Presidency Dismisses World Bank’s Poverty Report as “Unrealistic” – City 105.1 FM

The Presidency has faulted the World Bank’s latest report estimating that 139 million Nigerians live in poverty, describing the figure as “unrealistic” and not reflective of current economic conditions in the country.

In a statement issued on Wednesday, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said while Nigeria values its partnership with the World Bank, the poverty data must be “properly contextualised” within global poverty measurement frameworks.

“While Nigeria appreciates the World Bank’s support and analysis, the figure quoted must be placed in proper context. It is unrealistic,” Dare said in a post on X (formerly Twitter).

He explained that the figure was derived from the global poverty line of $2.15 per day, calculated in 2017 Purchasing Power Parity (PPP) terms, and not an actual headcount of poor Nigerians.

“When converted nominally, $2.15 per day equals about N100,000 per month at current exchange rates — well above Nigeria’s new minimum wage of N70,000. The World Bank’s metric is an analytical construct, not a direct reflection of local income realities,” the statement read.

Dare added that the World Bank’s methodology relies on outdated consumption data from the 2018/2019 household survey, which does not account for the informal and subsistence sectors sustaining millions of Nigerians.

According to him, the government views the World Bank’s figures as modelled projections, not real-time data. “What truly matters is the trajectory, and Nigeria’s is one of recovery and reform,” he said.

The Presidency noted that President Tinubu’s administration has expanded several social investment and welfare programmes to mitigate the impact of recent economic reforms. These include:

Conditional Cash Transfers reaching 15 million households, with over N297 billion disbursed since 2023.

The Renewed Hope Ward Development Programme, targeting all 8,809 electoral wards with micro-infrastructure and social services.

Strengthened N-Power, TraderMoni, MarketMoni, FarmerMoni, and Home-Grown School Feeding initiatives.

Food Security interventions, including subsidised grains, fertiliser distribution, and strategic food reserves.

The Renewed Hope Infrastructure Fund and National Credit Guarantee Company, designed to support housing, energy, and small businesses.

The Presidency reiterated that the administration is addressing the structural causes of poverty through reforms such as fuel subsidy removal, exchange rate unification, and fiscal reallocation toward productive sectors.

“Even the World Bank itself has acknowledged that these reforms are restoring macroeconomic stability,” Dare said, citing the lender’s own remarks praising Nigeria’s reform momentum.

He added that the government’s medium-term goal is to ensure that economic recovery translates into affordable food, better jobs, and reliable infrastructure, with major investments ongoing in agriculture, manufacturing, and power.

The Presidency concluded, “Nigeria rejects exaggerated statistical interpretations detached from local realities. The Tinubu administration remains focused on empowering households, expanding opportunities, and building a fairer, more prosperous nation.”

World Bank’s Position

Earlier on Wednesday, the World Bank Country Director for Nigeria, Mathew Verghis, said about 139 million Nigerians were now living in poverty, despite recent economic stabilisation efforts.

Speaking at the launch of the October 2025 Nigeria Development Update, themed “From Policy to People: Bringing the Reform Gains Home,” Verghis commended Nigeria’s bold reforms on the exchange rate and petrol subsidy but warned that the benefits had yet to reach ordinary citizens.

“Despite stabilisation gains, many households are struggling with weakened purchasing power. Poverty, which began rising in 2019 due to policy missteps and external shocks, continues to grow even after the reforms,” he said.

According to him, the figure marks an increase from 129 million in April 2025 and 87 million in 2023, reflecting worsening hardship for many families.

Mixed Reactions Trail Report

Opposition parties, labour leaders, and economists have reacted differently to the Presidency’s stance.

The Labour Party’s spokesperson, Tony Akeni, said the World Bank’s report reflects the “grim realities” Nigerians face daily. “The figures on paper don’t match the suffering on the streets,” he said.

Similarly, NNPP spokesman Ladipo Johnson accused the government of worsening debt and hardship through excessive borrowing. “The poverty rate could climb even higher before year-end,” he warned.

The PDP Deputy National Youth Leader, Timothy Osadolor, said Nigerians “don’t need the World Bank to tell them there’s hunger in the land,” while the ADC’s National Publicity Secretary, Bola Abdullahi, dismissed the government’s claims of growth as “meaningless to ordinary citizens.”

The Nigeria Labour Congress Assistant General Secretary, Chris Onyeka, said inflation and rising living costs have rendered the N70,000 minimum wage “barely enough to buy a bag of rice.”

Economists also weighed in, noting that Nigeria’s reforms, while necessary, have had short-term negative effects.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, said: “The process of fixing what’s broken has worsened poverty temporarily.”

Prof. Akpan Ekpo, a former Vice-Chancellor of the University of Uyo, added: “Growth alone won’t reduce poverty. We need deliberate, sustained policies like China’s model.”

Former CIBN president Okechukwu Unegbu urged caution in accepting the World Bank’s projections, saying, “They often exaggerate Africa’s challenges.”

Meanwhile, Proshare Nigeria’s Chief Economist, Teslim Shitta-Bey, said reforms were necessary but must now focus on welfare and cost-of-living relief.

“Exchange rate and subsidy reforms were inevitable, but Nigerians must begin to feel the gains through better power, food supply, and access to jobs,” he said.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}