The Federal Government has reported early positive outcomes from its ongoing economic reforms, citing increased revenue for state and local governments and a reduction in the nation’s public debt.

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made this announcement in Abuja during a courtesy visit from the new World Bank Country Director for Nigeria, Mr. Matthew Verghis.

According to a statement released by the Ministry’s Director of Information and Public Relations, Mrs. Julie Osagie-Jacobs, Senator Bagudu stated that the government’s reform measures are progressing as planned.

The statement quoted the minister as saying that some of the encouraging outcomes of the reforms were the significant rise in revenues accruing to states and local governments, explaining that there had also been substantial debt reduction.

Senator Bagudu expressed his appreciation to the World Bank for its continued support and described the recently published Nigeria Development Update as evidence of the country’s economic progress.

He reiterated the government’s goal to expand Nigeria’s economy to $1 trillion and emphasised the necessity of a clear strategy to achieve double-digit growth.

The minister also noted that broad support from political leaders, labour unions, and the private sector would be crucial for the sustainability of the reforms.

In his remarks, the World Bank’s new country director, Matthew Verghis, acknowledged Nigeria’s reform efforts, drawing parallels to India’s economic transformation in the 1990s, where similarly difficult policy decisions paved the way for sustained growth and poverty reduction.

Verghis reaffirmed the World Bank’s commitment to assisting Nigeria in accelerating growth, creating jobs, promoting financial inclusion, and enhancing agricultural productivity.

The National Orientation Agency had previously indicated that 33 states and the Federal Capital Territory had reduced their debt profiles, repaying approximately N1.85 trillion in domestic debt between June 2023 and December 2024.

The NOA attributed this to the Tinubu administration’s policies of ending petrol subsidy and floating the naira, which led to increased revenues for states.