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Skyrocketing Inflation Pushes 129 Million Nigerians Into Poverty — World Bank

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Skyrocketing Inflation Pushes 129 Million Nigerians Into Poverty — World Bank. The World Bank’s latest Nigeria Development Update paints a grim picture for the country, revealing that over 129 million Nigerians now live below the national poverty line.....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

 

 

 

 

 

 

 

 

The report, released on Thursday in Abuja, underscores the rising hunger and widespread economic hardship faced by citizens amid ballooning inflation rates.

According to the World Bank, poverty levels have surged from 40.1% in 2018 to 56% in 2024, reflecting an alarming increase in the number of people living in poverty. This sharp rise coincides with sluggish economic growth, which has failed to outpace inflation. The report attributes the dramatic increase in poverty to various factors, including economic stagnation, the impact of the COVID-19 pandemic, and policy missteps that have eroded purchasing power.

Between 2018 and 2023, an additional 35 million Nigerians fell into poverty, bringing the total number to over 115 million last year. The figure further increased by 14 million in 2024, highlighting the worsening economic crisis. The report cites inflation, poor economic management, and external shocks such as flooding and insecurity as major contributors to the country’s deepening poverty crisis.

While poverty remains largely a rural issue, the report notes a significant rise in urban poverty, with 31.3% of city dwellers now living below the poverty line, up from 18% in 2018.

Bauchi Governor Criticizes Economic Policies

Governor Bala Mohammed of Bauchi State voiced criticism of President Bola Tinubu’s economic reforms during the launch of the World Bank report. He argued that the policies have not delivered the expected relief and expressed concern over inadequate revenue allocations to state governments.

Mohammed called for a review of economic policies, citing inflation’s impact on the value of funds distributed to states. He warned that without a reassessment, the government risks losing public support amid widespread hardship.

World Bank Defends Reforms

In contrast, the World Bank maintained that Nigeria’s reforms, though challenging, are necessary for long-term economic stability. The institution’s lead economist, Alex Sienaert, emphasized the need for more productive job creation, cautioning that employment alone does not guarantee a path out of poverty.

The World Bank also downplayed claims that it seeks to keep Nigeria economically dependent, stressing its commitment to providing low-cost financing and technical assistance for the country’s reforms.

Rising Inflation and Public Discontent

Since Tinubu’s inauguration in May 2023, Nigeria has experienced a 45.92% jump in commodity prices. The inflation rate climbed from 22.41% in May 2023 to 32.70% by September 2024, driven by factors such as subsidy removal and currency depreciation.

The rising cost of living has forced many Nigerian households to cut back on expenses and adopt unconventional survival strategies, such as bartering and informal economic activities. This situation has been exacerbated by the president’s extended vacation, leaving citizens feeling disconnected from leadership during a time of crisis.

Government Defends Economic Approach

Finance Minister Wale Edun expressed optimism, citing efforts to stabilize monetary policy and manage exchange rates. He highlighted the end of fuel subsidies as a significant step toward economic reform. However, critics argue that these measures have yet to alleviate the hardships faced by millions of Nigerians.

Central Bank Governor Olayemi Cardoso defended recent interest rate hikes aimed at curbing inflation, while the World Bank’s Senior Vice President, Indermit Gill, called for better collaboration between Nigeria’s economic units to drive growth.

As inflation continues to rise and living conditions worsen, the government faces mounting pressure to act swiftly to address the economic challenges threatening the country’s stability.

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Security Breach Scandal! Peter Obi Accused Of Orchestrating Identity Fraud At International Airport!.

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July 17, 2026

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A petition dated July 12, 2026, has been submitted to Aviation Minister Festus Keyamo, the Nigerian Civil Aviation Authority (NCAA), and the Economic and Financial Crimes Commission (EFCC) regarding serious security allegations. An anonymous individual, identifying as an aviation industry worker, is calling for a formal investigation into claims that Peter Obi, the presidential candidate for the Nigeria Democratic Congress (NDC), facilitated travel for a media aide using multiple identities.....KINDLY READ THE FULL STORY HERE▶

  • Circumventing Restrictions: The petitioner claims that Obi’s media aide was previously barred from flying with Air Peace due to alleged misconduct but continued to travel on the airline using different names.

  • Obi’s Alleged Involvement: The petition alleges that Obi repeatedly made arrangements to help the aide evade these airline restrictions and often accompanied her on these flights.

  • Interference with Security: It is further alleged that when traveling with this aide, Obi prevented airport staff from performing necessary identity verification procedures.

  • Evidence Cited: The petitioner claims to have attached evidence of flight tickets and Passenger Name Records (PNR) to the document to support these claims.

  • Safety Concerns: The document argues that these actions compromise aviation security and undermine the ability of airlines to enforce safety and identification protocols.

As of the report’s filing, these allegations remain unverified, and Peter Obi has not issued a public response.

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From Rivals To Rescue? Keyamo Stuns Public With Offer To Settle Peter Obi’s Airport Debt!.

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July 17, 2026

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Aviation Minister Festus Keyamo has agreed to a proposal by Mr. Nnaemeka Ikerionwu to pay the ₦25,000 airport parking fine issued to Peter Obi, the presidential candidate for the Nigerian Democratic Congress (NDC).....KINDLY READ THE FULL STORY HERE▶

  • Origin of the Fine: The fine was imposed after Peter Obi allegedly violated parking regulations at the Nnamdi Azikiwe International Airport in Abuja.

  • Context of the Dispute: Keyamo previously issued a seven-day ultimatum for Obi to pay the fine and publicly apologize to airport staff following claims Obi made in a podcast interview that he was being targeted and harassed at the airport.

  • Evidence Provided: To address Obi’s allegations of unfair treatment, Keyamo released CCTV footage showing the moment the parking violation occurred.

  • Resolution and Reaction:

    • Following an offer to pay the fine by Ikerionwu, Keyamo instructed him to contact the Director of Commercial and Business Development at the Federal Airports Authority of Nigeria (FAAN) to arrange payment.

    • Despite accepting the payment, Keyamo still expects an apology from Obi to the airport officials.

    • Keyamo stated that the ministry successfully refuted Obi’s claims and warned the candidate to avoid making “outlandish” statements in the future intended to secure “sympathy votes”.

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Nationwide Renaming Spree! Major Landmarks Across Nigeria Now Bear President Tinubu’s Name!.

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July 17, 2026

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The Federal Government has officially renamed the 750-kilometre Lagos-Calabar Coastal Highway as the President Bola Ahmed Tinubu Coastal Highway. Minister of Works David Umahi explained that this decision honors the President, noting that the project’s original vision began nearly 30 years ago during Tinubu’s time as the Governor of Lagos State.....KINDLY READ THE FULL STORY HERE▶

This recent renaming, announced on July 16, 2026, joins a significant and growing list of public assets and institutions that have been named or established in President Tinubu’s honor since he took office in May 2023.

Public Assets Named After President Tinubu

  • Bola Ahmed Tinubu International Airport, Minna: In March 2024, the airport—formerly the Abubakar Imam International Airport—was renamed by Governor Umar Bago to acknowledge the President’s support for Niger State.

  • Bola Ahmed Tinubu Way, Abuja: Following its reconstruction in May 2024, the Abuja Southern Parkway, which connects the Christian Centre to Ring Road One, was renamed by FCT Minister Nyesom Wike.

  • Bola Tinubu Building (National Assembly Library): Inaugurated by the President in May 2024, this newly completed library was named in his honor by the National Assembly.

  • Bola Ahmed Tinubu Technology Innovation Complex (BATTIC): Formerly the Nigeria Immigration Service command and control centre, this facility was renamed in December 2024 to serve as a hub for border security and technological innovation.

  • Bola Ahmed Tinubu Polytechnic, Gwarinpa: Established in January 2025 by the Federal Government, this institution focuses on entrepreneurial, vocational, and technical education.

  • Bola Ahmed Tinubu Barracks, Asokoro: Named by the Nigerian Army in January 2025, this new military facility features operational infrastructure, residential quarters, and sporting amenities.

  • Tinubu International Conference Centre (ICC), Abuja: Following comprehensive renovations, the Abuja International Conference Centre was renamed in June 2025 by the FCT Administration.

With the inclusion of the Lagos-Calabar Coastal Highway, at least eight major public facilities or infrastructure projects have been renamed or established to bear the President’s name during his administration.

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