The Nigerian Presidency has rejected the World Bank’s report estimating 139 million citizens live in poverty, calling it “unrealistic” and disconnected from the country’s economic situation. The government argues the figure is based on outdated data and doesn’t account for Nigeria’s vast informal economy.
Key Points of Contention:
– Methodology: The World Bank used the global poverty line of $2.15 per person per day, set in 2017, which the Presidency claims doesn’t reflect Nigeria’s current realities.
– Data Limitations: The report relies on historical consumption data from 2018/19, overlooking the informal sector that supports millions.
– Economic Reforms: The government cites ongoing reforms like fuel subsidy removal and exchange rate unification as necessary steps to address poverty’s root causes.
Government’s Stance:
The Tinubu administration is focused on addressing structural distortions hindering productivity and growth. They emphasize economic recovery must translate into tangible welfare gains for citizens, with improvements in food prices, income, and purchasing power.
