Poverty rate remains alarmingly high in Nigeria despite increase in revenue and expansion of economic programmes by the Federal Government.
According to Bretton Woods, 139 million Nigerians are in poverty in 2025 in the face of President Bola Tinubu’s economic reforms.
Country Director, World Bank Nigeria, Mathew Verghis, stated this in Abuja during the launch of the Nigerian Development Update where the bank also projected that Nigeria’s economy would grow by 4.4 per cent in 2027.
The World Bank’s declaration was made weeks after Tinubu said Nigeria’s economy was rebounding.
According to Tinubu, Nigeria has “turned the corner” on its economic and social challenges, adding that the sacrifices of the past two years were beginning to yield measurable results.
In his live nationwide broadcast to on October 1 65th Independence anniversary, Tinubu told Nigerias that his administration’s reforms were already repositioning the country on the path of stability, growth and self-sufficiency.
“I am pleased to report that we have finally turned the corner. The worst is over. Yesterday’s pains are giving way to relief. I salute your endurance, support and understanding,” the president said. “I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
But Verghis said: “These results are exactly what you need to see in a stabilisation. These are big achievements. However, despite these stabilisation gains, many Nigerians are still struggling. Most households are struggling with eroded purchasing power.
“In 2025, we estimate that 139 million Nigerians live in poverty. So, the challenge is clear: how to translate the gains from the stabilisation reforms into better living standards for all.”
Verhghis warned that the FG must cut inflation, especially on inflation, ensure effective use of public funds and expand safety nets, to address the high rate of poverty in the country and ensure that citizens enjoy the gains of reforms.
“Food inflation affects everybody but particularly the poor and has the potential to undermine political support for the reforms. Use public resources more effectively ensuring that spending drives real development results that benefit people and three, expanding the safety net so that the poorest and vulnerable get support,” he added.
