FG to track poverty, incomes as government seeks proof reforms are working—Oyedele

Minister of Finance Taiwo Oyedele has said that his ministry plans to publish indicators tracking poverty, incomes and inequality as President Bola Tinubu’s government seeks to show that economic reforms are improving living standards in Nigeria, ‌the finance minister said on Thursday.

The planned scorecard is an attempt to answer a central criticism of Tinubu’s reform programme: that gains in revenue, foreign exchange liquidity and investor confidence have yet to translate into meaningful relief for households facing high food, transport and living costs.

Speaking at a conference in Lagos, organised by BusinessDay newspaper, Taiwo Oyedele said the government would assess “shared prosperity” using three measures: reductions in multidimensional poverty, increases in real income per capita and lower inequality.

Tinubu’s government is seeking to demonstrate that reforms introduced in 2023, including scrapping a fuel subsidy and liberalising the naira, applauded by lenders and investors, are translating into broader gains for Nigerians after driving up inflation and living costs.

The International Monetary Fund said in June that ‌while the reforms were improving investor confidence and economic stability, 63% of Nigeria’s 200 million population remained in poverty and millions faced food insecurity.

The measures have also been accompanied by criticism over persistent corruption and allegations of unbudgeted government spending, raising questions about whether the sacrifices demanded of citizens are being matched by fiscal discipline.

Oyedele said inflation was easing, the foreign exchange market was functioning more efficiently and investor interest was returning, but acknowledged that macroeconomic stability alone would not be enough.

“A stable economy can still be a stagnant one if we become complacent,” he said.
Oyedele said the ministry of finance would be responsible for producing the scorecard but did not provide a timeline for publishing the indicators or say how frequently they would be updated.