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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.

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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.

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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.

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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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“ADC Ex-Chairman Nwosu Speaks On Hotly Contested Presidential Ticket Zoning”.

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The founder and pioneer National Chairman of the African Democratic Congress (ADC), Ralph Nwosu, has said the party has not yet reached a final decision on zoning its presidential ticket ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Nwosu made this known in an interview with Punch, while responding to calls by former Vice President Atiku Abubakar for the North to produce the next president.

He explained that the ADC currently maintains an open structure regarding its presidential ticket, giving all regions equal opportunity to contest.

According to him, “In ADC, it is open.”

Nwosu noted that zoning had been a subject of discussion during coalition negotiations, with some Northern stakeholders arguing for fairness based on political rotation since 1999.

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He said some young Northerners who visited him argued that since the return to democracy, power has been shared unevenly between the North and South, which influenced how he now views the debate.

He added that while he had not initially considered it from that angle, the argument reflects a political reality being discussed within the system.

On how the party intends to choose its presidential candidate, Nwosu said the ADC is considering two possible methods—consensus and direct primaries.

He explained that if stakeholders agree, a consensus arrangement would be adopted, but where disagreements arise, the party would proceed with direct primaries, and the winner would emerge as the flagbearer.

Sokoto ADC Threatens Legal Battle Over ‘Imposed’ Committee Leadership.

Nwosu also disclosed that several prominent politicians have indicated willingness to support whoever emerges as the party’s candidate, regardless of outcome.

He mentioned figures such as Rotimi Amaechi, Atiku Abubakar, and Peter Obi as those who have reportedly made such commitments, adding that he expects Rabiu Kwankwaso to also take a similar stance.

He stressed that transparency remains central to the ADC’s internal processes, noting that this principle guided the party’s leadership structure and decision-making.

According to him, the leadership arrangement, including the role of David Mark, was supported because of the need for credible and transparent primaries within the party.

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“2027: Kwankwaso Makes Double Appeal To Nigerians Ahead Of Elections”.

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Former presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, has called on Nigerians both within the country and in the diaspora to actively participate in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Kwankwaso, a chieftain of the African Democratic Congress (ADC), made the appeal in a video posted on his official handle on Monday night.

The former Kano State governor urged citizens, particularly young people, to complete their voter registration with the Independent National Electoral Commission (INEC) ahead of the polls.

He also encouraged Nigerians to register with the African Democratic Congress (ADC), as the coalition party positions itself ahead of the 2027 elections.

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He said, “Fellow Nigerians, it is time for every eligible Nigerian young and old, in the cities and in the villages, at home and in the diaspora to take two decisive steps:

“Register to vote with the Independent National Electoral Commission (INEC) without delay.

“Register with the African Democratic Congress (ADC).”

Meanwhile, a factional leader within the ADC, Nafi’u Bala Gombe, has dismissed any engagement with Kwankwaso, claiming his past actions towards the North make such discussions meaningless.

Speaking in an interview with Premier Radio in Kano, Gombe accused Kwankwaso of failing to act in the best interest of Northern Nigeria when he had the opportunity.

Sokoto ADC Threatens Legal Battle Over ‘Imposed’ Committee Leadership.

He further alleged that Kwankwaso contributed to the region’s political setbacks, insisting he did not use his past positions to bring meaningful development.

Gombe said Kwankwaso once reached out with suggestions on solutions for the North, but he rejected the idea, accusing him of failing the region when it mattered most.

He also claimed that Kwankwaso’s participation in the last general election weakened the North’s political influence, especially with other major contenders in the race.

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“Adasobo Festival Lights Up Kishi As Hunters Display Courage, Tradition And Unity”.

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The ancient town of Kishi in Irepo Local Government Area of Oyo State came alive on Monday as indigenes and visitors gathered to celebrate the centuries-old Adasobo Festival, a cultural event deeply tied to the identity and heritage of the people.....KINDLY READ THE FULL STORY HERE▶

The festival, which attracts sons and daughters of Kishi from across Nigeria and the diaspora, is marked by traditional rites, symbolic performances, and communal gatherings that reflect the town’s rich cultural history.

During a visit by our correspondent on April 20, 2026, key locations such as the palace of the Iba of Kishi and Ansarudeen School—situated near the town’s market and serving as major festival grounds—were filled with activity. Chiefs, elders, and residents all gathered in colourful traditional attire to observe the rituals and pay homage to the monarch.

Royal Presence And Cultural Celebration

The Iba of Kishi sat in state as traditional chiefs and subjects paid homage in line with long-established customs. The palace courtyard was filled with drumming, chants, and cultural performances that entertained the gathering.

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The monarch and his wife were seen enjoying the festivities while awaiting the return of hunters who had gone into the forest as part of the festival’s traditional rites.

Speaking on the significance of the event, the Laha of Kishi land, Dr Yusuf Adeleke Ibrahim, described the Adasobo Festival as a strong symbol of unity and identity for the people.

He explained that the hunters’ expedition into the forest and the presentation of their catch form a key part of the tradition, with rituals performed upon their return.

According to him, the festival is not only a celebration but also a reminder of ancestral roots and communal bonds.

Another traditional leader added that the festival helps younger generations reconnect with their heritage at a time when modern influences are gradually affecting cultural practices.

Hunters’ Return Highlights Festival

A major highlight of the celebration was the return of local hunters from the surrounding forests with animals they had successfully hunted. Their arrival was met with excitement as residents lined the streets to welcome them.

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The display of the hunted game is symbolic, representing courage, skill, and the historical importance of hunting in the community’s way of life.

Beyond its cultural significance, the festival also boosted social and economic activities in the town, with traders, food vendors, and artisans recording increased patronage as visitors thronged the area.

Reunions, music, and celebrations filled the streets as families and friends came together for the occasion.

Grand Finale Ahead

Dr Ibrahim also announced that the grand finale of the Adasobo Festival will take place on Saturday, with dignitaries and neighbouring communities expected to attend.

Residents expressed anticipation for the closing ceremony, which is expected to feature more elaborate cultural displays and larger crowds.

For the people of Kishi, the Adasobo Festival remains more than a cultural event—it is a living tradition that preserves their history, celebrates their identity, and strengthens their unity.

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