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World Bank: 139 Million Nigerians in Poverty Despite Tinubu Reforms; Presidency Rejects Report
ABUJA — A new World Bank report has revealed that about 139 million Nigerians, representing 62% of the country’s population, are living below the global poverty line of $2.15 per day. The figure marks an increase from 129 million earlier this year, despite President Bola Tinubu’s ongoing economic reforms aimed at stabilizing Nigeria’s economy.....KINDLY READ THE FULL STORY HERE▶
According to the report, poverty has continued to deepen, particularly in rural communities where an estimated 75.5% of people now live below the poverty threshold. The World Bank warned that unless stronger social safety programs are implemented, the country risks facing a more severe poverty crisis in the coming years.
The bank attributed the worsening situation to rising inflation, reduced purchasing power, and food insecurity, all of which have hit low-income households the hardest. Over the past six years, the institution said, around 58 million Nigerians have slipped into poverty, underscoring the widening gap between the rich and the poor.
President Tinubu’s administration, which came into power in May 2023, introduced a series of economic measures including the removal of fuel subsidies and the unification of the exchange rate. While these policies have been praised internationally for promoting macroeconomic stability, they have also triggered higher living costs and growing discontent among Nigerians struggling to afford basic needs.
In response, the Nigerian Presidency rejected the World Bank’s findings, describing them as misleading and based on outdated data. Presidential spokesman Bayo Onanuga said the report relied on figures from the 2018–2019 Nigeria Living Standards Survey, which, according to him, no longer reflects the current realities.
“The data used in the World Bank’s poverty report are obsolete and do not represent Nigeria’s present situation,” Onanuga said in a statement. “Our government measures poverty using a national threshold of N137,430 annual consumption per person. Based on that benchmark, the poverty rate is significantly lower than what the World Bank claims.”
He added that the government is collaborating with the National Bureau of Statistics (NBS) and development partners to conduct an updated survey that will provide a more accurate picture of the country’s poverty situation. Onanuga maintained that President Tinubu’s reforms are already laying the foundation for long-term economic growth, even though their immediate effects may be painful.
Meanwhile, analysts argue that while Tinubu’s policies are structurally sound, the lack of immediate support for vulnerable groups has worsened hardship across communities. Many economists have called for urgent intervention through targeted cash transfers, agricultural support, and affordable credit programs to cushion the impact of inflation.
The World Bank, in its report, echoed similar concerns, urging Nigeria to strengthen its social protection framework to prevent millions more from falling below the poverty line. It also emphasized the need for better data collection to guide future policy decisions.
Despite differing views between the World Bank and the Nigerian government, both agree that addressing poverty remains one of Nigeria’s biggest challenges. As inflation continues to surge and food prices rise, the debate over how best to measure and reduce poverty is likely to intensify in the months ahead.
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