- 139 Million Nigerians in Poverty – Presidency Dismisses World Bank’s Claim
- Says Nigeria’s reforms are yielding recovery and growth.
- Affirms Tinubu’s focus on inclusive economic transformation.
The Presidency has rejected the latest World Bank report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated and inconsistent with the country’s economic realities.
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EKO HOT BLOG reports that special Adviser to the President on Media and Public Communication, Sunday Dare, stated that while Nigeria values its partnership with the World Bank, the data must be “properly contextualised” within global measurement models.
Dare explained that the figure was based on the global poverty benchmark of $2.15 per person daily, a metric set in 2017 under Purchasing Power Parity (PPP). When converted to nominal terms, this equates to about ₦100,000 monthly, which far exceeds Nigeria’s new minimum wage of ₦70,000. He described the figure as a theoretical model, not a real-time reflection of living conditions.
According to him, Nigeria’s economy is currently on a path of recovery and inclusive reform, strengthened by social investment programmes and economic interventions such as conditional cash transfers, agricultural subsidies, microcredit schemes, and infrastructure investments under the Renewed Hope Agenda.
The Presidency maintained that President Bola Tinubu’s administration is tackling structural economic issues that have limited growth and productivity for decades. It said ongoing reforms including fuel subsidy removal and exchange rate unification—are stabilising the economy, even as their short-term impacts are being cushioned through social welfare initiatives.
“The World Bank’s estimates are global projections, not actual headcounts. What matters most is Nigeria’s positive reform trajectory,” Dare emphasised, reaffirming Tinubu’s commitment to building a resilient economy that translates growth into real welfare gains for citizens.
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