- The President dismissed the World Bank’s assertion that 139 million Nigerians live in poverty, saying the assertion was outdated and based on model data.
- Presidential aide Sunday Dyer said the report did not reflect current reality, citing ongoing reforms and social programs.
- However, the World Bank and economists believe that despite economic progress, poverty and food insecurity remain widespread.
The Presidency has dismissed a World Bank report that 139 million Nigerians live in poverty, arguing that the figure does not reflect the current reality during the administration of President Bola Tinubu.
Sunday Dare, special adviser to the president on media and public communications, said in a statement that the data “must be appropriately contextualized,” noting that they are based on historical and model estimates rather than real-time assessments.
According to him, the World Bank’s estimate uses a global poverty benchmark of $2.15 a day (2017 purchasing power parity) – which translates to about £100,000 per month at today’s exchange rates, which is higher than Nigeria’s new minimum wage of £70,000.
“The measure is an analytical construct and does not directly reflect local revenue realities,” Dyer said. “Poverty assessments under the PPP approach rely on outdated consumption data, with Nigeria’s last major household surveys conducted in 2018 and 2019.”
He added that the data ignore the informal and subsistence sectors that sustain millions of households. Dyer said Nigeria’s poverty trend was now one of recovery and inclusive reforms, highlighting initiatives such as conditional cash transfers (£297 billion to 15 million households), the New Hope Ward Development Program and food security measures such as food subsidies, fertilizers and mechanization initiatives.
“The World Bank itself acknowledges that these reforms contribute to macroeconomic stability and new growth drivers,” he added.
Meanwhile, World Bank Country Director for Nigeria Matthew Vergis insists that despite reforms, poverty rates remain high.
“By 2025, we estimate that 139 million Nigerians will be living in poverty. The challenge is clear: how to translate the gains of stabilizing reforms into better living standards for all.”
He urged the government to lower inflation, ensure the efficient use of public funds and expand the safety net, warning that food inflation “risked undermining political support for reform”.
Economist Professor Uche Uwalek described the report as “a wake-up call” and noted that “the macro gains achieved so far have not yet translated into improvements in welfare”.
Dr Omotayo Lawal of the University of Chikma said the reforms “did not produce the desired results”, citing high inflation and weak institutions.
“Without consistent policies, assessment data becomes unreliable,“he said.
Afenifere, a pan-Yoruba socio-political group, dismissed the government’s claims as “media hype” and argued that the removal of subsidies led to the collapse of businesses and mass poverty.
“Real wages have fallen by 300%, making any talk of an improvement in the economy unfounded,” it said.
