latest
Skyrocketing Inflation Pushes 129 Million Nigerians Into Poverty — World Bank
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.
latest
“ADC Ex-Chairman Nwosu Speaks On Hotly Contested Presidential Ticket Zoning”.
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▶
latest
“2027: Kwankwaso Makes Double Appeal To Nigerians Ahead Of Elections”.
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▶
latest
“Adasobo Festival Lights Up Kishi As Hunters Display Courage, Tradition And Unity”.
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▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
