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FG, World Bank Say Nigeria’s Economic Reforms Yet to Deliver Desired Relief

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FG, World Bank Say Nigeria’s Economic Reforms Yet to Deliver Desired Relief
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By staff Reporter Rukevwe Odeh

 

 

The Federal Government and the World Bank have acknowledged that Nigeria’s economic reforms have improved key economic indicators, but stressed that the benefits have yet to translate into sufficient improvements in citizens’ living conditions.

 

The position was highlighted during the presentation of the World Bank’s latest Nigeria Development Update in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said economic stability should be regarded as a starting point rather than the ultimate objective.

 

Oyedele maintained that the government’s priority was to achieve sustainable growth that creates employment, increases household earnings and improves the standard of living, rather than focusing solely on economic statistics.

 

According to the World Bank report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, Nigeria’s real Gross Domestic Product expanded by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025 and 3.5 per cent in 2024.

 

The institution projected that the economy could record average annual growth of 4.4 per cent between 2026 and 2028, provided the country sustains its reforms and strengthens public service delivery.

 

Despite the improved economic performance, inflation continues to put pressure on households. Although headline inflation declined from 27.6 per cent in January 2025 to 15.2 per cent in December of the same year, progress slowed in 2026 amid rising fuel costs and seasonal increases in food prices.

 

Food inflation reportedly reached 19.6 per cent in August 2026, further worsening the financial difficulties experienced by many households.

 

The World Bank attributed the renewed inflationary pressure partly to higher international oil prices following the conflict in the Middle East and seasonal food supply challenges.

 

Oyedele said the government remained committed to bringing inflation down to single-digit levels, while the World Bank projected that the rate could decline to approximately 12 per cent by 2028.

 

Nigeria’s external economic position also recorded improvements, with the current account surplus increasing from $8.6 billion in the first half of 2025 to about $12 billion during the corresponding period of 2026.

 

Meanwhile, President Bola Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, has defended the administration’s economic policies, including the removal of the petrol subsidy and the unification of the foreign exchange market.

 

Speaking on Channels Television’s Politics Today, Bwala acknowledged that the reforms had contributed to increased hardship and pushed more Nigerians into poverty. However, he argued that such difficulties were part of the immediate consequences of restructuring the economy and insisted that progress had been made since the policies were introduced in May 2023.

 

He maintained that the government’s reform programme had produced gains despite the difficulties faced by citizens.

 

Reacting to Bwala’s remarks, the Arewa Consultative Forum, through its Publicity Secretary, Professor Tukur Mohammed-Baba, expressed concern over the growing poverty and hardship in the country.

 

During an interview on Arise Television’s News Day, Mohammed-Baba sarcastically congratulated the presidential aide for acknowledging that the reforms had increased the difficulties confronting Nigerians.

 

The ACF spokesman argued that poverty remained widespread and questioned the justification of the hardship as a necessary or temporary consequence of economic restructuring.

 

The latest assessment underscores the challenge facing the Federal Government: sustaining improvements in economic stability while ensuring that increased public revenues and stronger growth translate into better living conditions, improved public services and greater economic opportunities for Nigerians.


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2027: Peter Obi Vows to Jail Election Riggers If Elected President

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2027: Peter Obi Vows to Jail Election Riggers If Elected President
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By staff Reporter Rukevwe Odeh

 

 

Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has vowed to prosecute and jail individuals found guilty of electoral fraud if elected president in the 2027 general election.

Obi made the declaration on Wednesday during an NDC town hall meeting in Akwanga Local Government Area of Nasarawa State, where he addressed party supporters on electoral integrity and the need to strengthen Nigeria’s democratic institutions.

The former Anambra State governor warned that individuals who attempt to manipulate election results would face legal consequences, regardless of their positions or political affiliations.

Speaking on how his party would respond to electoral malpractice, Obi said his administration would take decisive steps to prevent election rigging and ensure that offenders were held accountable.

He stated that strengthening political parties and reforming the electoral process would be central to his proposed measures to protect the credibility of future elections.

Obi also warned officials of the Independent National Electoral Commission (INEC) and other individuals involved in election administration against participating in electoral fraud, insisting that anyone found guilty would face prosecution.

Beyond electoral offences, the NDC candidate called for stricter eligibility requirements for individuals seeking elective positions, proposing that aspirants should demonstrate that they attended primary and secondary school.

He further warned that anyone who forged academic certificates or falsely claimed educational qualifications would face imprisonment.

According to Obi, his proposed administration would uphold the rule of law and ensure that public officials and ordinary citizens were treated equally before the law.

He maintained that Nigeria needed an electoral system in which votes counted, political institutions functioned effectively, and electoral laws were enforced without discrimination.

Obi said his ambition was driven by the desire to transform the country and establish a system where democratic principles and accountability were respected.

His comments come as political parties and prospective candidates intensify preparations for the 2027 general elections, with electoral transparency and the credibility of the voting process expected to remain major campaign


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TUC Rejects FG’s ₦70,000 Wage Award, Demands ₦300,000 Minimum Salary

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TUC Rejects FG’s ₦70,000 Wage Award, Demands ₦300,000 Minimum Salary
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By Staff Reporter Rukevwe Odeh

 

 

 

The Trade Union Congress of Nigeria (TUC) has rejected the Federal Government’s proposed ₦70,000 monthly wage award for workers, demanding an immediate salary increase and the full implementation of outstanding agreements with health sector unions.

The congress urged President Bola Tinubu’s administration to introduce a permanent salary adjustment rather than rely on temporary financial interventions, which it described as inadequate to address the economic hardship facing Nigerian workers.

The Federal Government had approved a ₦70,000 transportation allowance for workers across all levels for six months, beginning in November 2026, following a conciliation meeting with the leadership of the Nigeria Labour Congress (NLC).

However, the TUC maintained that workers required sustainable improvements in their earnings to cope with rising costs of food, transportation, healthcare and other essential services.

TUC Proposes ₦300,000 Minimum Salary

The labour congress argued that the Federal Government could increase the salary of the lowest-paid worker from the current ₦70,000 minimum wage to ₦300,000 monthly without waiting for negotiations on a new national minimum wage.

According to the TUC, there is no legal provision establishing a maximum salary that employers can pay workers.

The congress also pointed out that some state governments had introduced minimum wages exceeding ₦100,000, arguing that the Federal Government could adopt a more substantial salary increase and make corresponding adjustments across other salary grades.

It insisted that ongoing negotiations over the national minimum wage should not prevent the government from taking immediate action to improve workers’ earnings.

TUC Questions Previous Wage Award Implementation

The congress explained that its rejection of the proposed intervention was partly informed by the incomplete implementation of the previous wage award introduced in October 2023.

According to the TUC, some workers were still owed one or two months of payments, while others reportedly received nothing.

It further alleged that payments to some beneficiaries were irregular, with workers sometimes waiting one or two months between payments despite repeated demands.

The union also claimed that more than 80 per cent of states and workers in the informal sector did not benefit from any form of wage award.

The TUC argued that introducing another temporary payment without addressing the shortcomings of previous arrangements could undermine workers’ confidence in government commitments.

Beyond salary increases, the congress called for the immediate implementation of the outstanding agreement with the Joint Health Sector Unions (JOHESU), particularly the adjustment of the Consolidated Health Salary Structure (CONHESS).

The TUC said the agreement was reached following negotiations aimed at resolving the prolonged industrial dispute involving health workers.

According to the congress, JOHESU suspended its industrial action in good faith after the agreement was reached, but the Federal Government had yet to fulfil its commitment regarding the CONHESS adjustment.

The union said seven months had passed since the agreement was reached, describing the delay as unacceptable and warning that failure to honour agreements could weaken trust between the government and organised labour.

It called on the government to implement the agreed adjustment without further delay, provide the necessary budgetary provisions and publish a clear timetable for resolving all outstanding issues.

The congress also urged federal, state and local governments to introduce practical measures to reduce the cost of essential goods and services.

It called for the timely payment of salaries and pensions, protection of existing jobs, an end to exploitative labour practices and renewed efforts to strengthen productive sectors of the economy.

The TUC stressed that economic hardship affected not only federal workers but also state and local government employees, pensioners, private-sector workers and those operating in the informal economy.

The congress maintained that government interventions must be inclusive, adequately funded and supported by clear implementation plans.

It said it was awaiting the outcome of its scheduled meeting with the Federal Government before deciding on its next course of action.

The TUC reiterated that workers were demanding improved living conditions, fair remuneration and respect for agreements, insisting that temporary relief measures should not replace lasting improvements in workers’ welfare.


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Senate Approves Tougher Penalties for Oil Spills, Targets Polluters

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Senate Approves Tougher Penalties for Oil Spills, Targets Polluters
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By staff Reporter Rukevwe Odeh

 

 

The Nigerian Senate has passed a bill seeking to introduce stiffer penalties, including heavier fines and criminal sanctions, against individuals and companies responsible for oil spills and environmental pollution in the country’s petroleum industry.

The proposed legislation, known as the National Oil Spill Detection and Response Agency (Establishment) Act (Amendment) Bill, 2026, seeks to strengthen the enforcement powers of the National Oil Spill Detection and Response Agency (NOSDRA).

The bill was passed after the Senate considered and adopted the report of its Committee on Environment during plenary.

Presenting the committee’s report on behalf of its chairman, Senator Olubiyi Fadeyi Oluwole, the Senate Chief Whip, Senator Tahir Monguno, representing Borno North, said existing penalties had failed to deter environmental violations, making tougher sanctions necessary.

According to Monguno, oil spills have continued to damage farmlands, contaminate fishing waters and destroy the livelihoods of residents in oil-producing communities, particularly across the Niger Delta.

He maintained that stronger penalties would help hold those responsible for environmental damage accountable and improve compliance with environmental regulations.

The amendment seeks to revise the NOSDRA Establishment Act, 2006, by providing a stronger legal framework for punishing oil pollution offenders and enhancing the agency’s capacity to enforce environmental standards.

During consideration of the bill, lawmakers examined its provisions clause by clause under the Committee of the Whole and approved all 12 clauses, including the short title, explanatory memorandum and long title.

The bill was subsequently read for the third time and passed after the Senate returned to plenary.

Senate President Godswill Akpabio commended the Committee on Environment for its work and congratulated NOSDRA on the additional enforcement powers envisaged under the legislation.

Oil pollution remains a major environmental and economic concern in the Niger Delta, where repeated spills have affected ecosystems, agricultural land, fishing activities and access to clean water in several communities.

The proposed amendment is expected to strengthen accountability in the petroleum sector, although its effectiveness will depend on proper implementation, effective monitoring and consistent enforcement against offenders.


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