The Nigerian Presidency has strongly challenged a recent economic report by the World Bank, which claimed that 139 million Nigerians are living in poverty. The government described the figure as “unrealistic” and out of touch with the country’s current economic conditions.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, addressed the issue on Wednesday via his official X (formerly Twitter) account. He stated that such poverty estimates must be “properly contextualised,” especially when based on global models that may not accurately reflect local realities.
“While Nigeria values its relationship with the World Bank and acknowledges its input on policy analysis, the quoted figure must be seen in proper context. It is unrealistic,” Dare wrote.
The Presidency clarified that the figure was based on the international poverty threshold of $2.15 per person per day — a benchmark set in 2017 using Purchasing Power Parity (PPP). It stressed that this model does not represent an actual headcount of Nigerians living in poverty.
The government noted that, at current exchange rates, the $2.15 daily benchmark equates to roughly N100,000 per month — a figure that significantly exceeds the newly approved national minimum wage of N70,000. As such, the Presidency cautioned against interpreting the World Bank’s data as a real-time measure of poverty levels.
“These numbers are analytical constructs, not direct reflections of local income and consumption realities,” the statement explained. “They rely on historic consumption data — Nigeria’s most recent major survey being from 2018/19 — and often exclude the informal and subsistence economies that sustain millions of Nigerians.”
According to Dare, the World Bank’s methodology does not account for the full economic picture, particularly the informal sector, and thus presents a “modelled global estimate,” rather than an accurate portrayal of current living conditions in Nigeria.
“What matters more than a static figure is the direction of change,” he added. “Nigeria is now on a path of recovery and reform, with efforts focused on inclusive growth and social protection.”
The Presidency highlighted several ongoing initiatives aimed at mitigating the impact of economic reforms and promoting long-term prosperity:
- Conditional Cash Transfers: Expanded to reach up to 15 million households, with over N297 billion disbursed to poor and vulnerable families since 2023.
- Renewed Hope Ward Development Programme: Targeting all 8,809 electoral wards with direct delivery of micro-infrastructure, livelihoods, and social services.
- Strengthened National Social Investment Programmes: Enhanced support for N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and the Home-Grown School Feeding initiative to support jobs, small businesses, and education.
- Food Security Measures: Including subsidised grain and fertiliser distribution, agricultural mechanisation, and the reactivation of strategic food reserves.
- Renewed Hope Infrastructure Fund: Supporting critical projects in energy, roads, and housing to reduce costs and boost employment.
- National Credit Guarantee Company: Providing expanded access to affordable credit for small businesses, women, and young entrepreneurs.
The government reaffirmed its commitment to tackling poverty by addressing the structural issues that have long hindered productivity and equitable growth.
It pointed to bold reforms like the removal of fuel subsidies, exchange rate unification, and reallocation of fiscal resources as “painful but necessary” steps toward resolving the root causes of poverty.
The statement also referenced recent acknowledgments from World Bank officials, who have noted signs of macroeconomic recovery under President Tinubu’s leadership.
However, the government emphasised that macroeconomic stability alone is not sufficient — it must translate into tangible improvements in citizens’ daily lives.
The medium-term goal, the Presidency said, is to ensure that economic gains result in more affordable food, better jobs, and reliable infrastructure. It cited ongoing investments in agriculture, manufacturing, and energy — including gas-to-power projects and skills development hubs — as part of efforts to create jobs and lower the cost of living.
“As these reforms and programmes mature, Nigerians should begin to feel meaningful improvements in food prices, income levels, and purchasing power,” the statement concluded.
Finally, the Presidency noted that all social protection programmes are being streamlined under a unified, data-driven system to ensure greater transparency and accountability in the delivery of welfare services.
