- The Presidency has dismissed the World Bank’s claim that 139 million Nigerians live in poverty, calling it outdated and based on modelled data.
- Presidential aide Sunday Dare said the report doesn’t reflect current realities, citing ongoing reforms and social programmes.
- However, the World Bank and economists argued that poverty and food insecurity remain widespread despite economic gains.
Nigeria investment opportunities
The Presidency has dismissed the World Bank’s report claiming that 139 million Nigerians live in poverty, arguing that the figure does not reflect current realities under President Bola Tinubu’s administration.
In a statement, Special Adviser to the President on Media and Public Communication, Sunday Dare, said the data “must be properly contextualised,” noting it was based on historical and modelled estimates rather than real-time assessments.
According to him, the World Bank’s estimate used the global poverty benchmark of $2.15 per day (2017 PPP) — which converts to about ₦100,000 per month at today’s exchange rate, a figure higher than Nigeria’s new minimum wage of ₦70,000.
“The measure is an analytical construct, not a direct reflection of local income realities,” Dare said. “The poverty assessment under the PPP methodology relies on outdated consumption data, with Nigeria’s last major household survey conducted in 2018 and 2019.”
He added that the data ignores informal and subsistence sectors that sustain millions of households. Dare said Nigeria’s poverty trend is now one of recovery and inclusive reform, highlighting initiatives such as the Conditional Cash Transfer (₦297 billion disbursed to 15 million households), the Renewed Hope Ward Development Programme, and food security measures like subsidised grains, fertilisers, and mechanisation initiatives.
“The World Bank itself has acknowledged that these reforms are contributing to macroeconomic stability and renewed growth momentum,” he added.
Meanwhile, the World Bank Country Director for Nigeria, Mathew Verghis, insisted that poverty remains high despite reforms.
“In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from stabilisation reforms into better living standards for all.”
Nigeria investment opportunities
He urged the government to reduce inflation, ensure efficient use of public funds, and expand safety nets, warning that food inflation “has the potential to undermine political support for the reforms.”
Economist Professor Uche Uwaleke described the report as “a wake-up call,” noting that “macro gains achieved so far have yet to translate to improved welfare.”
At Al-Hikmah University, Dr. Omotayo Lawal said reforms “are not yielding the desired outcomes,” citing high inflation and weak institutions.
“Without consistent policies, data for evaluation become unreliable,” he said.
The Pan-Yoruba socio-political group Afenifere dismissed the government’s claims as “media spin,” arguing that subsidy removal led to the collapse of businesses and mass poverty.
“The fall of real wages by 300 percent made any claim of an economic turnaround unfounded,” it said.