These increased revenues have enabled states to boost capital expenditure by 151% in real terms, with spending directed towards infrastructure, agriculture, energy, and housing. The World Bank noted that 29 out of 33 states shifted their spending towards economic infrastructure, and real social spending per person increased in almost all states. The report also projects Nigeria's economy to grow at an average of 4.4% between 2026 and 2028.
President Tinubu stated that the removal of the petrol subsidy, unification of the foreign exchange market, and efforts to strengthen fiscal discipline have contributed to increased government revenues and economic stabilization. He also mentioned that the federal government has waived over N3.3 trillion in fuel taxes and duties to mitigate the impact of rising petrol prices. The expansion of compressed natural gas (CNG) transportation is also being promoted as a measure to reduce living costs.
The World Bank report also indicated a fall in inflation from 27.6% in January 2025 to 15.2% by December 2025, though global fuel prices have slowed this trend. Nigeria's external position has improved, with the current account surplus rising to $12 billion and gross external reserves increasing to $53.8 billion by August 2026. Poverty levels have reportedly stabilized for the first time since 2019.
Tinubu emphasized that while reforms are showing visible dividends, further work is needed to improve living standards, including lowering food prices and creating jobs. He assured that the administration would continue with its reform agenda, focusing on inclusive growth. The president also highlighted the benefits of CNG transportation, citing examples of reduced travel costs for commuters and drivers.