States got richer as Nigeria’s revenue rose by 93% – World Bank report

The Washington-based World Bank has disclosed that revenues allocated to states, or subnational governments in Nigeria grew by 93 per cent in real terms over two years.

The bank made this disclosure in its October Nigeria Development Update on Thursday.

According to the World Bank, revenue allocations to states surged following the removal of fuel subsidy between 2023 and 2025.

However, the bank noted that higher revenues to states should translate into improved living standards for citizens and poverty reduction.

The World Bank urged state governments to improve spending efficiency and invest more in human capital to raise living standards and reduce poverty.

In his remarks, the World Bank Country Director for Nigeria, Mathew Verghis, said, “strengthening spending efficiency, accountability, and service delivery will be essential to ensuring that public resources improve the lives of Nigerians.”