The Presidency has challenged the latest World Bank report claiming that 139 million Nigerians live in poverty, describing the figure as “unrealistic” and not reflective of current economic conditions under the administration of President Bola Tinubu.
In a statement issued Thursday on his official X (formerly Twitter) account, Sunday Dare, Special Adviser to the President on Media and Public Communication, emphasized that the poverty statistics need to be “properly contextualised” within global poverty measurement frameworks.
“While Nigeria values its partnership with the World Bank and appreciates its analytical work, the quoted figure must be viewed within context. It is a modelled projection — not a real-time, empirical headcount,” Dare stated.
Presidency Questions Global Poverty Metrics
According to the Presidency, the World Bank’s poverty estimate is based on the global poverty line of $2.15 per day per person, as defined by the 2017 Purchasing Power Parity (PPP) metric. When converted to local currency using today’s exchange rate, that amounts to nearly ₦100,000 per month — significantly above Nigeria’s newly approved minimum wage of ₦70,000.
“It’s important to note that this metric doesn’t reflect local consumption patterns or economic realities. Poverty assessment under PPP often excludes the vast informal and subsistence economies that sustain millions of Nigerians,” the statement noted.
The government argued that the World Bank’s data relied on outdated national consumption figures from 2018/2019 and does not account for recent policy-driven improvements.
“The real issue is trajectory, not static numbers. And Nigeria’s economic trajectory is one of recovery and inclusive reform,” Dare added.
Tinubu Administration Outlines Anti-Poverty Reforms
In response to the report, the Tinubu administration listed several ongoing reforms and social investment programmes aimed at reducing poverty in Nigeria and improving living standards
- Conditional Cash Transfers: Expanded to 15 million households using the National Social Register, with over ₦297 billion disbursed since 2023
- Renewed Hope Ward Development Programme: Targeting all 8,809 electoral wards with micro-infrastructure and livelihood support.
- Strengthened Social Investment Programmes: Including N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding.
- Food Security Measures: Subsidised grains, fertiliser distribution, and revival of strategic food reserves.
- Infrastructure and Credit Access: Through the Renewed Hope Infrastructure Fund and National Credit Guarantee Company, designed to support MSMEs, women, and youth entrepreneurs.
“These reforms are correcting decades-long structural distortions—such as overreliance on imports, weak productivity, and regional inequality,” Dare noted.
‘Reforms Are Necessary and the Direction Is Right’
The government reaffirmed its commitment to building a resilient and inclusive economy where growth translates directly into improved living conditions for all Nigerians.
“Yes, the reforms are tough, but they are necessary. The removal of fuel subsidies, exchange rate unification, and fiscal redirection are all strategic steps to stabilize the macroeconomic environment and spur long-term development.”
The Presidency added that the administration is already seeing signs of progress, noting that even the World Bank has acknowledged that recent reforms are restoring macroeconomic stability.
“We reject exaggerated statistics detached from local realities. The administration remains focused on empowering households, reducing poverty, and delivering tangible improvements in food prices, job creation, and infrastructure.”
World Bank Report: Nigeria Still Faces Challenges
The World Bank’s Nigeria Development Update (NDU) report, presented in Abuja by Country Director Mathew Verghis, stated that despite recent economic reforms, 139 million Nigerians remain in poverty. Verghis praised government efforts but stressed the need for sustained action to improve living standards.
“The government has taken important steps to stabilise the economy, but much more needs to be done to ensure that economic growth benefits all Nigerians,” Verghis said.
