ABUJA, Nigeria — The Presidency has rejected the World Bank’s recent report estimating that about 139 million Nigerians are living in poverty, describing the figure as “unrealistic” and detached from the country’s true economic situation.....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said in a post on his official X handle Wednesday that while Nigeria values its relationship with the World Bank, the poverty estimate must be “properly contextualized” within global poverty measurement models.

“While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure quoted must be properly contextualized. It is unrealistic,” Dare wrote.

According to the Presidency, the World Bank figure is based on the 2017 global poverty line of $2.15 per person per day using the Purchasing Power Parity (PPP) model. When converted to nominal terms, the figure equals roughly N100,000 per month — far higher than Nigeria’s new minimum wage of N70,000.

The government argued that the PPP model, which uses historical consumption data, does not capture Nigeria’s large informal economy, where millions earn income through small-scale or subsistence activities. It emphasized that the World Bank estimate is a “modelled global projection” rather than an accurate reflection of 2025 living conditions.

“The measure is an analytical construct, not a direct reflection of local income realities,” Dare said, noting that Nigeria’s economic trajectory is now moving toward recovery and inclusive reform.

The Presidency highlighted several ongoing welfare and economic programs aimed at easing the effects of recent reforms. These include expanded conditional cash transfers to 15 million households, the Renewed Hope Ward Development Programme covering all 8,809 electoral wards, and the strengthening of national social investment initiatives like N-Power and TraderMoni. Other measures include food security interventions, subsidized grains, fertilizer support, and infrastructure funding through the Renewed Hope Infrastructure Fund.

It also cited policy reforms such as the removal of fuel subsidies and exchange rate unification as “painful but necessary choices” to correct structural distortions in the economy. The government said these steps are already helping to restore macroeconomic stability and investor confidence.

“Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and growth momentum,” the statement noted.

The Presidency reaffirmed Tinubu’s commitment to building “a resilient and inclusive economy” that prioritizes affordable food, job creation, and reliable infrastructure. It said Nigerians should begin to feel visible improvements in food prices and purchasing power as reforms and welfare programs take effect.

However, the World Bank, in its October 2025 Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home,” warned that the benefits of Nigeria’s bold reforms have not yet reached most citizens. The Bank’s Country Director, Mathew Verghis, said that while economic stabilization is improving key indicators such as revenue and debt management, poverty continues to deepen.

“In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said, noting that the number has risen from 129 million in April 2025 and 87 million in 2023. He urged the government to ensure that the gains from reforms translate into real welfare improvements.

Reactions to the dispute have been mixed. Opposition parties, labour leaders, and economists argue that despite government optimism, hardship remains widespread. The Labour Party’s Tony Akeni said the figures “reflect the grim realities of life in Nigeria,” while the Nigeria Labour Congress’ Chris Onyeka stated that “poverty is not an abstract statistic; it is lived reality.”

Economists, including Muda Yusuf of the Centre for the Promotion of Private Enterprise, noted that the reforms, while necessary, have temporarily worsened poverty due to inflation and policy shocks. Former University of Uyo Vice-Chancellor Akpan Ekpo added that “growth alone cannot reduce poverty without deliberate policies.”

Despite the differing views, both the Presidency and the World Bank agree on one point — Nigeria’s economic reforms are crucial. The question, many observers say, is whether those reforms will soon bring relief to millions struggling to survive.