About 139 million Nigerians are reportedly living in poverty, according to the most recent World Bank report, which the Presidency has criticized as being “unrealistic, exaggerated, and detached from Nigeria’s actual economic conditions.”
Through his official đť•Ź handle, Sunday Dare, President Bola Tinubu’s Special Adviser on Media and Public Communication, said this on Thursday. He insisted that the data must be appropriately contextualized within global frameworks for measuring poverty before they can be regarded as truth.
“The cited amount needs to be appropriately contextualized, even while Nigeria values its collaboration with the World Bank and its contributions to policy analysis. “That’s not realistic,” Dare remarked.
The Presidency explained that the World Bank’s assessment should not be construed as an actual headcount of Nigerians living below the poverty line because it was based on the global poverty level of $2.15 per person per day, which was set in 2017 under the Purchasing Power Parity (PPP) methodology.
Dare said, “One must exercise caution when interpreting the World Bank’s numbers as a literal, real-time headcount.”
The estimate is based on the global poverty line, which was established in 2017 PPP values and is $2.15 per person per day. Nominally, that amount is equivalent to over $64.5 a month, or almost ₦100,000 at the current exchange rate, which is significantly more than Nigeria’s new minimum salary of ₦70,000. It is obvious that the metric is an intellectual construct rather than an accurate representation of local economic reality.
He claims that when these standards are applied to Nigeria, they fail to take into account the nation’s distinct economic structure, cost variations, and the subsistence-based means of sustenance that support millions of households in rural and semi-urban areas.
The Presidency contended that because PPP-based poverty assessments mainly rely on historical consumption data—Nigeria’s most recent significant household survey was conducted in 2018–2019—they are unable to account for the activities of the informal sector, which constitutes the foundation of the country’s actual economy, or reflect current economic dynamics.
The PPP methodology’s use of historical consumption data for poverty evaluation sometimes ignores the informal and subsistence economies that support millions of households. Therefore, rather than being an empirical depiction of situations in 2025, the government views the figure as a modelled worldwide estimate. The trajectory is what counts, and Nigeria’s is currently one of inclusive change and recovery,” the statement said.
“Progress, not projections, should be the main focus.”
Dare maintained that the Federal Government sees the World Bank’s figure as a chance to show further improvement rather than as a condemnation.
He pointed out that via reforms and focused social interventions, Nigeria’s economy was now stabilizing and exhibiting indications of recovery, despite previous shocks.
The direction of change, not a fixed number, is what counts most. Nigeria’s economy is recovering and undergoing inclusive transformation. “The structural distortions that have impeded productivity and inclusive growth for decades are being addressed by the Tinubu administration,” he stated.
FG Lists Reform Milestones and Anti-Poverty Initiatives
Under President Tinubu’s Renewed Hope Agenda, the Presidency described a number of ongoing initiatives to combat poverty and lessen the effects of economic reforms on the populace.
Among the projects mentioned are:
Conditional Cash Transfer Program: Using a digitally validated National Social Register, the program was extended to 15 million households nationally. Since 2023, more than ₦297 billion has been given to low-income and vulnerable families.
The Renewed Hope Ward Development Program aims to provide livelihoods, micro-infrastructure, and critical social services at the local level in each of the 8,809 electoral wards.
National Social Investment Programs (NSIP): Enhanced programs including N-Power, the Home-Grown School Feeding Program, and GEEP microloans (TraderMoni, MarketMoni, FarmerMoni) that aim to preserve jobs, support small businesses, and keep kids in school.
Interventions for Food Security: To reduce inflationary pressures on the cost of staple foods, partnerships for agricultural mechanization, the distribution of subsidized grains and fertilizers, and the resuscitation of strategic food reserves are all being considered.
The Renewed Hope Infrastructure Fund provides funding for important housing, transportation, and energy improvements that lower living expenses and create jobs.
Through risk-sharing agreements with commercial banks, the National Credit Guarantee Company is increasing small business, female, and young entrepreneur access to affordable credit.
According to Dare, these actions were already yielding quantifiable macroeconomic outcomes when paired with budgetary restraint and exchange rate adjustments.
“Hard but necessary reforms” The Presidency
The statement also emphasized that although reforms like the elimination of fuel subsidies, the unification of exchange rates, and the reallocation of funds to productive sectors were difficult, they were “necessary to fix deep-rooted inefficiencies” that had hampered national production for many years.
Dare stated, “The World Bank’s assessment must take into account the long-standing structural distortions that this administration is actively correcting, such as regional inequality, productivity constraints, and overdependence on imports.”
“Macroeconomic stability and fresh growth momentum are already being restored by these policies. The effectiveness of these measures has even been recognized by the World Bank.
He underlined that the government’s next priority was to guarantee that macroeconomic stability results in real welfare benefits for the populace, such as reasonably priced food, good jobs, and dependable infrastructure.
Dare reaffirmed the government’s faith in its economic course and stated that the Tinubu administration was committed to making sure that regular Nigerians benefited from progress.
“Exaggerated statistical interpretations that are disconnected from local realities are rejected by Nigeria,” he said.
“The government is still committed to empowering households, increasing opportunity, and creating a robust, inclusive economy where rising living standards are a direct result of growth.” The changes are required. It’s in the correct direction. The groundwork is being firmly established for a more equitable and prosperous Nigeria.
Despite recent fiscal and monetary changes, poverty levels remained high, according to World Bank Country Director for Nigeria Mathew Verghis, who spoke at the October 2025 Nigeria Development Update (NDU) event in Abuja.
“Many households continue to struggle with diminished purchasing power in spite of these stabilization gains,” he stated. “We project that 139 million Nigerians will be living in poverty by 2025.”
Verghis praised the Federal Government’s bold and fundamental actions in eliminating gasoline subsidies and unifying the currency rate, but cautioned that the benefits of these reforms may be lost if they are not used to improve living conditions.
“Macroeconomic stability must be translated into higher living standards for Nigerians.” The problem now is to go from policy to people,” Verghis said.
According to the World Bank report “From Policy to People: Bringing the Reform Gains Home,” Nigeria must prioritize cutting inflation, increasing the effectiveness of public spending, and growing social safety programs for its most vulnerable inhabitants.
