhance spending efficiency, accountability, and service delivery to ensure public resources uplift Nigerians' lives. The report also points to progress in fiscal reporting, transparency, and internally generated revenue among states, but identifies improving spending efficiency and boosting revenue mobilization as priorities for the next round of reforms. This comes amid a broader economic improvement in Nigeria, though inflationary pressures persist as a concern. The report notes that higher fuel prices and seasonal food pressures have slowed the pace of disinflation since inflation fell from 27.6% in January 2025 to 15.2% in December 2025. The World Bank projects Nigeria's economy will expand by an average of 4.4% from 2026 to 2028, with inflation expected to settle around 12% by 2028, and poverty levels gradually decreasing. The report's findings indicate that states must maintain these gains by improving spending efficiency, strengthening accountability, and ensuring that higher revenues lead to tangible improvements in living standards.",
  "summary": "State government revenues in Nigeria rose by 93% in real terms between 2023 and 2025, while expenditure increased by 92%, as higher public receipts supported an expansion in capital spending, according to the World Bank. The post Nigeria’s state revenues rise 93% in real terms as capital spending expands — World Bank appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Dawn Business",
        "title": "State Bank reserves rise by $15m",
        "url": "https://urgent.news/2026/10/09/state-bank-reserves-rise-by-15m",
        "published": "2026-10-09T02:23:12.000Z"
      },
      {
        "outlet": "The Economic Times",
        "title": "Bank profits may rise 25% in Q2FY27: Report",
        "url": "https://urgent.news/2026/10/09/bank-profits-may-rise-25-in-q2fy27-report",
        "published": "2026-10-09T04:02:39.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}