The Presidency yesterday reaffirmed that President Bola Ahmed Tinubu remains committed to inclusive growth and implementing tangible measures to ease economic hardship across the country.
It was responding to the World Bank Group report that poverty levels remain alarming, despite increased government revenues at all levels and higher capital spending by federal and state governments.
The Bank said 139 million Nigerians are probably living in poverty.
In a post on X, the Special Adviser to the President on Media and Public Communication, Sunday Dare, outlined key programmes and fiscal reforms driving the administration’s economic recovery and social protection agenda.
According to him, the Tinubu Administration ‘remains firmly focused on improving household welfare through targeted, verifiable interventions’ aimed at ensuring that economic growth translates into improved living standards.
He listed the Conditional Cash Transfer (CCT) as one of the flagship programmes, expanded to reach up to 15 million households nationwide, with over N297 billion disbursed since 2023 to poor and vulnerable families. Beneficiaries, he said, are being enrolled through a verified digital process under the National Social Register.
Dare also highlighted the Renewed Hope Ward Development Programme (RH-WDEP) as ‘a major initiative targeting all 8,809 electoral wards’ to deliver micro-infrastructure, livelihood support, and social services at the grassroots.
He said the administration is consolidating the National Social Investment Programmes (NSIPs) – including N-Power, GEEP micro-loans, and the Home-Grown School Feeding Programme – to protect jobs, support small businesses, and keep children in school.
On food security, Dare said government efforts are focused on curbing inflationary pressures through the distribution of subsidised grains and fertilisers, mechanisation partnerships, and revival of strategic food reserves.
He cited the establishment of the Renewed Hope Infrastructure Fund (RHIF) to finance energy, road, and housing projects expected to reduce living costs and create jobs.
Similarly, the National Credit Guarantee Company (NCGC) is expanding access to affordable credit for small businesses, women, and youth through risk-sharing partnerships with banks.
The presidential aide acknowledged that reforms such as fuel subsidy removal and exchange rate unification have been tough but ‘necessary choices to tackle the root causes of poverty rather than its symptoms.’
‘Even the World Bank has acknowledged that these reforms are restoring macroeconomic stability and renewed growth momentum,’ Dare noted.
He said the administration’s priority remains ensuring that ‘economic growth must be inclusive,’ translating macroeconomic stability into affordable food, quality jobs, and reliable infrastructure.
According to him, investments are being scaled up in agriculture, MSMEs, and power.
He said the agricultural value chain expansion, gas-to-power initiatives, and skills development hubs are all designed to create jobs and lower living costs.
‘As these programmes mature, Nigerians should begin to feel visible improvements in food prices, income, and purchasing power,’ he assured.
He explained that the government is strengthening its social investment architecture through a unified, data-driven framework to enhance transparency and accountability.
This includes scaling up existing NSIP schemes, expanding the National Social Register, and rolling out the Renewed Hope Ward Development Programme to ensure that ‘no vulnerable community is left behind.’
‘The reforms are necessary, the direction is right, and the foundation for a fairer and more prosperous Nigeria is being firmly laid,’ Dare said.
Tinubu to investors: best time to invest now
President Tinubu reiterated his call on local and international investors to take advantage of emerging opportunities in Nigeria, saying reforms have stabilised the economy.
Speaking at the maiden Bauchi Investment Summit yesterday, with the theme ‘Revealing a Resilient Economy: Optimising Investment Partnerships’, the President – represented by Vice President Kashim Shettima – said, ‘Nigeria has exited a space of economic instability. There is no better time to choose Nigeria than now.’
Former President Olusegun Obasanjo, Borno State Governor Babagana Zulum, Sultan of Sokoto Alhaji Muhammad Sa’ad Abubakar III, and business mogul Alhaji Muhammadu Indimi attended the summit.
President Tinubu reaffirmed his administration’s commitment to creating a business-friendly environment through transparency, strong partnerships, and consistent policies.
He praised Governor Bala Mohammed for organising the summit, describing it as ‘a march into the future.’
He identified Bauchi’s potential in agriculture, solid minerals, tourism, and renewable energy as aligning with the Federal Government’s diversification and job creation agenda.
The President listed major achievements, including reducing the debt-service-to-revenue ratio from 100 to less than 50 per cent, a 400 per cent rise in non-oil revenue, GDP growth of 4.23 per cent as of last month, external reserves of $43 billion, and a higher tax-to-GDP ratio of 13.5 per cent, up from seven per cent a few years ago.
‘These gains were made possible by bold reforms that promote productivity over consumption,’ President Tinubu said.
He lauded Indimi for pledging a $250 million investment in Bauchi and urged others to partner with the federal and state governments on viable projects. ‘This is not the time for mere talk. Let us move from paper to performance,’ he added.
Obasanjo, who inaugurated the Sir Ahmadu Bello International Conference Centre, described it as a world-class facility that could make Bauchi a hub for tourism and investment.
He commended Governor Mohammed for his vision and pledged to support the state’s investment drive.
Mohammed assured investors of safety, saying: ‘We will make you and your investments safer than us.’
He said the state would expand solar projects and improve water management to support industrial growth.
World Bank: reforms boost revenue
The World Bank Group reported that Nigeria’s economic reforms have significantly increased government revenues at all levels, leading to higher capital spending by federal and state governments.
This was contained in its Nigeria Development Update (NDU) titled ‘From Policy to People: Bringing the Reform Gains Home’, released in Abuja yesterday.
World Bank Country Director for Nigeria, Mathew Verghis, said the reforms are delivering measurable fiscal outcomes, including improved revenue generation, higher public investment, and macroeconomic stability.
Lead Economist Samer Matta said gross revenues shared as federation allocations have risen sharply over the past eight months.
However, he cautioned that ‘a large portion of what is collected goes to deductions that don’t impact real development outcomes.’
The report noted that sub-governments now allocate 60-65 per cent of total spending to capital projects.
Capital spending by states rose from about one per cent of GDP in 2022 to a projected 2.7 per cent by 2025.
Verghis observed that at the federal level, recurrent expenditure still dominates, with wages and salaries taking about 70 per cent of total spending.
He said the economy is showing ‘encouraging signs of stabilisation’ as revenue collection improves, debt indicators strengthen, and inflation begins to ease.
However, he warned that poverty levels remain alarming, projecting 139 million Nigerians could live in poverty by 2025. ‘The challenge is how to translate stabilisation gains into better living standards,’ he said.
Verghis urged the government to reduce inflation, especially food inflation, use public funds efficiently, and expand social safety nets.
The report projects GDP growth to rise to 4.4 per cent by 2027, driven by stronger services, agriculture rebound, and industrial recovery under a stable macroeconomic environment.
Inflation is expected to fall to 15.8 per cent, and fiscal deficit to average 2.7 per cent of GDP between 2026 and 2027.
Nigeria’s debt, the Bank said, would remain stable in the low 40 per cent of GDP range, though risks persist from oil price shocks, reform fatigue, and climate events.
Overall, the World Bank said Nigeria’s reforms are yielding fiscal and macroeconomic gains, but the main challenge remains ensuring these translate into tangible improvements in living standards and poverty reduction.