The Presidency has dismissed a World Bank report estimating that 139 million Nigerians live in poverty, calling the figure “unrealistic” and disconnected from local realities. Sunday Dare, Special Adviser to President Bola Tinubu on Media and Public Communication, argued in a Wednesday X post that the estimate, based on a 2017 global poverty line of $2.15 per day (approximately N100,000 monthly at current exchange rates), does not reflect actual conditions, as it exceeds Nigeria’s new N70,000 minimum wage.
Dare emphasized that the World Bank’s figure, derived from 2018/19 consumption data and the Purchasing Power Parity (PPP) methodology, overlooks Nigeria’s informal and subsistence economies. He described it as a “modelled global projection” rather than an empirical count, asserting that Nigeria’s economy is on a recovery path driven by inclusive reforms. Key initiatives include:
– Conditional Cash Transfers: Over N297 billion disbursed since 2023 to 15 million households via the National Social Register.
– Renewed Hope Ward Development Programme: Delivering micro-infrastructure and social services to all 8,809 electoral wards.
– National Social Investment Programmes: Strengthened N-Power, GEEP loans, and school feeding initiatives.
– Food Security Initiatives: Subsidized grains, fertilizers, and revived food reserves to curb inflation.
– Infrastructure and Credit: Investments in energy, roads, housing, and affordable credit for small businesses.
The Presidency highlighted reforms like fuel subsidy removal and exchange rate unification as “painful but necessary” to address structural issues, noting World Bank acknowledgment of improved macroeconomic stability. However, it stressed that stability must translate into tangible benefits like affordable food and jobs, with plans to enhance agriculture, manufacturing, and power reliability.
The World Bank’s Nigeria Development Update, launched on Wednesday by Country Director Mathew Verghis, praised Nigeria’s reforms but warned that poverty has risen from 87 million in 2023 to 139 million in 2025, driven by inflation and policy shocks. Opposition parties and economists, including the Labour Party’s Tony Akeni and the NNPP’s Ladipo Johnson, criticized the government for failing to ease hardships, while experts like Muda Yusuf and Akpan Ekpo called for targeted interventions to address rising costs and improve welfare.
