FG Cuts Petrol Price at NNPC Stations for 30 Days. NLC Fires Back With a Two-Week Ultimatum
A 10-point fuel package, a proposed N1,350 price ceiling, and an opposition calling it a pre-election bribe.
Tinubu Cites World Bank Report to Say Reforms Are Working. The Opposition Calls the Figures "Bogus"
Photo: THISDAY
President Bola Tinubu has welcomed the World Bank's October 2026 Nigeria Development Update, titled "Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities". In a statement issued on Sunday by Bayo Onanuga, Tinubu said the findings show "the administration's economic reforms are delivering results" and back his decisions to remove the petrol subsidy, unify the foreign exchange market and keep fiscal discipline.
Figures cited in the statement: the poverty rate stabilised for the first time since 2019; GDP grew 4.2% in the first half of 2026 (3.9% a year earlier); inflation fell from 27.6% in January 2025 to 15.2% in December 2025; the current account surplus reached $12bn (7.0% of GDP); and gross external reserves rose from $45.5bn at end-2025 to $53.8bn at end-August 2026. Federation revenues rose 69% in real terms between 2023 and 2025, and states raised real capital spending by 151%.
Tinubu admitted more work remains on food prices and jobs and promised to expand targeted cash transfers, which he says have reached over 10 million households. The opposition was unmoved: Kenneth Okonkwo, spokesperson for Atiku's ADC campaign, called the figures "bogus" on X and pointed to the government's attempt to ease petrol prices as proof its policies are failing.
Note: the numbers above come from the presidency's statement, not directly from the World Bank document, and should be checked against the report itself.
Sources: News Central TV: Tinubu welcomes World Bank report · NaijaNews headlines roundup, 12 Oct 2026
