Nigeria’s Growth Hits 4.2% As State Revenues Rise By 93% — World Bank
The bank said higher oil prices and reforms lifted state finances, while capital spending rose to 61% of total expenditure.
- On Thursday, The Washington-based World Bank reported in its October Nigeria Development Update that state revenues rose by approximately 93 per cent in real terms over two years, while Nigeria's economy grew by 4.2 per cent in the first half of 2026.
- Macroeconomic reforms, including the removal of the fuel subsidy between 2023 and 2025, drove the revenue surge, with gross federation revenues increasing by 69 per cent in real terms during the period.
- The additional resources supported higher capital spending, whose share of total state expenditure rose from 46 per cent to 61 per cent, with Transport infrastructure recording the largest increase in investment.
- World Bank Country Director for Nigeria Mathew Verghis said strengthening spending efficiency remains essential, noting Education's share of total expenditure fell to 12.1 per cent in 2025 despite revenue gains.
- Higher Oil prices strengthened export earnings, helping the current account surplus rise to $12 billion, equivalent to 7.1 per cent of GDP, in early 2026, as the bank projected average economic growth of 4.4 per cent between 2026 and 2028.
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Nigerian states’ revenue rises 93%, education spending falls — World Bank
Nigeria’s 36 states recorded a 93 per cent increase in revenue between 2023 and 2025, but education’s share of total expenditure declined, the World Bank has said. The bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenue has influenced spending priorities across the federation. The report was made available […]
Nigeria’s Economy Grows 4.2% As State Revenues Jump 93% — World Bank - TV360 Nigeria
Increased government earnings fuel infrastructure investment across states, but education and healthcare spending lag as inflation continues to squeeze households………. Nigeria’s economy expanded by 4.2 per cent in the first half of 2026, as rising government revenues gave state governments greater capacity to invest in infrastructure, although spending on essential social services continued to trail …
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