Nigeria rejects World Bank saying 139m Nigerians are in poverty

The President Bola Tinubu-led government has stated that it is unperturbed by the World Bank’s economic assessment, noting that 139 million Nigerians live in poverty. The President Bola Tinubu-led government has stated that it is unperturbed by the World Bank’s economic assessment, noting that 139 million Nigerians live in poverty. However, what matters is that the country is on the right trajectory. Responding to the World Bank’s report that economic hardship and food inflation remain high, and 139 million Nigerians are living in poverty, Sunday Dare, a presidential spokesman, in a statement on Thursday, said, “Nigeria rejects exaggerated statistical interpretations detached from local realities. There must be  caution against interpreting the World Bank’s number as a literal, real-time headcount. The estimate is derived from the global poverty line of $2.15 per person per day—a benchmark set in 2017 Purchasing Power Parity (PPP) terms.
“If converted nominally, that figure equals about $64.5 per month, or nearly ₦100,000 at today’s 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.” The presidential spokesperson explained that “poverty assessment under PPP methodology uses historical consumption data (Nigeria’s last major survey was in 2018/19) and often overlooks the informal and subsistence economies that sustain millions of households. 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,” Mr Dare pointed out. Mr Dare listed National Social Investment Programmes, Conditional Cash Transfers, and National Credit Guarantee Company among Mr Tinubu’s efforts per “improving household welfare,” and that “the government remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy where growth translates directly to improved living standards”.
According to the World Bank’s Nigeria Development Update report, 139 million Nigerians still live in poverty, amid food inflation and insecurity. Mathew Verghis, the bank’s country director for Nigeria, said, “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. Many households continue to face hardship, with poverty and food insecurity remaining high. Food inflation remains a major concern: 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,” said the global financial institution.