Presidency rejects World Bank poverty figures, says it misrepresents realities<\/p>\n
The Presidency has dismissed the World Bank\u2019s recent report that claims that 139 million Nigerians are living in poverty, describing the figure as a statistical projection that does not accurately reflect the country\u2019s current realities.<\/p>\n
According to the report, 61 percent of Nigerians, up from 81 million in 2019, now live below the poverty line, following a 6.7 percent decline in average consumption between 2019 and 2023, particularly in urban areas.<\/p>\n
Reacting on Wednesday, the Special Adviser to the President on Information and Strategy, Sunday Dare, said the World Bank\u2019s estimate, based on the global poverty benchmark of $2.15 per day (2017 Purchasing Power Parity), is not a real-time measurement of living conditions in Nigeria.<\/p>\n
Dare noted that the $2.15 threshold translates to about \u20a6100,000 per month at current exchange rates, which is higher than Nigeria\u2019s \u20a670,000 minimum wage, making the poverty line \u201ca statistical tool, not a reflection of local realities.\u201d<\/p>\n
He explained that the Bank\u2019s analysis relied on outdated data from the 2018\/2019 household consumption survey, which does not account for the vast informal and subsistence economies sustaining millions of Nigerians.<\/p>\n
\u201cThere must be caution against interpreting the World Bank\u2019s number as a literal headcount,\u201d Dare said. \u201cIt is a global modelled estimate, not an empirical representation of 2025 conditions. What truly matters is Nigeria\u2019s trajectory \u2014 and ours is one of recovery and inclusive reform.\u201d<\/p>\n
He added that the World Bank\u2019s report overlooks the structural distortions that the Tinubu administration is working to correct, including overdependence on imports, low productivity, and regional inequality.<\/p>\n
According to Dare, key reforms \u2014 such as the removal of fuel subsidy, exchange rate unification, and fiscal redirection toward productive sectors \u2014 are painful but necessary steps to address the root causes of poverty and foster long-term growth.<\/p>\n
\u201cEven the World Bank itself has acknowledged that these reforms are restoring macroeconomic stability and renewing growth momentum,\u201d he said.<\/p>\n
The presidential aide stressed that the government \u201crejects exaggerated statistical interpretations detached from Nigeria\u2019s social and economic realities,\u201d adding that its focus remains on empowering households, expanding opportunities, and building an inclusive, resilient economy.<\/p>\n
\u201cThe reforms are necessary and the direction is right,\u201d Dare concluded. \u201cThe foundation for a fairer and more prosperous Nigeria is being firmly laid.\u201d
\n(Guardian)<\/p>\n","protected":false},"excerpt":{"rendered":"
Presidency rejects World Bank poverty figures, says it misrepresents realities The Presidency has dismissed the World Bank\u2019s recent report that claims that 139 million Nigerians are living in poverty, describing the figure as a statistical projection that does not accurately reflect the country\u2019s current realities. According to the report, 61 percent of Nigerians, up from […]<\/p>\n","protected":false},"author":4,"featured_media":148880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[69,18,20],"tags":[2424,1146,81],"class_list":["post-148879","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-news","category-the-nation","tag-poverty-figures","tag-presidency","tag-world-bank"],"yoast_head":"\n