President Tinubu vows to expand cash transfers — Premium Times Nigeria

Nigerian President Bola Tinubu said his administration will expand the targeted cash transfer programme, which has already reached more than 10 million households. He said this while commenting on the World Bank’s latest Nigeria Development Update, Premium Times reports.

According to Tinubu, the authorities also seek to ensure that economic reforms are more fully reflected in the living standards of Nigerian households, including through lower food prices and the creation of decent jobs for young people.

World Bank assessment

Tinubu called the World Bank’s findings evidence of the effectiveness of his administration’s reforms and said they had laid the foundation for sustainable economic growth. The report states that Nigeria’s economy grew by 4.2% in the first half of 2026, compared with 3.9% in the same period of 2025.

The World Bank forecasts Nigeria’s average economic growth at no less than 4.4% in 2026–2028. It also estimates that inflation, which fell from 27.6% in January 2025 to 15.2% in December 2025, will slow to around 12% by 2028.

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Nigeria’s current account surplus in the first half of 2026 rose to $12 billion, or 7% of GDP, compared with $8.6 billion a year earlier. The country’s gross external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.

State revenues and next steps

According to the report, federation revenues increased by 69% in real terms between 2023 and 2025, with states benefiting the most. Internally generated revenue in real terms increased in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios in 2021–2025. The World Bank expects Nigeria’s total public debt to decrease from 40% of GDP in 2025 to 38.1% in 2026.

Tinubu said states increased capital expenditure by 151% in real terms, directing a significant share of the funds to roads and other transport, agriculture, energy and housing. The president also promised to accelerate the use of compressed natural gas (CNG), increase agricultural productivity and improve access to affordable healthcare and quality education.

He called on state governments to use the additional revenues more prudently and prioritise projects that improve healthcare, education and living standards.