The federal government has downplayed the World Bank’s latest economic report that placed 139 million Nigerians below the poverty line, insisting that the country is on the right trajectory toward recovery and inclusive growth.
In a statement issued on Thursday, presidential spokesman Sunday Dare said the Bola Tinubu-led administration “rejects exaggerated statistical interpretations detached from local realities,” urging caution in taking the World Bank’s estimates as a literal headcount of Nigerians living in poverty.
According to Mr Dare, the World Bank’s figure is based on the global poverty benchmark of $2.15 per person per day, set in 2017 Purchasing Power Parity (PPP) terms. He argued that when converted nominally, the figure equals about $64.5 per month, or roughly ₦100,000 at the current 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,” Mr Dare said.
He explained that the PPP-based poverty assessment relies on historical consumption data, specifically from Nigeria’s 2018/2019 survey and does not fully capture the informal and subsistence economies that sustain millions of households across the country.
“The government, therefore, regards the figure as a modelled global estimate, not an empirical representation of conditions in 2025. What truly matters is the trajectory—and Nigeria’s is now one of recovery and inclusive reform,” the presidential spokesman added.
Mr Dare further listed several initiatives under President Tinubu’s administration, including the National Social Investment Programmes, Conditional Cash Transfers, and the National Credit Guarantee Company, as part of the government’s ongoing efforts to improve household welfare and stimulate inclusive economic growth.
“The government remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy where growth translates directly to improved living standards,” he said.
The World Bank, in its Nigeria Development Update report, had stated that about 139 million Nigerians continue to live in poverty amid persistent food inflation and insecurity.
The bank’s country director for Nigeria, Mathew Verghis, noted that despite ongoing reforms, many households still face severe hardship.
“In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from the reforms into better living standards for all,” Verghis said.
He further highlighted that food inflation remains a major concern, observing that poor households who spend up to 70% of their income on food have seen the cost of a basic food basket rise fivefold between 2019 and 2024.
