The Nigerian Presidency has rejected the World Bank’s latest report estimating that 139 million Nigerians live in poverty. The report, which was released on October 9, 2025, raised concerns about the rising poverty levels in the country. However, the Nigerian government has labeled the World Bank’s poverty estimate as “unrealistic” and out of touch with the nation’s economic realities.
In a public statement posted on X (formerly Twitter), President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, stated that the figures cited by the World Bank must be “properly contextualised” to align with global poverty measurement standards.
“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 emphasized in the post.
The government clarified that the 139 million figure referenced the global poverty line of $2.15 per person per day, a benchmark set in 2017 using Purchasing Power Parity (PPP). This line, the Presidency explained, is a modelled global estimate, not an accurate headcount of the poor in Nigeria. When converted to Nigeria’s local currency, the $2.15 benchmark roughly equates to N100,000 per month — higher than the country’s new minimum wage of N70,000.
“There must be caution against interpreting the World Bank’s numbers 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 terms. If converted nominally, that figure equals about $64.5 per month, or nearly N100,000 at today’s exchange rate, well above Nigeria’s new minimum wage of N70,000. Clearly, the measure is an analytical construct, not a direct reflection of local income realities,” the Presidency explained.
The Nigerian government also noted that PPP-based poverty assessment models rely on historical consumption data from surveys, with Nigeria’s last major survey conducted in 2018/19. These models tend to overlook the vast informal and subsistence economies that sustain millions of Nigerian households. The administration, therefore, regards the World Bank’s poverty estimate as a theoretical projection rather than a true depiction of current conditions in the country.
“What truly matters is not the static figure but the direction of change. Nigeria’s economy is now on a recovery and reform trajectory,” the statement continued.
The government highlighted several ongoing initiatives aimed at combating poverty and fostering economic recovery. These include:
Conditional Cash Transfers: Expanded to reach 15 million households, with over N297 billion disbursed since 2023.
Renewed Hope Ward Development Programme: A new initiative targeting all 8,809 electoral wards, delivering micro-infrastructure, livelihoods, and social services directly at the community level.
National Social Investment Programmes: Strengthened initiatives such as N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding to promote small enterprises and keep children in school.
Food Security Initiatives: Distribution of subsidized grains and fertilizers, mechanization partnerships, and the revival of strategic food reserves to control inflationary pressures.
Renewed Hope Infrastructure Fund: Financing key energy, road, and housing projects to lower living costs and stimulate local employment.
National Credit Guarantee Company: Expanding affordable credit to small businesses, women, and youth entrepreneurs.
Despite the government’s stance, the World Bank report acknowledged Nigeria’s economic recovery efforts but expressed concerns that poverty has deepened due to the macroeconomic challenges. The World Bank’s Nigeria Country Director, Mathew Verghis, at the launch of the October 2025 Nigeria Development Update, noted that while recent reforms like the unification of exchange rates and fuel subsidy removal were significant steps, they have yet to improve the living conditions of ordinary Nigerians.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,” Verghis said.
However, Verghis warned that these improvements have not translated into tangible relief for citizens. “Poverty, which began to rise in 2019 due to policy missteps and external shocks like COVID-19, has continued to increase even after the reforms. In 2025, we estimate that 139 million Nigerians live in poverty,” he revealed, marking a significant increase from 129 million in April 2025 and 87 million in 2023.
The opposition parties, economists, and labor unions, however, criticized the administration for not doing enough to mitigate the effects of the reforms on the average Nigerian. Tony Akeni, Interim National Publicity Secretary of the Labour Party, stated that while the President speaks of growth and reduced inflation, these have not had a real impact on the daily lives of Nigerians.
“These are only figures on paper. They haven’t translated into any advantage for the ordinary Nigerian,” Akeni remarked.
Economists further emphasized that economic reforms, while necessary, have exacerbated inflation and weakened purchasing power. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, explained, “The process of fixing what’s broken has aggravated poverty,” citing the unification of exchange rates and the removal of fuel subsidies as key drivers of inflation.
Prof. Akpan Ekpo, former Vice-Chancellor of the University of Uyo, emphasized the need for sustained, double-digit growth, not just incremental improvements, to combat poverty. “You can’t grow at four percent and expect poverty to drop,” he argued.
Despite these criticisms, the government remains focused on tackling the root causes of poverty through structural reforms. The Presidency reaffirmed its commitment to building a resilient, inclusive economy that benefits all Nigerians, with a particular emphasis on long-term investments in agriculture, manufacturing, and energy reliability.
The statement concluded by reaffirming President Tinubu’s vision of an inclusive economy where growth translates into improved living standards for ordinary Nigerians, asserting that “Nigeria rejects exaggerated statistical interpretations detached from local realities.”
