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Tinubu: Reform Benefits Will Soon Reach More Nigerian Families
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…….GDP rose 4.43 per cent in Q2
President Bola Ahmed Tinubu yesterday assured Nigerians that his administration would intensify efforts to translate improving economic indicators into better living conditions. NigerianBusiness Directory
He declared that the economy is now on an “irreversible path” towards growth that households will feel at their dining tables and in their pockets.
The President said the Federal Government would, within the next few weeks, introduce measures targeted at vulnerable Nigerians, including cheaper means of transportation, increased food production and relief programmes designed to directly reach people at the grassroots.
Tinubu gave the assurances in his reaction to the latest Gross Domestic Product (GDP) figures released yesterday by the National Bureau of Statistics (NBS).
The report shows that the Nigerian economy grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025. NigerianBusiness Directory
The President welcomed the figures as further evidence that the economic reforms undertaken by his administration since May 2023 were yielding results, according to a statement by his spokesman, Bayo Onanuga.
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“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars.
“We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” Tinubu said.
According to the NBS report, growth was recorded across agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
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In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in the second quarter, representing an 18.43 per cent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Tinubu said his administration had spent the past three years taking difficult decisions necessary to stabilise the economy.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy.
“Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” he said.
The President said the latest growth figures were among a series of indicators showing that his Renewed Hope Agenda was working, pointing to improvements in the country’s external reserves, trade position, credit ratings, infrastructure development and oil and gas production.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches.
“We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing,” Tinubu said.
He also cited developments in the education sector as evidence of progress, saying Nigerian universities had enjoyed stability while the Nigerian Education Loan Fund (NELFUND) was expanding access to tertiary education.
“And in our universities, for the first time in a long time, there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp,” he said.
The President said the next phase of the administration’s intervention would place greater emphasis on alleviating pressures confronting vulnerable Nigerians and ensuring that improving macroeconomic indicators translate into tangible benefits. NigerianBusiness Directory
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
Tinubu also took a swipe at the opposition, saying the latest economic figures had come at a time when opposition elements were attempting to diminish the achievements of his administration and promising to reverse some of its reforms if elected.
He maintained that the policies undertaken since the beginning of his administration were not intended to impose hardship on Nigerians, but to correct structural weaknesses and create the foundation for sustainable prosperity. NigerianBusiness Directory
The President pledged that his administration would remain focused on consolidating the gains recorded so far.
Economy expands further on broad-based growth across sectors
The NBS report, which shows 4.43 per cent growth in the second quarter, indicates that the growth outperformed both the first quarter of 2026 and the corresponding second quarter of 2025.
The report highlighted a broad-based economic expansion driven by significant improvements in the agricultural segment, non-oil sector, services and sustained growth in the oil sector.
The agricultural sector almost doubled its performance, with a growth of 4.39 per cent in the second quarter of 2026 compared with 2.82 per cent in the corresponding period of 2025.
The non-oil sector, which accounted for about 96 per cent of the economy, grew by 67 basis points to 4.31 per cent in the second quarter of 2026, compared with 3.64 per cent recorded in the second quarter of 2025. Non-oil sector growth was 3.94 per cent in the first quarter of 2026.
Non-oil sector performance was driven by growth across various segments, including crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction, among others.
The oil sector grew by 7.31 per cent in the second quarter of 2026, higher than the 2.57 per cent recorded in the first quarter of 2026, but lower than the 20.46 per cent recorded in the second quarter of 2025.
The industrial sector also grew by 3.96 per cent in the second quarter of 2026, as against 7.46 per cent recorded in the comparative period of 2025.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd) in the second quarter of 2026, outperforming both the preceding quarter and the comparable period of 2025.
Crude production in the second quarter of 2026 was the highest since 2022. Oil production stood at 1.68 mbpd in the second quarter of 2025 and 1.55 mbpd in the first quarter of 2026.
The oil sector thus contributed 4.16 per cent to total real GDP in the second quarter of 2026, a sustained improvement on the 4.05 per cent recorded in the corresponding period of 2025 and 3.92 per cent recorded in the first quarter of 2026.
In nominal terms, total GDP rose by 18.43 per cent from N100.73 trillion in the second quarter of 2025 to N119.29 trillion in the second quarter of 2026.
In terms of GDP share, the services sector remained the dominant driver, contributing 56.62 per cent to aggregate GDP in the second quarter of 2026, as against 56.53 per cent recorded in the comparable period of 2025.
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The non-oil sector contributed 95.84 per cent to aggregate real GDP in the second quarter of 2026, as against 95.95 per cent in the second quarter of 2025 and 96.08 per cent in the first quarter of 2026.
Experts were unanimous that the latest GDP report showed a positive outlook for the economy.
Analysts at SCM Capital stated that the second-quarter 2026 GDP report underlined improved macroeconomic conditions and broad-based policy support, which have continued to anchor economic performance.
They said the report showed broad-based resilience, with an uptick in oil output reflecting gradual operational improvements and sustained field activity across major production basins, alongside a non-oil sector gaining stronger momentum.
Analysts at Coronation Group and Cordros Capital Group stated that the GDP performance outpaced their expectations, noting that the economy had shown resilience and steady growth.
sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities.
“The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year,” Coronation Group stated.
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Ondo Sports Council Chairman Declares 2026 ADU Unity Cup Open as Ijapo Ages FC Edges Odigbo LG FC
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The Chairman of the Ondo State Sports Council, Hon. (Coach) Abimbola Oladimeji, has officially declared the 2026 ADU Unity Cup open, marking the commencement of another edition of the football competition aimed at promoting unity, sportsmanship and grassroots football development.
The opening ceremony attracted football enthusiasts and supporters who gathered to witness the start of the tournament and celebrate the spirit of competition among participating teams.
In the opening match, Ijapo Ages FC secured a narrow 1–0 victory over Odigbo LG FC in an entertaining encounter, giving the team a winning start to its campaign in the competition.
The ADU Unity Cup continues to provide a platform for players to showcase their talents, foster unity among communities and contribute to the development of football at the grassroots level.
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Update : Investigator Links El-Rufai to Alleged $600,000 EFCC Payment Plan
A forensic investigator with the State Security Service, Segun Kayode, on Tuesday alleged that former Kaduna State Governor, Nasir El-Rufai, and some of his associates earmarked $600,000 to settle officials of the Economic and Financial Crimes Commission and intermediaries.
Kayode, the first prosecution witness in the ongoing trial, made the allegation while testifying before the Kaduna State High Court sitting in Kawo, Kaduna, presided over by Justice Darius Khobo.
The witness said $500,000 and $100,000 were allegedly set aside for the payments, adding that forensic audio recordings captured conversations involving El-Rufai and some of his suspected associates.
According to him, the recorded conversations centred on alleged efforts to frustrate an EFCC investigation into a company identified as Singularity.
Kayode named a Senior Advocate of Nigeria, AU Mustapha (SAN); Jimi Lawal; and Bashir El-Rufai among those allegedly mentioned in the conversations.
He told the court that Mustapha and Lawal were allegedly directed to meet one Ahmadu Sule to obtain a template previously used to liquidate another company, with the intention of applying a similar process to Singularity.
The investigator further alleged that the discussions included plans to liquidate the company in Nigeria and Mauritius, where it was reportedly under investigation by the Nigerian Financial Intelligence Unit.
Kayode also alleged that the recordings contained discussions about preventing the EFCC from investigating IHS, which he said was listed on the New York Stock Exchange.
The allegations were presented as part of the prosecution’s evidence against the former governor.
The proceedings lasted nearly eight hours, from 12:26 pm to 8:18 pm, with about two hours devoted to playing the recorded conversations.
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Earlier, El-Rufai’s lead counsel, Paul Erokoro (SAN), objected to Kayode’s testimony, arguing that the witness’s name and summary of evidence were not included in the prosecution’s proof of evidence.
Erokoro argued that the omission undermined his client’s right to a fair hearing, insisting that the defence was entitled to know the evidence it was expected to answer.
However, counsel for the Independent Corrupt Practices and Other Related Offences Commission, Ayodeji Adedipe (SAN), told the court that Kayode was a subpoenaed witness and that the omission did not automatically render his testimony inadmissible.
Adedipe said the subpoena was issued and signed by the court on June 30, 2026, adding that the defence would have the opportunity to cross-examine the witness.
The prosecution counsel also cited judicial authorities in support of his argument.
In his response, Erokoro maintained that the issue was not whether the witness could testify but whether the defence had been adequately informed to prepare for his evidence.
He relied on Section 210 of the applicable Administration of Criminal Justice Law, 2017, and argued that the prosecution should have served the subpoena on the defence.
In its ruling, the court acknowledged that the witness’s name and summary of evidence were absent from the proof of evidence but held that the records showed he had been subpoenaed.
Justice Khobo ruled that the omission did not automatically make the testimony inadmissible, provided the defence was allowed to cross-examine the witness.
The judge consequently overruled the objection and directed Kayode to continue his testimony.
After the witness submitted a hard copy of his findings to the court clerk, the defence complained that the document should have been served earlier to enable it to study the contents.
The judge, however, ruled that the defence could obtain a certified true copy of the document admitted as Exhibit One for examination.
The court adjourned the case until November 30 and December 1, 2026, for continuation of the cross-examination, following agreement by the prosecution and defence.
Our correspondence reported that El-Rufai arrived at the court premises at about 11:50 am, ahead of the scheduled noon hearing, amid tight security.
He was accompanied by the African Democratic Congress governorship candidate in Kaduna State, Isa Ashiru.
His appearance followed an order by Justice Khobo directing the ICPC to produce him in court for the resumed proceedings.
The previous sitting was adjourned on Monday after the former governor was absent following information that he had requested access to his personal physician to review medical test results.
The resumed hearing came days after the Court of Appeal in Kaduna dismissed El-Rufai’s appeal challenging the refusal of bail by the state high court.
In its judgment delivered on October 9, the appellate court upheld the lower court’s decision, ruling that the former governor had failed to establish sufficient grounds to warrant interference with the refusal of bail.
El-Rufai has been in ICPC custody since February 18, 2026, over allegations of financial misconduct linked to his administration of Kaduna State between 2015 and 2023.
The Kaduna State House of Assembly had petitioned the ICPC over the alleged diversion and mismanagement of more than N423bn in public funds during his eight-year administration.
The former governor is facing multiple cases involving allegations of money laundering, abuse of office, fraud and other financial offences before different courts.
He has denied wrongdoing and pleaded not guilty to the charges. The allegations remain subject to judicial determination.
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Update :FG Unveils Additional 10 Steps to Reduce Impact of Rising Fuel Prices
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The Federal Government has announced ten new measures to reduce the pain Nigerians feel from high fuel prices. It insists, however, that none of them brings back the old fuel subsidy for everyone.
The measures were presented by the Federal Ministry of Finance at a press briefing on Thursday, 8 October 2026, titled “Fuel Prices and the Subsidy Question.” The government admitted its earlier steps fell short. According to the presentation, “These measures do not fully relieve the pressure households feel today, so the government is going further.”
The government described the new package as “Help that is targeted, temporary and affordable.” In plain terms, the help is meant for those who need it most, will not last forever, and is designed so that the country can pay for it.
Cheaper petrol and more cash support
The first measure is a discount on petrol sold at NNPC filling stations. The discount will last for the next 30 days, and public transporters, such as commercial bus and taxi operators, will get priority. The government hopes this will help keep transport fares from rising further.
The government also plans to increase cash transfers to vulnerable households. Small businesses will get cheaper loans, known as subsidised credit, to help them cope with higher running costs.
Steps to keep pump prices steady
To protect Nigerians from sudden jumps in world oil prices, the government will sell crude oil in advance to local refineries. This is expected as oil production rises and crude previously committed to other purposes becomes available. The presentation says this will shield “pump prices from global swings.” ShopAfrican Art
The government will also introduce what it calls price modulation. Under this plan, a negotiated limit of ₦1,350 per litre will apply to the ex-gantry price (the price at the depot) or the landing cost (the cost of bringing the fuel into the country). The limit will be reviewed every month, so it can change as conditions change.
A National Strategic Fuel Reserve will also be set up. Fuel from the reserve will be released “under published rules when disruption or hoarding threatens supply.” This means the government can step in when fuel becomes scarce or when marketers hold back products to push up prices.
Lowering the cost of transport and doing business
The government says part of what Nigerians pay for transport comes from illegal charges on the roads. It will work with state governments under the 2025 tax laws to rein in road taxes that push up fares.
It will also speed up the rollout of compressed natural gas (CNG) as a cheaper alternative to petrol, again working with the states. Transporters who benefit from cheaper fuel are expected to “pass savings on in lower fares” to passengers.
Other steps target the cost of goods and services more broadly. The government will cut regulatory costs, described as red tape, that “feed into the price of goods and services.” It will also ease traffic in cities to save fuel, and it will use NIPOST address codes to reduce the cost of moving goods from one place to another.
One measure has not yet been decided. The government is considering an excess profit tax on operators it says exploit consumers. If it goes ahead, the money raised will fund transport support and vouchers for low-income earners.
No return to blanket subsidy
The ministry ended the presentation with a clear message, “None of these measures restores a blanket subsidy.” The government is therefore not returning to the old system, where fuel was sold cheaply to everyone. It says its new approach will reach “the people who need help without putting the wider economy at risk.”
The announcement comes as many households as possible, and businesses struggle with the high cost of transport, food, and other goods linked to fuel prices. How much relief Nigerians feel will depend on how quickly and effectively these measures are carried out, and whether transporters and marketers pass the benefits on to consumers.
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