The Nigerian Presidency has rejected the World Bank’s recent report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the country’s current economic reality. According to President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, the figure must be properly contextualised, as it is based on the global poverty threshold of $2.15 per day—an international benchmark set in 2017 using Purchasing Power Parity (PPP). He argued that this figure, when converted using current exchange rates, translates to roughly N100,000 per month, which exceeds Nigeria’s new minimum wage of N70,000. This, he said, highlights the limitations of global models in reflecting local economic conditions.
The Presidency explained that the World Bank’s estimate relies on outdated household consumption data, particularly from the 2018/2019 National Living Standards Survey, and does not adequately capture Nigeria’s vast informal and subsistence economies, where millions earn and survive outside formal income metrics. As such, the administration views the 139 million poverty estimate not as a real-time headcount but as a theoretical projection. Emphasising the importance of direction over static numbers, the government argued that Nigeria is now on a recovery trajectory, with structural reforms aimed at fostering inclusive growth and reducing long-term poverty.
Citing ongoing reforms such as fuel subsidy removal, exchange rate unification, and a shift in fiscal spending toward productive sectors, the Presidency insisted that its policies are addressing the root causes of poverty. It also highlighted a range of social programmes being implemented to cushion the impact of reforms and support vulnerable populations. These include expanded conditional cash transfers, infrastructure and community development projects at the ward level, micro-loans for small businesses, and subsidised food and agricultural inputs. The government also pointed to improved macroeconomic indicators such as rising revenue, stabilising inflation, and increasing investor confidence, claiming these are early signs that the reforms are taking effect.
However, the World Bank, while acknowledging Nigeria’s bold economic steps, warned that the benefits have yet to reach the majority of citizens. Speaking at the launch of the October 2025 Nigeria Development Update, the Bank’s Country Director, Mathew Verghis, noted that poverty has continued to deepen, rising from 87 million in 2023 to 139 million in 2025, despite improvements in macroeconomic indicators. He stressed that without concrete improvements in welfare and purchasing power, the country risks losing the gains achieved through recent policy changes.
Opposition parties, labour unions, and economists have echoed this concern, arguing that the hardships facing millions of Nigerians are real and growing. They accused the government of focusing on economic statistics rather than the lived experiences of citizens grappling with food inflation, a weakening naira, and stagnant wages. Critics urged the administration to move beyond structural adjustments and focus on direct interventions that improve household welfare, create jobs, and lower the cost of living.
Despite the criticism, the Presidency maintained that its long-term strategy remains centred on building a resilient, inclusive economy where growth is driven by productivity and translates into better living standards for all. It assured that ongoing investments in agriculture, manufacturing, infrastructure, and skills development will soon begin to ease the economic pressure on Nigerians. While acknowledging the current pain many citizens face, the government expressed confidence that its reforms will ultimately lay the foundation for lasting prosperity.
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