President Tinubu Rejects World Bank’s Poverty Estimate, See Why

President Tinubu Bola Ahmed has publicly challenged the latest report from the World Bank, which estimated that approximately 139 million Nigerians are currently living in poverty, labeling the figure as “unrealistic” and disconnected from the country’s economic reality.

The World Bank, Nigeria’s largest multilateral lender, had released its October 2025 Nigeria Development Update, urging the government to translate recent macroeconomic reforms into tangible welfare improvements, noting that poverty had continued to increase despite stabilization efforts. The Bank’s figure marked a sharp increase from the 87 million recorded in 2023.

Presidency Rejects World Bank’s Poverty Estimate

The Presidency has publicly challenged the latest report from the World Bank, which estimated that approximately 139 million Nigerians are currently living in poverty, labeling the figure as “unrealistic” and disconnected from the country’s economic reality.

The World Bank, Nigeria’s largest multilateral lender, had released its October 2025 Nigeria Development Update, urging the government to translate recent macroeconomic reforms into tangible welfare improvements, noting that poverty had continued to increase despite stabilization efforts. The Bank’s figure marked a sharp increase from the 87 million recorded in 2023.

READ ALSO:CBN Roles Out Agent Banking New Guidelines

In an official response, the President’s Special Adviser on Media and Public Communication, Sunday Dare, urged for the poverty figure to be “properly contextualised.” The Presidency’s core points of rejection centered on the methodology used by the multilateral institution:

1. Methodological Discrepancy: The 139 million figure was derived from the global poverty line of $2.15 per person per day, a benchmark set in 2017 Purchasing Power Parity (PPP) terms. The government argued that this figure is an “analytical construct, not a direct reflection of local income realities.”
2. Unrealistic Nominal Conversion: When the $2.15 benchmark is converted to nominal terms using current exchange rates, it equals nearly ₦100,000 per month. The Presidency pointed out that this amount is well above Nigeria’s new national minimum wage of ₦70,000, which it claims demonstrates the measure is detached from local income levels.
3. Data Gaps: The government further argued that poverty estimates using the PPP methodology often rely on historical consumption data (Nigeria’s last major survey was in 2018/19) and frequently overlook the vast informal and subsistence economies that support millions of households.

The Presidency stressed that while it values the partnership with the World Bank, it regards the estimate as a “modelled global projection, not an empirical representation of living conditions in 2025.”

Despite disputing the static poverty figure, the Presidency emphasized that the focus remains on the “trajectory of recovery and inclusive reform.” The administration acknowledged the temporary hardship caused by necessary policies—like the fuel subsidy removal and exchange rate unification—but insisted these choices are “painful but necessary” to address structural distortions.

The government highlighted several expanded welfare and intervention programs aimed at cushioning the impact of reforms and driving long-term prosperity:

• Conditional Cash Transfers: Expanded to reach up to 15 million households nationwide, with over ₦297 billion disbursed since 2023.
• Renewed Hope Ward Development Programme: A new community-level initiative delivering micro-infrastructure and social services to all 8,809 electoral wards.
• Food Security Initiatives: Included the distribution of subsidized grains and fertilizers and the revival of strategic food reserves.
• Credit Guarantees: Establishment of a National Credit Guarantee Company to expand affordable credit to small businesses, women, and youth.

The Presidency concluded by affirming its commitment to building a resilient economy where macroeconomic stability translates directly into affordable food, quality jobs, and improved purchasing power for ordinary Nigerians. FOR MORE INFORMATION, I RECOMMEND SONGBUX.