Presidency rejects World Bank report claiming 139 million Nigerians are poor

The Presidency has dismissed the World Bank’s latest report estimating that 139 million Nigerians are living in poverty, calling the figure “unrealistic” and disconnected from the country’s current economic realities. 

President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, made the clarification in a post on his official X handle on Wednesday.

He said while the government values its partnership with the World Bank, the global lender’s poverty figures must be “properly contextualised” within the framework of international 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.

The Presidency explained that the 139 million figure was derived from the World Bank’s global poverty line of $2.15 per person per day (set in 2017 using Purchasing Power Parity) and should not be interpreted as a literal headcount of poor Nigerians. When converted to nominal terms, the $2.15 benchmark equals roughly N100,000 per month at current exchange rates — an amount far above Nigeria’s new minimum wage of N70,000.

“The World Bank’s estimate is an analytical construct, not a direct reflection of local income realities,” the statement said, stressing that the poverty line uses historical consumption data and often ignores Nigeria’s vast informal and subsistence economies.

The government maintained that the World Bank’s figure represents a modelled global projection, not an empirical picture of poverty in 2025. It insisted that what matters most is the trajectory of progress, claiming Nigeria is now on a path of recovery and reform.

According to Dare, the Tinubu administration has expanded several welfare and intervention programmes to cushion the impact of reforms and promote inclusive growth. These include:

• Conditional Cash Transfers reaching up to 15 million households, with over N297 billion disbursed since 2023.
• Renewed Hope Ward Development Programme, targeting all 8,809 wards nationwide with micro-infrastructure and livelihood projects.
• National Social Investment Programmes such as N-Power, GEEP microloans (TraderMoni, MarketMoni, FarmerMoni), and school feeding schemes.
• Food Security Initiatives including subsidised grain and fertiliser distribution, and revitalisation of strategic food reserves.
• Renewed Hope Infrastructure Fund, financing key road, energy, and housing projects.
• National Credit Guarantee Company, expanding affordable credit to small businesses, women, and youth entrepreneurs.

The Presidency emphasised that the administration is addressing poverty by tackling the structural distortions that have stifled productivity for decades. It described the removal of fuel subsidies, exchange rate unification, and fiscal reforms as “painful but necessary” steps toward long-term economic stability.

It noted that even the World Bank had acknowledged the positive effects of these reforms, citing early signs of growth, improved revenues, and a stabilising exchange rate.

However, the government admitted that economic recovery would only be meaningful if it translates into tangible welfare gains for ordinary Nigerians. It said ongoing investments in agriculture, manufacturing, and power infrastructure — including new gas-to-power projects — are expected to boost jobs and ease living costs.

“Nigerians should begin to feel more visible improvements in food prices, income, and purchasing power as these programmes mature,” the statement read.

It added that the administration is integrating all social protection schemes under a single, data-driven framework to improve transparency and ensure no vulnerable community is left behind.

The Presidency reaffirmed President Tinubu’s commitment to building a resilient and inclusive economy.

“Nigeria rejects exaggerated statistical interpretations detached from local realities,” it concluded. “The government remains focused on empowering households, expanding opportunity, and laying the foundation for a fairer, more prosperous nation.”

Earlier, the World Bank, in its October 2025 Nigeria Development Update titled From Policy to People: Bringing the Reform Gains Home, warned that poverty in Nigeria had risen to 139 million despite recent stabilisation efforts.

The World Bank Country Director for Nigeria, Mathew Verghis, commended the Tinubu administration’s bold reforms — particularly in foreign exchange and fuel subsidy policies — but noted that the benefits had yet to trickle down to ordinary citizens.

“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said.

The report showed a steady rise from 129 million in April 2025 and 87 million in 2023, underscoring the worsening hardship among households despite signs of macroeconomic improvement.