Says FG waived N3.3tn gasoline taxes, duties to ease costs
Urges opponents to clarify what their guarantees will price
Again, presidency knocks Atiku’s subsidy plan, says it’s unrealistic
W’Bank: Nigeria amongst high 10 recipients of $112bn non-public capital in 2026
Deji Elumoye and Emmanuel Addeh in Abuja
President Bola Tinubu yesterday defended his administration’s financial reforms, citing stronger financial development, rising overseas reserves and elevated revenues to states, and welcomed final week’s World Bank report indicating Nigeria’s regular financial development.
The president additionally disclosed that the federal authorities had forgone greater than N3.3 trillion in gasoline taxes and duties to cushion the influence of rising petrol costs, whereas highlighting the growth of compressed pure gasoline (CNG) transportation as a part of efforts to cut back the price of residing.
The president’s feedback on the reforms got here because the nation emerged among the many high 10 recipients of the $112 billion non-public capital mobilised by the World Bank Group within the yr ended June 2026, in response to data from the worldwide lender.
Besides, the presidency has once more knocked the gasoline manufacturing subsidy being proposed by former Vice President and candidate of the African Democratic Congress (ADC) within the January 2027 presidential ballot, Atiku Abubakar, describing it as ‘unrealistic’.
However, in an announcement issued by his Adviser on Information and Strategy, Bayo Onanuga, Tinubu mentioned the World Bank’s October 2026 Nigeria Development Update, titled: “Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,” confirmed that the tough choices taken since 2023 had been starting to yield outcomes.
Tinubu mentioned the removing of the petrol subsidy, unification of the overseas change market and efforts to strengthen fiscal self-discipline had elevated authorities revenues, stabilised the financial system and created room for federal and state governments to spend money on growth.
“These findings verify that the tough however essential choices to take away the petrol subsidy, unify the overseas change market and strengthen fiscal self-discipline have raised revenues, stabilised the financial system and created fiscal area for each tier of presidency to spend money on its folks.
“The dividends of reform have gotten seen. But extra work stays to make sure they absolutely translate into higher residing requirements for each family, beginning with decrease meals costs and respectable jobs for our younger folks.
“Our administration will stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda,” he assured.
What the World Bank Report Says
According to the report, Nigeria’s financial system grew by 4.2 per cent within the first half of 2026, in contrast with 3.9 per cent within the corresponding interval of 2025, regardless of the consequences of the battle within the Middle East. The World Bank additionally projected that development would common a minimum of 4.4 per cent between 2026 and 2028.
Besides, the World Bank report discovered that federation revenues elevated by 69 per cent in actual phrases between 2023 and 2025, with state governments rising as the most important beneficiaries. The further sources enabled states to boost capital expenditure by 151 per cent in actual phrases over the identical interval.
Most of the rise in state spending, it mentioned, went into roads and different transport infrastructure, agriculture, vitality and housing. According to the report, 29 of 33 states shifted their spending in the direction of financial infrastructure, whereas actual social spending per particular person elevated in all however one state.
The report additionally discovered that Internally Generated Revenue (IGR) grew in actual phrases in 31 of 35 states, whereas 21 states decreased their debt-to-GDP ratios between 2021 and 2025. Nigeria’s general public debt is projected to say no from 40 per cent of gross home product in 2025 to 38.1 per cent in 2026.
On inflation, the report famous that the speed fell from 27.6 per cent in January 2025 to fifteen.2 per cent in December 2025. However, greater world gasoline costs linked to the Middle East battle have slowed the tempo of disinflation, even because the World Bank mentioned it expects inflation to ease to about 12 per cent by 2028.
Nigeria’s exterior place additionally improved, with the present account surplus rising to $12 billion, equal to 7 per cent of GDP, within the first half of 2026, from $8.6 billion within the corresponding interval of 2025. Gross exterior reserves elevated from $45.5 billion on the finish of 2025 to $53.8 billion on the finish of August 2026.
The report additional indicated that poverty had stabilised for the primary time since 2019, with the World Bank anticipating a gradual decline as financial development outpaces inhabitants development.
Tinubu Elated, Welcomes Findings
While welcoming the report, Tinubu mentioned his administration would increase focused money transfers, which he mentioned had reached greater than 10 million households, whereas accelerating CNG deployment and bettering agricultural productiveness, healthcare and schooling.
“I urge state governments to make use of their greater revenues extra prudently and prioritise initiatives that enhance the residing requirements of Nigerians, and the well being and schooling of our folks.
“I commend the Economic Management Team led by the Minister of Finance and Coordinating Minister of the Economy, state governors and all stakeholders for his or her cooperation in implementing these reforms.
“I assure Nigerians that the best is yet to come under the Renewed Hope Agenda 2.0, which will accelerate the delivery of shared prosperity for all Nigerians,” he acknowledged.
Beyond the event replace, the president used his message on X yesterday to focus on what he described as the advantages of government-backed CNG transportation, citing commuters and business drivers who mentioned the choice gasoline had decreased their journey prices.
Tinubu expressing his view on a documentary on the progress of the CNG initiative in Nigeria, recounted the expertise of some residents, together with Blessing, whose journey from Masaka to Berger within the Federal Capital Territory, he mentioned now prices N500, in contrast with N1,500 beforehand, representing a saving of N1,000 per journey.
He additionally cited Ada and Abigail, who reportedly pay N1,600 to journey from Enugu to Nsukka as an alternative of N4,000, saving N2,400 per journey. A taxi driver within the video, Kabir, informed the president that N10,000 price of CNG enabled him to make three further return journeys in contrast with colleagues utilizing petrol. Tinubu additionally mentioned he had obtained studies from Borno of commuters paying as little as N50 per journey on CNG and electrical automobiles.
“Your numerous experiences present what our funding in CNG transportation is meant to realize. Lower working prices for drivers ought to translate into extra reasonably priced fares for passengers, leaving households with extra money for his or her on a regular basis wants.
“When we removed the petrol subsidy, I knew the decision would bring difficulties for many households. With that decision came a responsibility to provide practical alternatives that would ease transportation costs. Your stories show this is already happening, and I want more Nigerians to experience these benefits,” he added.
The president mentioned the federal authorities was working with state governments, by means of the Nigeria Governors’ Forum (NGF), and personal traders to increase providers underneath the National Affordable CNG Transportation Programme.
He disclosed that Ekiti had obtained 15 buses in current weeks, Lagos 20, whereas Akwa Ibom had 50 buses prepared for service. Katsina had launched 30 CNG hybrid buses and 200 electrical tricycles, whereas Kano had obtained 30 CNG buses and 5 electrical buses, with one other rollout scheduled for Edo.
Tinubu added that Kaduna’s 100 CNG buses had carried greater than 3 million passengers, whereas over 400 licensed centres had transformed greater than 120,000 automobiles to CNG. The authorities, he mentioned, was additionally increasing refuelling infrastructure to enhance entry to different gasoline.
“I additionally recognise the stress rising petrol costs place on households and companies. To cushion the influence, we’ve waived over N3.3 trillion in gasoline taxes and duties. NNPC Retail is foregoing its revenue margin for 30 days, prioritising public transport operators, whereas we work in the direction of a N1,350-per-litre ceiling on wholesale petrol provide prices to cut back worth volatility.
“These measures are intended to ease the immediate burden while we continue expanding affordable transportation alternatives,” he identified.
Tinubu additionally challenged opposition politicians looking for to steer the nation to clarify the fee and sustainability of their proposals, arguing that political guarantees have to be supported by credible financing plans.
He added: “Every dedication have to be sustainable and backed by a reputable plan. That accountability guides our choices, together with the tough ones. Anyone looking for to steer Nigeria must be ready to clarify what their guarantees will price, how they’ll ship them, and whether or not they can maintain them.
“Promises are easy to make when the costs can be postponed, leaving Nigerians and future generations to pay the bill.”
‘Nigeria Among Top 10 Recipients of $112bn Private Capital’
The president’s defence of the reforms got here as Nigeria has emerged among the many high 10 recipients of personal capital mobilised by the World Bank Group. The financial institution attracted a file $112 billion in non-public capital within the yr ended June 2026, up from $69 billion within the previous yr.
World Bank Group President, Ajay Banga, disclosed the figures in an interview with Reuters forward of the annual conferences of the International Monetary Fund (IMF) and the World Bank. Nigeria was listed alongside Brazil, India, Turkey, Romania, Argentina, South Africa, Bangladesh, Mexico and Chile among the many main recipients.
The $112 billion in non-public capital mobilised was along with $123 billion invested from the World Bank Group’s personal sources, bringing its mixed financing to $235 billion through the yr. Africa attracted $22 billion in non-public capital, whereas Latin America and the Caribbean obtained $36.3 billion, Europe and Central Asia $21.3 billion, and South Asia $19.2 billion.
The World Bank’s figures indicated the dimensions of efforts to attract non-public funding into growing economies at a time of mounting financing wants.
Banga mentioned the World Bank was additionally discussing potential disaster help with 30 to 40 nations as rising vitality and fertiliser costs linked to the Middle East battle threaten to extend financial pressures.
The financial institution had initially made $25 billion obtainable to nations when the battle started in late February, however comparatively few had sought help at first, partly as a result of the worldwide financial system had proved extra resilient than anticipated. Banga mentioned nations might entry one other $35 billion by redirecting sources from beforehand accepted World Bank initiatives.
“There is pressure, and so I think maybe over the coming months, more countries will come for some slice of that first $50 to $60 billion,” Banga mentioned. “We’ll see, but we’re ready. We’re engaged. We’re having conversations with a number of them, you know, 30 to 40 countries are in dialogue with us,” he added.
Banga mentioned the financial institution might make as a lot as $100 billion obtainable if the scenario deteriorated, exceeding the $70 billion it disbursed through the COVID-19 pandemic.
Presidency Knocks Atiku’s Petrol Subsidy Proposal
Meanwhile, the presidency yesterday once more knocked the gasoline manufacturing subsidy being proposed by former Vice President Atiku.
Describing it as unrealistic, it defined that Nigeria doesn’t have the crude oil volumes to fund it. It additionally described the plan as a harmful mathematical fantasy wrapped in political deceit.
Presidential spokesperson, Sunday Dare, made this submission in an announcement entitled “Atiku’s Demagoguery in the Face of Tinubu’s Logical Policies,” describing the current information convention addressed in Abuja by Atiku, as “a seminal example of shallow, election-laced demagoguery.”
Atiku had criticised the 30-day low cost on petrol by NNPC Retail and a worth modulation framework, which he described as a “panic-driven gimmick,”. He additionally claimed that Tinubu copied his financial homework with out the manufacturing subsidy that made it work.
Dare cited the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, as saying on nationwide tv that Nigeria produces about 1.8 million barrels of crude per day for a inhabitants of over 200 million. The presidency added that the nation does not likely personal all of the oil produced day by day.
It pressured that underneath joint ventures and manufacturing sharing contracts signed over a long time, manufacturing prices, royalties and profit-oil sharing ratios “severely reduce the equity crude available to the state,” leaving fewer than 700,000 barrels per day of unencumbered free crude.
“To propose a blanket ‘targeted production subsidy’ on crude without the physical, unencumbered volume to back it up is pure economic illiteracy, invites the very opacity, fraudulent round-tripping, and fiscal haemorrhage that crippled Nigeria for decades under the old subsidy regime,” it emphasised.
The presidency famous that refineries such because the Dangote Petroleum Refinery want extra feedstock than the state can freely provide with out breaching worldwide provide contracts, which is why Dangote and different home refiners additionally import crude.
It, subsequently, rejected a comparability of crude allocation with farm produce like garri or cassava, saying it misrepresented commodity markets.
The authorities additionally pointed to the United States, which it mentioned produces over 10 million barrels per day for 330 million folks however sells petroleum at market costs, and to Qatar, which it mentioned needed to lower vitality subsidies considerably regardless of its massive gasoline reserves and a inhabitants of underneath 500,000.
“Atiku’s try to border NNPC Retail’s determination to forgo its revenue margin as a return to the gasoline subsidy is a deliberate mischaracterisation designed to mislead the general public and incite public dissatisfaction. First, NNPC had provided the low cost to have fun the 66th Independence anniversary. It merely provided to increase the low cost by one other 30 days.
“The administration’s intervention is a market-smoothing worth modulation framework, not a return to unbudgeted federal spending. When NNPC Retail agrees to promote gasoline at touchdown price for 30 days throughout an unprecedented world crude worth spike, it isn’t writing checks to opaque import cartels. It is leveraging its company stability sheet to soak up short-term world volatility, backed straight by President Bola Tinubu.
“Furthermore, the federal government’s negotiation of an interim N1,350 per litre ceiling on ex-gantry costs is a structural shock absorber, not price control. Under this framework, refiners and importers absorb short-term cost spikes above the ceiling and recover those costs later when global crude prices cool or local exchange rates adjust,” it defined.
It additional acknowledged that the removing of the petrol subsidy and the unification of the change fee had ended a multi-trillion-naira drain on public funds, which now flows to the 36 states and native governments by means of allocations.
According to the presidency, gasoline queues have been eradicated and the hole between the official and parallel change charges closed.
“The authorities eradicated multi-day gasoline queues. For a long time, Nigerians spent days sleeping at filling stations as a result of synthetic shortage, hoarding, and unpaid subsidy claims. Today, regardless of world vitality shocks, gasoline queues have been eradicated nationwide as a result of market forces drive provide.
“The dangerous gap between the official and parallel exchange rates—which let well-connected political elites collect official dollars cheaply and sell them on the black market for instant billions—has been eliminated,” it pressured.
