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Tinubu Celebrates Latest World Bank Report, Insists Nigerians Will Feel Impact .Of His Reforms.
President Bola Tinubu has maintained that his administration’s economic reforms are yielding positive results and putting Nigeria’s economy on a stronger path towards sustainable growth.....KINDLY READ THE FULL STORY HERE▶
The President made this assertion in a statement issued on Sunday by his spokesperson, Bayo Onanuga, following the release of the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.
According to Tinubu, the World Bank report indicates that Nigeria’s poverty rate has stabilised for the first time since 2019, with the institution projecting a gradual decline in poverty as economic growth begins to outpace population growth.
The President also highlighted the country’s economic performance despite the impact of the ongoing conflict in the Middle East.
He said the report showed that Nigeria’s economy expanded by 4.2 per cent in the first half of 2026, compared with 3.9 per cent recorded during the corresponding period in 2025. The World Bank also projected that economic growth would average at least 4.4 per cent between 2026 and 2028.
On inflation, Tinubu noted that the report recorded a decline from 27.6 per cent in January 2025 to 15.2 per cent in December 2025. However, the increase in global fuel prices linked to the Middle East conflict has slowed further reductions. The World Bank expects inflation to ease to approximately 12 per cent by 2028.
The President further pointed to improvements in Nigeria’s external position, noting that the current account surplus increased to $12 billion, representing 7.0 per cent of Gross Domestic Product (GDP), in the first half of 2026, compared with $8.6 billion recorded a year earlier.
He added that the country’s gross external reserves rose from $45.5 billion at the end of 2025 to $53.8 billion by the end of August 2026.
The statement also highlighted the impact of the administration’s reforms on revenue generation and spending by state governments.
According to the report, reforms introduced since 2023 increased federation revenues by 69 per cent in real terms between 2023 and 2025, with state governments emerging as the biggest beneficiaries.
The additional revenue reportedly enabled states to increase capital expenditure by 151 per cent in real terms over the same period, with much of the spending directed towards roads and transportation, agriculture, energy and housing.
The report further indicated that 29 of 33 states redirected more of their spending towards economic infrastructure, while real social spending per person increased in all but one state.
Tinubu also cited findings showing that internally generated revenue increased in real terms in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios between 2021 and 2025.
He added that Nigeria’s overall public debt was projected to decline from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.
The President said the findings demonstrated the impact of what he described as difficult but necessary policy decisions, including the removal of the petrol subsidy, the unification of the foreign exchange market and efforts to strengthen fiscal discipline.
According to him, the measures have boosted government revenue, helped stabilise the economy and created additional fiscal resources for federal, state and local governments to invest in development.
Tinubu, however, acknowledged that more work was needed to ensure the benefits of the reforms translated into improved living conditions for Nigerians, particularly through lower food prices and increased employment opportunities for young people.
He assured Nigerians that his administration would sustain the reform programme while intensifying efforts to promote inclusive economic growth under the Renewed Hope Agenda.
The President also disclosed that targeted cash transfers had reached more than 10 million households, adding that the government would expand the initiative alongside efforts to accelerate the adoption of compressed natural gas (CNG), improve agricultural productivity and increase access to affordable healthcare and quality education.
Tinubu urged state governments to manage their increased revenues responsibly and prioritise projects capable of improving the welfare of residents, particularly in the areas of healthcare, education and other essential services.
He also commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, as well as state governors and other stakeholders, for their cooperation in implementing the reforms.
The President concluded by expressing confidence that the Renewed Hope Agenda 2.0 would accelerate the delivery of shared prosperity and ensure that the gains of economic reforms benefit Nigerians across the country.
The resignation of Segun Ogunwuyi as Chief of Staff to Oyo State Governor Seyi Makinde has been linked to speculation that he may defect to the All Progressives Congress (APC).....KINDLY READ THE FULL STORY HERE▶
Ogunwuyi announced his resignation in a letter dated Monday, October 12, 2026, stating that his decision took effect from the date of the letter.
In the letter, he expressed appreciation for the opportunity to serve the people of Oyo State and contribute to the achievements of the Makinde administration. However, he did not immediately disclose a specific reason for his departure.
Following the development, a source familiar with the matter told Vanguard that Ogunwuyi’s resignation was connected to internal political disagreements within Makinde’s camp ahead of the 2027 general election.
The source also suggested that the former Chief of Staff could be considering a move to the APC in the coming days.
“There have been internal disagreements within the political camp, and Ogunwuyi’s resignation has further fuelled speculation about possible realignments ahead of the 2027 elections,” the source said.
“There are suggestions that he could be considering joining the APC, but we cannot say that definitively at this stage,” the source added.
However, as of the time of filing this report, Ogunwuyi had neither confirmed nor denied the speculation surrounding a possible defection.
Makinde Appoints New Chief Of Staff
Meanwhile, Governor Makinde has appointed Bashorun Akinwale Akinwole, popularly known as Wolekanle, as Ogunwuyi’s successor.
The governor also named Mrs Aderonke Adedayo as the new Director-General of the state’s Due Process Office.
According to appointment letters signed by the Secretary to the State Government, Prof. Musibau Babatunde, both appointments take immediate effect.
The Economic and Financial Crimes Commission (EFCC) on Monday, October 12, 2026, arraigned Aluminium Smelter Company of Nigeria (ALSCON) Plc and its director, Zavyalov Dmitry, before the Federal High Court in Abuja over alleged money laundering offences involving ₦582,430,250.....KINDLY READ THE FULL STORY HERE▶
The defendants were brought before Justice O. A. Egwuatu on a six-count amended charge marked FHC/ABJ/CR/644/2025. Dmitry was reportedly at large as of the time of the arraignment.
According to the charge, ALSCON, described as a Designated Non-Financial Business and Profession (DNFBP), and its director allegedly failed to report certain large single transfers from the company’s account to the Special Control Unit Against Money Laundering (SCUML), as required by Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The alleged transactions occurred between March and July 2024 and involved payments to UDATSON Nigeria, Urico Global Services and an individual identified as Christopher Azogu.
The charge listed transfers of ₦147,515,050 in March 2024, ₦156,026,860 in April and ₦121,425,200 in May, all paid to UDATSON Nigeria. Another payment of ₦127,338,190 was reportedly made to the same company in July 2024.
Other transactions listed were ₦15,124,950 paid to Urico Global Services in April 2024 and ₦15 million paid to Christopher Azogu in June 2024.
Count one alleged that ALSCON and Dmitry failed to report a transfer of ₦147,515,050 paid to UDATSON Nigeria from an account operated by the company in March 2024.
Count two contained a similar allegation concerning the transfer of ₦156,026,860 to UDATSON Nigeria in April 2024.
Count four alleged that the defendants failed to report a transfer of ₦121,425,200 to UDATSON Nigeria in May 2024.
The EFCC accused the defendants of offences punishable under Sections 11(3), 19(2)(b) and 22 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission’s lead counsel, Ekele Iheanacho, SAN, informed the court that the alleged offences were covered by the provisions cited in the charge.
When the charges were read, ALSCON’s Acting Managing Director, Ime Monday Inyang, entered a not-guilty plea on behalf of the company on all six counts.
The company’s lawyer subsequently urged the court to quash the charges, maintaining that ALSCON was innocent of the allegations.
After hearing the parties, Justice Egwuatu adjourned the case until January 27, 2027, for the commencement of trial.
A mild drama occurred at the inaugural Seyi Tinubu Colloquium in Lagos when House of Representatives member Kafilat Ogbara declined to shake hands with Mayor Dele Oshinowo, who defeated her in the All Progressives Congress (APC) primary for Kosofe Federal Constituency.....KINDLY READ THE FULL STORY HERE▶
A video of the incident, which has circulated online, showed Oshinowo, a former Executive Chairman of Agboyi-Ketu Local Council Development Area, approaching Ogbara and extending his hand in greeting.
However, Ogbara remained seated and turned away as Oshinowo approached her after exchanging greetings with other attendees at the event.
The lawmaker was also heard telling him, “Welldone, how are you? I cannot shake you.”
Oshinowo reacted animatedly before walking away from the scene.
The incident comes months after Oshinowo emerged as the APC candidate for Kosofe Federal Constituency in May 2026 ahead of the 2027 general election.
The two politicians have also been associated with previous political disagreements, including disputes in 2025 over the demolition of the Owode-Onirin market.
APC Targets 80 Per Cent Of Votes In Sokoto For Tinubu
Meanwhile, the APC has declared its intention to secure at least 80 per cent of the votes in Sokoto State for President Bola Tinubu in the 2027 general election.
The party also expressed confidence that it would win all elective positions in the state, including the governorship, Senate, House of Representatives and State House of Assembly seats.
The APC National Chairman’s Senior Special Assistant on Media and Publicity, Alhaji Yusuf Dingyadi, disclosed this on Sunday at Dundaye, the headquarters of Dundaye District in Wamakko Local Government Area of Sokoto State.
Dingyadi spoke during an empowerment programme organised by the Managing Director of the Sokoto State Media Corporation, Alhaji Labaran Dundaye, to provide financial assistance to 300 beneficiaries.
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