The Federal Government on Monday said Nigeria’s ongoing economic reforms are already yielding positive results, with increases in revenue for states and local governments and a reduction in public debt.

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

According to a statement signed by the Ministry’s Director of Information and Public Relations, Mrs Julie Osagie-Jacobs, Bagudu said the government’s reform measures were on track and making progress.

The statement noted that the minister “pointed out 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.”

Bagudu thanked the World Bank for its continued support and described the recently released Nigeria Development Update as documentary evidence of the country’s economic progress.

He said the government’s ambition remains to grow Nigeria’s economy to $1tn and emphasised the need for a clear strategy to achieve double-digit growth.

The minister also said that broad support from the political class, labour unions, and the private sector would be critical to sustaining the reforms.

In his remarks, the World Bank’s new country director, Matthew Verghis, commended Nigeria’s reform efforts and drew comparisons with India’s economic turnaround in the 1990s.

He said India had made similarly difficult policy choices, which laid the foundation for sustained growth and poverty reduction over three decades.

Verghis reiterated the Bank’s commitment to supporting Nigeria in accelerating growth, creating jobs, promoting financial inclusion, and boosting agricultural productivity.

Until his new appointment, Verghis was the South Asia Regional Director for Equitable Growth, Finance and Institutions, according to the statement.

He has also held key roles managing macroeconomic and trade portfolios in East and Southern Africa, as well as East Asia, including China and Vietnam.

The National Orientation Agency earlier noted that 33 states and the Federal Capital Territory reduced their debt profiles, having repaid about N1.85 trillion in domestic debt between June 2023 and December 2024.

The NOA explained that the Tinubu administration’s twin policies of ending petrol subsidy and floating the naira were “tremendous blessings to the states”, leading to a freeing up of revenues, with states witnessing a leap in federal allocations for education