President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, made this known on Thursday via his official 𝕏 handle, stressing that the World Bank’s figures must be properly contextualised within global poverty measurement frameworks before being accepted as fact.
“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.
According to the Presidency, the World Bank’s estimate was derived from the global poverty line of $2.15 per person per day, set in 2017 under the Purchasing Power Parity (PPP) methodology. Dare explained that this should not be interpreted as an actual headcount of Nigerians living below the poverty line.
“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount,” he said. “If converted nominally, $2.15 amounts to about $64.5 per month — nearly ₦100,000 at today’s exchange rate — which is above Nigeria’s new minimum wage of ₦70,000. Clearly, the measure is an analytical construct, not a reflection of local income realities.”
The Presidency further argued that such PPP-based assessments do not fully account for Nigeria’s unique economic structure, cost differentials, or the subsistence-based livelihoods that sustain millions in rural and semi-urban areas.
It noted that the World Bank’s reliance on historical consumption data — including Nigeria’s last household survey from 2018/2019 — fails to capture current economic realities or informal sector activities that form the backbone of the nation’s economy.
“The government 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,” Dare said.
FG Lists Anti-Poverty Measures
The Presidency emphasized that the Tinubu administration is actively tackling poverty through a range of initiatives under the Renewed Hope Agenda, including:
- Conditional Cash Transfer Programme: Expanded to reach 15 million households nationwide, with ₦297 billion disbursed since 2023.
- Renewed Hope Ward Development Programme: Targeting all 8,809 electoral wards to deliver micro-infrastructure and social services.
- National Social Investment Programmes (NSIP): Including N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and the Home-Grown School Feeding Programme.
- Food Security Interventions: Distribution of subsidised grains and fertilisers, mechanisation drives, and revival of strategic food reserves.
- Renewed Hope Infrastructure Fund: Financing energy, road, and housing projects to create jobs and lower living costs.
- National Credit Guarantee Company: Expanding access to credit for small businesses, women, and youth entrepreneurs.
Dare said these interventions, alongside exchange rate reforms and fiscal discipline, were already yielding measurable macroeconomic improvements.
“What truly matters is not a static figure but the direction of change. Nigeria’s economy is on a path of recovery and inclusive reform,” he stated.
‘Reforms Tough But Necessary’
The Presidency acknowledged that reforms such as fuel subsidy removal, exchange rate unification, and fiscal restructuring have been tough but necessary to correct decades-long distortions.
“The World Bank’s assessment must understand the long-standing structural issues this administration is correcting — overdependence on imports, productivity constraints, and regional inequality,” Dare said.
He reaffirmed the government’s determination to ensure that the benefits of macroeconomic stability translate into tangible welfare gains for citizens through affordable food, quality jobs, and reliable infrastructure.
“Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy,” Dare concluded.
At the launch of the World Bank’s October 2025 Nigeria Development Update (NDU) in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, had stated that despite reform progress, many households continued to struggle with eroded purchasing power.
“Despite stabilisation gains, many households are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said.
He, however, commended the Federal Government’s economic reforms, noting that the challenge now is to ensure that macroeconomic gains translate into better living standards for Nigerians.
The report, titled “From Policy to People: Bringing the Reform Gains Home,” called for continued efforts to curb inflation, improve spending efficiency, and expand social protection for vulnerable citizens.