BIG STORY
World Bank Applauds Tinubu Reforms, Cautions Against Fuel Subsidy Comeback
- /home/porsch10/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://porscheclassy.com/wp-content/uploads/2026/01/World-Bank-1000x570.jpg&description=World Bank Applauds Tinubu Reforms, Cautions Against Fuel Subsidy Comeback', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/porsch10/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://porscheclassy.com/wp-content/uploads/2026/01/World-Bank-1000x570.jpg&description=World Bank Applauds Tinubu Reforms, Cautions Against Fuel Subsidy Comeback', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The World Bank says Nigeria’s economic reforms are beginning to yield results.
The Bretton Woods institution said Nigeria’s economy has strengthened on the back of stabilisation reforms, with growth remaining steady and key macroeconomic indicators improving.
According to the bank’s Nigeria Development Update released on Tuesday, the country’s real gross domestic product (GDP) grew by 4.0 percent in 2025, following a 4.1 percent expansion in 2024, driven largely by the services sector, particularly ICT, financial services, and real estate.
The bank said that early 2026 indicators suggest continued growth across sectors, despite a slight slowdown triggered by global tensions.
On inflation, the report noted a significant decline over the past year, although the bank said price pressures remain elevated.
“Inflation fell to 15.1 percent year-on-year in February 2026, down from 26.3 percent a year earlier,” the report said.
“Food inflation also declined sharply to 12.1 percent, easing pressure on household incomes, especially for poorer Nigerians.”
However, the World Bank warned that the gains remain fragile, as rising global energy and commodity prices, driven by the Middle East crisis, are beginning to reverse some of the progress.
“Inflation has declined substantially, but it remains in double digits, and the Middle East conflict is adding renewed pressures, ” the World Bank said.
The report said petrol prices rose by 45 percent between February and March, while diesel prices nearly doubled to about N1,800 per litre, posing fresh risks to inflation and living costs.
Despite the pressures, the World Bank said Nigeria’s external position remained relatively strong in 2025.
The bank said a combination of improved exchange rate competitiveness, resilient remittances, and sustained foreign portfolio investment inflows helped maintain a current account surplus of 4.8 percent of GDP.
It added that external reserves also improved, with net reserves rising to $34.8 billion and gross reserves reaching $45.5 billion — equivalent to 8.7 months of import cover.
“Nigeria’s fiscal deficit widened slightly in 2025, as the continued surge in non-oil revenues was largely absorbed by increased state-level capital spending and higher federal recurrent spending,” the bank said.
On fiscal performance, the report said Nigeria’s deficit widened slightly to 3.1 percent of GDP in 2025, up from 2.8 percent in 2024, despite stronger non-oil revenue collections.
The bank attributed the increase to higher recurrent spending at the federal level and increased capital expenditure by state governments.
‘NIGERIA’S ECONOMY WILL GROW TO 4.2% BETWEEN 2026 AND 2028’
Looking ahead, the bank projected that Nigeria’s economy would grow modestly to about 4.2 percent between 2026 and 2028, supported by ongoing reforms, improved macroeconomic stability, and increased investment.
However, it warned that poverty reduction will remain slow, as job creation continues to lag behind population growth and inflation erodes household incomes.
The report added that sustaining reform momentum will be critical to translating recent gains into inclusive growth and improved living standards.
The institution called for deeper structural reforms, including strengthening revenue mobilisation, improving fiscal governance, enhancing the business environment, and investing more efficiently in infrastructure and human capital.
The World Bank also said that Nigeria’s long-term growth prospects will depend on its ability to maintain macroeconomic discipline while addressing deep-rooted structural challenges.
WORLD BANK TO FG: USE REVENUE GAINS TO SUPPORT VULNERABLE HOUSEHOLDS
The Bretton Woods institution advised the federal government against treating rising oil revenues as a basis for increased spending or funding subsidies.
While higher global oil prices are expected to boost government revenues in the short term, the World Bank warned that such gains should be treated as temporary.
“Preserving recent stabilisation gains will require a disciplined and well-calibrated policy response to manage the effects of the Middle East conflict,” the World Bank said.
“Fiscal policy should treat higher oil revenues as a temporary windfall, prioritising the rebuilding of buffers over permanent spending increases, particularly in the run-up to elections.
“If inflationary pressures intensify, part of the revenue gains could be used to support vulnerable households through targeted, time-bound cash transfers, while avoiding inefficient price controls or generalised subsidies
“Monetary policy needs to remain tight to contain inflation, and exchange rate flexibility should be maintained to absorb external shocks, with interventions limited to smoothing excessive volatility.”
The bank advised that any additional revenue should be used cautiously, particularly in the run-up to elections, to avoid undermining macroeconomic stability.
It is recommended that part of the windfall could be channelled into targeted, time-bound support for vulnerable households, rather than broad subsidies or price controls.
The World Bank also stressed the need for continued tight monetary policy to contain inflation and maintain exchange rate flexibility to absorb external shocks.
The federal government had projected a crude oil benchmark of $64.85 per barrel for 2026; however, the oil price has increased as high as $117 per barrel, but currently trades at $91.78.
BIG STORY
Tokunbo Wahab Is Not the Argument —- By Folorunso Fatai Adisa
There is a curious disease in our public conversation.
We begin by asking a legitimate question about public office and, before the question has finished breathing, we have dragged the office holder’s private life into the courtroom of Twitter, Facebook and other microblogging platforms.
Accountability then loses its object. What began as a question about the government becomes an argument about a man’s wristwatch, his income, his wardrobe and, eventually, his worth as a human being.
That is where the recent exchange involving the Lagos Commissioner for the Environment and Water Resources, Tokunbo Wahab, deserves a little intellectual housekeeping. The commissioner is a public officer. His stewardship is therefore open to scrutiny.
Lagosians have every right to ask what the ministry is doing about waste, flooding, drainage, wetlands, pollution and the general quality of the city’s environment. They can challenge policies, demand figures, question enforcement methods and ask whether public expenditure is producing the promised results. That is citizenship, exercised exactly as it should be.
The problem begins when interrogation of the office quietly mutates into an indictment of the personality. The distinction matters because a commissioner does not become a man without a past simply because he became a commissioner. He does not enter public office naked, without a wardrobe, a career, investments, property, relationships or possessions acquired before his appointment. Public service creates obligations concerning public resources. It does not, by itself, create a doctrine under which every possession of a public servant must have been purchased from his government salary. If there is credible evidence that a public officer acquired an asset with public funds, that is a serious matter, and the appropriate response is evidence, documentation and investigation.
The question then becomes forensic: what money was used, when was the asset acquired, through whom and from what source? That is accountability. Insinuating that a public officer is suspect because his lifestyle exceeds his publicly quoted salary is something considerably weaker than that. There is another problem. We have developed the unfortunate habit of using poverty as an investigative instrument.
Once a public servant is seen wearing something expensive, some people instinctively calculate his salary and announce a contradiction. But wealth can precede office. It can also arise from legitimate sources unrelated to government remuneration.
A serious society carries the burden of establishing facts rather than constructing guilt from appearances. A person’s pre-existing wealth does not exonerate corruption, just as a person’s modest appearance does not prove integrity. It would be too generous, however, to treat this instinct as mere mob impatience.
Nigerians have learned, across decades of asset declarations filed and never published, of panels convened and never concluded, that the forensic route rarely arrives anywhere. When the formal mechanisms of accountability function so inconsistently, the wristwatch becomes a kind of improvised evidence, the only exhibit an ordinary citizen feels he can examine for himself. That instinct is understandable. It is also, for all its understandable origins, not accountability. It is a substitute for accountability, adopted precisely because the real thing has so often failed to show up.
The answer to that failure cannot be to lower the standard of proof until suspicion counts as verdict. It has to be to make the actual mechanisms, asset declaration, procurement audit, legislative oversight, work well enough that citizens no longer need to read a jacket as a confession.
Chinua Achebe understood this terrain better than most.
In A Man of the People, the narrator Odili watches his former teacher, Chief Nanga, arrive in a convoy, dressed in a manner that instantly signals the gulf between a minister’s income and a minister’s visible life, and Odili’s suspicion curdles almost immediately into certainty, long before he has anything resembling proof.
Achebe’s genius is that he does not simply indict Nanga. He indicts the whole arrangement that makes Nanga’s wealth both obviously excessive and almost impossible to challenge through any route except gossip and grievance, because the institutions that should have examined it have already failed to.
The novel’s quiet tragedy is that Odili’s outrage, however justified in spirit, never converts into anything the state recognises as evidence. It converts instead into personal vendetta. Sixty years later, Lagos Twitter performs a compressed, accelerated version of the same failure: real suspicion, real grievance, nowhere forensic to put it, so it lands instead on a watch.
The environmental question, however, remains and should not be evaded. Lagos is not a spotless city. Anyone who lives here knows this without needing a laboratory. There are places where refuse remains a public nuisance, where drainage channels are abused, where indiscriminate dumping persists and where the city’s environmental ambitions collide daily with the habits of its residents.
The government should therefore be interrogated, relentlessly and intelligently, about what it controls and what it has achieved. The ministry has pointed to measurable work in this period, continued dredging of major drainage channels, the removal of large volumes of plastic waste from circulation, and improvements to landfill turnaround.
Those are the kinds of claims that should be checked against independent data, not simply accepted because they were announced, and not simply dismissed because they were announced by the government being scrutinised.
But the Lagos environment is not produced by the commissioner alone. A city is also the physical expression of the habits of its inhabitants. Metropolitan cities across the world carry their own share of environmental strain, much of it driven by population pressure they did not choose and cannot easily reverse.
New York still contends with its rat-infested subway corridors. London has not solved the wristwatch and phone snatching that plagues several of its busiest streets. A city that succeeds at drawing people in pays a price for that success, in the form of strain that tips over into crime or filth or both.
Managing that strain is a shared project between the government that must build the systems and the citizens who must not defeat them. This is not an excuse for government failure. A city that cannot keep its drainage clear has a government that has not done its job, regardless of how its citizens behave.
But a government that keeps its drainage clear can still watch a city go dirty within a week, if its citizens treat every open space as a private bin. The man who would never urinate by the roadside in London may find a corner in Lagos sufficiently anonymous for the same act. The person who would not throw a plastic bottle into a Canadian street may toss one through the window of a moving vehicle here.
Someone who would not fly-tip in a city where enforcement is predictable may dump waste where he assumes nobody is watching. The geography changes. The moral principle should not. Canary Wharf does not become cleaner because a mayor tweets more vigorously. Lagos does not become dirty because a commissioner wakes up one morning and decides to manufacture filth.
The city’s environmental condition is the cumulative product of government policy, infrastructure, enforcement, commercial practice and millions of individual decisions made every day. The government has a duty to provide systems that work and enforce the rules fairly.
Citizens, businesses and visitors carry the corresponding duty not to turn every street, drainage channel and open space into an extension of their personal waste bins. This is why the commissioner should be questioned about his ministry’s record, and why Lagosians should also question themselves. The most convenient politics is to locate every social problem inside the personality of one public official. It spares us the discomfort of examining how we participate in the very problem we condemn.
We complain about a dirty Lagos while some of us litter Lagos. We demand enforcement while some of us search for ways around the rules. We criticise the government for failing to maintain public spaces while treating those spaces as though they belong to nobody. The temptation to personalise public accountability is particularly strong on social media, because outrage travels faster than evidence.
A question about environmental policy is less entertaining than a quarrel about a wristwatch or lifestyle. A request for audited expenditure is less viral than an insult. Unfortunately, governance cannot be reduced to viral drama, however satisfying the drama feels at the moment.
Social media can, in fact, be a legitimate instrument of environmental accountability, a tool through which citizens document violations and press government institutions for answers. That is the useful side of the platform. The line is crossed when the institution disappears from view and the personality becomes the entire target.
Tokunbo Wahab should not be above scrutiny because he is a commissioner, and he should not be reduced to a salary figure because he is one. If his ministry has failed, show us where. If it has succeeded, show us the evidence independent of the ministry’s own press briefings. If public money has been abused, produce the trail. If enforcement has been selective, document it.
Those are questions worthy of a city as consequential as Lagos, and they are considerably harder to answer, and considerably more useful once answered, than anything a wristwatch can tell us. What does not help is turning a question about public accountability into a referendum on whether a public servant is entitled to own an expensive possession.
Unless there is evidence connecting that possession to public funds, the argument has not established anything. It has established, at most, that somebody owns something another person considers too expensive for his position, which, as Achebe’s Odili eventually discovers, is a grievance, not a case.
Lagos is too important to be governed by sentiment and too troubled to be debated through personal abuse. The city needs citizens capable of distinguishing an uncomfortable question from an ignorant accusation, just as it needs public officers capable of distinguishing legitimate criticism from personal persecution.
The real interrogation should remain where it belongs: on the office, its powers, its responsibilities, its decisions and its results.
Once we lose that distinction, we are no longer holding power accountable. We are simply quarrelling with people.
The conversation does not end here.
You can continue it with me on X via @folorunso_adisa, LinkedIn: Folorunso Fatai Adisa, or on Facebook at Folorunso Fatai Adisa.
BIG STORY
BREAKING: FG Announces Petrol Discount Through NNPC
The Federal Government has announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL), with public transport operators to receive priority under the arrangement.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press briefing on petrol prices and subsidy-related issues in Abuja.
Oyedele said the arrangement was not a return to petrol subsidy, explaining that the government would instead allow petrol to be sold at cost through NNPC.
“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy; the government is just saying we sell to you at cost,” he said.
The announcement comes as petrol prices at NNPC stations vary across the country. NNPC’s latest reported price list puts the pump price at N1,355 per litre in Lagos and Rivers, while Abuja is listed at N1,370 per litre.
More details later…
BIG STORY
BREAKING: Security Agencies Rescue 20 Kidnapped Prospective NYSC Members In Imo
The recently kidnapped 20 prospective National Youth Service Corps (NYSC) members and one civilian have been rescued by security agencies, including the military, Department of State Services (DSS) and police, in Imo State.
The victims were rescued during an intelligence-led operation involving the security agencies.
The rescued prospective corps members and the civilian are currently receiving medical attention at a DSS facility in the state.
More details later…
-
NEWS4 days agoINEC To Drop Last List Of Governorship, State Assembly Candidates October 10
-
POLITICS1 day agoWike Admits Working With APC To Defeat PDP In Edo
-
NEWS2 days agoAnother Appointee Quits Makinde’s Cabinet Hours After Ex-COS Ogunwuyi’s Resignation
-
POLITICS3 days ago2027 Election: Tompolo Urges North To Support Tinubu
-
NEWS4 days agoGov Dauda Lawal Announces Nationwide Nutrition Emergency, National Intervention Fund At Addis Ababa Summit
-
ENTERTAINMENT4 days agoActor Yinka Quadri Reveals Wife Cared for Actresses He Dated
-
ENTERTAINMENT3 days ago18th Headies Award Ceremony Postponed To April 2027
-
POLITICS4 days ago“Atiku Is Pained And Bitter” – Keyamo Tackles Atiku Over Tinubu’s Criticism




