The Federal Government has reacted to the World Bank’s recent report indicating that about 139 million Nigerians are living in poverty, saying the figures do not accurately reflect the country’s current realities.
In a post on X, Sunday Dare, Special Adviser on Media and Public Communication to President Bola Tinubu, said while Nigeria values its partnership with the World Bank, the quoted figure must be viewed within the right context.
“While Nigeria values its long-standing partnership with the World Bank and the institution’s contributions to policy analysis, the figure quoted must be properly contextualized.
Dare noted that there must be caution against interpreting the World Bank’s number as a literal, real-time headcount. The estimate is derived from the global poverty line of $2.15 per person per day a benchmark set in 2017 Purchasing Power Parity (PPP) terms.
In his words: “If converted nominally, that figure equals about $64.5 per month, or nearly N100,000 at today’s exchange rate well above Nigeria’s new minimum wage of N70,000.
“Clearly, the measure is an analytical construct, not a direct reflection of local income realities,” he said
He explained that the World Bank’s poverty figures are based on outdated data and global modelling methods that don’t fully capture Nigeria’s informal and subsistence economies where Nigerians earn a living from.
“The government therefore regards the figure as a modelled global estimate, not an empirical representation of conditions in 2025. What truly matters is the trajectory and Nigeria’s is now one of recovery and inclusive reform,” he added.
At the launch of the Nigeria Development Update in Abuja on Wednesday, the World Bank’s Country Director for Nigeria, Mathew Verghis, commended the Tinubu administration for implementing bold macroeconomic reforms, including fuel subsidy removal and exchange rate unification.
He said these measures had started to stabilise the economy, boost revenues, and reduce inflation.
“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” Verghis said.
He, however, cautioned that the benefits of these reforms were yet to reach many Nigerians.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he added.
Verghis emphasized that persistent food inflation and supply challenges continue to hurt the poor and threaten public support for the reforms. He noted that monetary policies alone are not enough and must be backed by structural reforms to sustain progress.
The Minister highlighted that several government initiatives are already addressing the challenges identified by the World Bank.
“Conditional Cash Transfers (CCT): Expanded to reach up to 15 million households nationwide, with verified digital enrolment through the National Social Register. Over N297 billion has been disbursed since 2023 to poor and vulnerable families.
“Conditional Cash Transfers (CCT): Expanded to reach up to 15 million households nationwide, with verified digital enrolment through the National Social Register. Over N297 billion has been disbursed since 2023 to poor and vulnerable families.
Renewed Hope Ward Development Programme (RH-WDEP): A major new initiative targeting all 8,809 electoral wards, delivering micro-infrastructure, livelihoods, and social services directly at community level.
National Social Investment Programmes (NSIPs): Strengthened components such as N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding to protect jobs, encourage small enterprise, and keep children in school.
Food Security Initiatives: Distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves to curb inflationary pressure on staples.
Renewed Hope Infrastructure Fund (RHIF): Financing critical energy, road, and housing projects to lower living costs and stimulate local employment.
National Credit Guarantee Company (NCGC): Expanding affordable credit to small businesses, women, and youth entrepreneurs through risk-sharing mechanisms with commercial banks,” he mentioned