World Bank

The World Bank has urged the Federal Government and state governments to establish a sustainable social protection system after the Federal Government reported disbursing ₦658.9 billion in direct cash transfers to 10.46 million poor and vulnerable households as of September 2026.

The World Bank’s latest Nigeria Development Update, Beyond the Federal Purse, reported that the Federal Government spent ₦7.7 trillion on interest payments in the first half of 2026, against revenue of ₦6.2 trillion.

Central Bank of Nigeria Governor Olayemi Cardoso on Thursday defended September’s surprise interest-rate reduction, saying stronger economic conditions gave the bank room to repair weaknesses in how its policy decisions influence financial markets.

The Intergovernmental Group of 24 (G24) has urged the International Monetary Fund (IMF) and the World Bank to make concessional financing more affordable for developing countries facing rising debt burdens and high borrowing costs.

The figures, contained in the World Bank’s October 2026 Nigeria Development Update, show that interest payments amounted to 124.2 per cent of the Federal Government’s N6.2tn revenue between January and June.

The President welcomed the World Bank’s October 2026 Nigeria Development Update, which reported stronger economic growth, higher government revenues, rising external reserves and improved fiscal positions at federal and state levels.

The World Bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation.

Nigeria faces a $6.4bn sovereign Eurobond repayment burden between 2024 and 2030, placing it among the African countries with the largest concentrations of external bond maturities, the World Bank has said.

The World Bank says the naira was among the more resilient African currencies during the second quarter of 2026, weathering a period of heightened exchange-rate pressure triggered by geopolitical tensions, higher energy prices and stronger demand for the US dollar.

The World Bank has raised its 2026 economic growth forecast for Nigeria and other economies in Sub-Saharan Africa, citing stronger-than-expected economic performance and signs that reforms across the region are beginning to improve economic resilience.