The Presidency has dismissed the latest World Bank report which estimated that 139 million Nigerians are living in poverty, describing the figure as “unrealistic” and detached from the country’s economic realities.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, in a post on his official X handle on Wednesday, said the poverty figures must be “properly contextualised” within the limitations of global poverty measurement models.
“While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure quoted must be properly contextualised. It is unrealistic,” Dare stated.
According to the Presidency, the World Bank’s figure was derived from the global poverty line of $2.15 per person per day, set in 2017 using Purchasing Power Parity (PPP), and should not be mistaken for an actual headcount of poor Nigerians.
It added that when converted to nominal terms, the $2.15 benchmark equals about ₦100,000 per month at current exchange rates — well above Nigeria’s new minimum wage of ₦70,000.
“There must be caution against interpreting the World Bank’s numbers 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 PPP terms. If converted nominally, that figure equals about $64.5 per month, or nearly ₦100,000 at today’s exchange rate — well above Nigeria’s new minimum wage of ₦70,000. Clearly, the measure is an analytical construct, not a direct reflection of local income realities,” the Presidency said.
It further explained that poverty assessments under the PPP methodology rely on historical consumption data—the last major Nigerian survey being in 2018/19—and often fail to capture the informal and subsistence economies that support millions of households.
The government, therefore, views the figure as a modelled global estimate, not an empirical representation of present-day conditions.
“What truly matters is the trajectory, and Nigeria’s is now one of recovery and inclusive reform,” the statement added.
The Presidency listed several welfare and intervention programmes expanded under the Tinubu administration to cushion the effects of economic reforms and promote inclusive growth.
Among them are: Conditional Cash Transfers: Expanded to reach up to 15 million households nationwide, with verified digital enrolment through the National Social Register. Over ₦297 billion has been disbursed since 2023.
Renewed Hope Ward Development Programme: A community-based initiative targeting all 8,809 electoral wards to deliver micro-infrastructure, livelihoods, and social services.
National Social Investment Programmes: Strengthened schemes like N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and the Home-Grown School Feeding Programme.
Food Security Initiatives: Distribution of subsidised grains and fertilisers, mechanisation partnerships, and revival of strategic food reserves to curb inflation.
Renewed Hope Infrastructure Fund: Financing energy, road, and housing projects to reduce living costs and create jobs.
National Credit Guarantee Company: Expanding affordable credit access for small businesses, women, and youth entrepreneurs.
The Presidency insisted that the Tinubu administration was addressing the structural distortions that have long constrained productivity and inclusive growth.
It said reforms such as fuel subsidy removal, exchange rate unification, and fiscal reallocation toward productive sectors were “painful but necessary choices” to tackle the root causes of poverty.
“Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and growth momentum,” the statement noted.
The government, however, admitted that macroeconomic stability alone is not sufficient unless it translates into tangible welfare improvements for citizens. It said ongoing investments in agriculture, manufacturing, and power — including gas-to-power projects and skill development hubs — would soon boost jobs and reduce living costs.
“Nigerians should begin to feel more visible improvements in food prices, income, and purchasing power as these programmes mature,” the Presidency assured.
It added that all welfare initiatives were being integrated under a unified, data-driven framework to enhance transparency, ensure accountability, and expand coverage through the National Social Register.
“Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on empowering households, expanding opportunity, and laying the foundation for a fairer, more prosperous nation,” the statement concluded.
Earlier on Wednesday, the World Bank had expressed concern that despite Nigeria’s recent economic stabilisation efforts, about 139 million citizens are living in poverty, warning that the gains of reforms could be lost without tangible improvements in welfare.
The World Bank Country Director for Nigeria, Mathew Verghis, while presenting the October 2025 Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home,” commended Nigeria’s bold steps in exchange rate and petrol subsidy reforms, describing them as “foundational” but cautioned that the benefits had yet to reach ordinary Nigerians.
“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. Poverty, which began to rise in 2019 due to policy missteps and external shocks such as COVID-19, has continued to increase even after the reforms. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said.
The World Bank’s estimate, up from 129 million in April 2025 and 87 million in 2023, underscores the widening hardship despite economic reforms.