Nigeria targets over 4% growth as reserves top $54bn — FG

By Chidinma Chukwu, Abuja

The Federal Government has projected economic growth of more than four per cent in 2026, with external reserves exceeding $54 billion and inflation declining to about 15 per cent, citing the figures as evidence of progress under President Bola Tinubu’s economic reforms.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this on Monday during a media chat on the state of the nation, saying the administration was working to ensure that improving economic indicators translated into better living conditions for Nigerians.

Idris said Nigeria recorded a current account surplus of $12 billion in the first half of 2026, up from $8.6 billion in the corresponding period of 2025, while external reserves reached their highest level in nearly two decades in September.

He said the government’s ultimate target was to achieve single-digit inflation and consolidate the gains of its economic reforms.

“The progress we have made is substantial, and the direction is clear. The reforms have strengthened our economic fundamentals, rebuilding confidence and creating the conditions for broader prosperity. We are determined to consolidate these gains and accelerate their impact across the country,” he said.

According to the minister, the economy was on course to grow by more than four per cent in 2026, while inflation had declined from about 27 per cent in January 2025 to approximately 15 per cent.

He said the decline in inflation had improved the economic outlook for households, although the government remained focused on achieving further reductions.

“Our ultimate target remains single-digit inflation,” Idris said.

The minister also disclosed that Nigeria earned more than $6 billion from non-oil exports in 2025, describing it as the highest figure in the country’s history.

He attributed the growth in export earnings to activities across agriculture, mining, petrochemicals, manufacturing, processing, transportation and logistics.

Idris added that increased oil production and reduced crude oil theft had boosted revenue available to the three tiers of government.

However, he acknowledged the need to ensure that the gains of economic recovery were more widely felt by households and businesses through improved purchasing power, affordable essential goods and better living conditions.

“Nigeria earned more than $6 billion from non-oil exports, the highest in our history. Much of that money went to local businesses and entrepreneurs in agriculture, in mining, petrochemicals, manufacturing, processing, transporters, logistics firms, and many more across this country,” he said.

“Our task now is to ensure that this clear macroeconomic recovery is felt even more widely in the lives and households of Nigerians, on the dining table, in shops and markets, at the petrol station, and in pockets and wallets of all Nigerians. I am pleased to say that work is indeed underway in this regard.”

On infrastructure, Idris said the government was investing in roads, rail, power, healthcare and education, noting that four legacy projects covering about 3,000 kilometres across the six geopolitical zones formed part of its development strategy.

He cited a recently approved highway project worth approximately ₦1.53 trillion in Niger State, saying it would improve connectivity along a major agricultural and commercial corridor, facilitate the movement of goods and create opportunities for local businesses.

On agriculture, the minister said the government had prioritised food security through support for mechanisation, improved access to farm inputs, irrigation development and agricultural financing to boost domestic production, increase farmers’ incomes and make food more affordable.

In the health sector, Idris said the Federal Government had commissioned two additional cancer treatment centres, bringing the total number commissioned to five. He added that efforts were underway to commission five other completed centres to expand access to specialised treatment.

On education, he said the Nigerian Education Loan Fund had supported more than 1.6 million students, paid over ₦102 billion in tuition fees and disbursed about ₦180 billion in upkeep allowances.

The minister also disclosed that the government had issued a ₦758 billion bond to settle inherited pension arrears dating back to 2007, benefiting nearly one million pensioners.

He said another ₦1.23 trillion in bonds had been issued to settle inherited debts owed to power generation and gas companies.

On social protection, Idris said government programmes were reaching more than 10 million households, while consumer credit initiatives were helping Nigerians spread the cost of essential purchases.

Addressing security concerns, he said the administration had strengthened the operational capacity of the armed forces, intelligence services and other security agencies through improved coordination, equipment, logistics and support for frontline personnel.

He acknowledged, however, that insecurity persisted in parts of the country, assuring Nigerians that the government would continue to invest in intelligence, technology and operational capabilities to tackle the situation.

Idris also called for greater cooperation among the federal, state and local governments, urging subnational authorities to improve service delivery in education, primary healthcare, transportation and waste management.

The minister urged journalists to scrutinise the government’s performance while providing context on the challenges facing Nigerians and the progress being made.

“We are not asking to stop scrutinising government. Indeed, you are an important pillar in any democratic journey. Your seeking scrutiny makes us better. What I ask for is clarity and context,” he said.

Also speaking, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, expressed concern over what he described as the increasing spread of fake news by mainstream media organisations.

Onanuga said social media platforms had previously been regarded as major channels for misinformation but expressed concern that mainstream media organisations were increasingly contributing to the problem.

He urged journalists to ensure that their reports were factual, accurate and properly verified, stressing the importance of authenticity and professional standards in news reporting.

On multidimensional poverty, the presidential aide urged journalists to extend their scrutiny beyond the Federal Government to state and local governments, arguing that many challenges affecting Nigerians fell within the responsibilities of subnational administrations.

He said the media should hold all tiers of government accountable for their performance, particularly in delivering essential services and improving the living conditions of citizens.

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