WORLD BANK: NIGERIA’S STATE REVENUES SURGE 93% IN TWO YEARS

October 9, 2026

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By: Fasasi Hammad

The World Bank has revealed that revenue allocations to state governments and other subnational authorities in Nigeria increased by 93 per cent in real terms between 2023 and 2025.

The Washington-based institution disclosed this in its October Nigeria Development Update released on Thursday.

According to the report, the significant increase in revenue allocations followed the removal of the petrol subsidy in 2023.

However, the World Bank stressed that the rise in revenue should translate into better living conditions for Nigerians and a reduction in poverty.

The bank urged state governments to improve spending efficiency and accountability while increasing investments in human capital to ensure that the additional resources deliver meaningful benefits to citizens.

Speaking on the issue, the World Bank Country Director for Nigeria, Mathew Verghis, emphasised the importance of effective public spending and improved service delivery.

“Strengthening spending efficiency, accountability, and service delivery will be essential to ensuring that public resources improve the lives of Nigerians,” Verghis said.