The Presidency has rejected the World Bank’s latest economic report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated, outdated, and inconsistent with the country’s current socio-economic conditions.
In a statement released on Wednesday by President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, the government argued that the global lender’s poverty estimate must be properly “contextualised” within the technical limitations of international poverty measurement models.
Dare stated that while Nigeria values its partnership with the World Bank, the 139 million figure is “unrealistic and detached from on-ground realities.”
According to the Presidency, the World Bank’s estimate was derived from the global poverty line of $2.15 per person per day, established in 2017 under Purchasing Power Parity (PPP). It said this benchmark, when converted into nominal naira at current exchange rates, translates to roughly ₦100,000 per month a figure significantly higher than Nigeria’s new national minimum wage of ₦70,000, making direct comparisons misleading.
“The measure is an analytical construct, not a literal headcount,” the statement read. “It is based on historical consumption data, last compiled in 2018/2019, and often excludes the vast informal and subsistence sectors that sustain millions of Nigerian households.” The Presidency maintained that the report should therefore be regarded as a modelled projection rather than an empirical representation of living conditions in 2025.
Dare explained that what truly matters is not the static figure but the direction of economic change. He noted that the Tinubu cadministration’s reform policies though initially painful. He placed the economy on a recovery trajectory aimed at promoting inclusive growth and long-term stability. “The economy is undergoing renewal, and the reforms are beginning to yield measurable improvements,” he said.
The government cited several ongoing welfare and intervention programmes designed to mitigate the impact of structural reforms. These include an expanded Conditional Cash Transfer scheme covering up to 15 million households, the Renewed Hope Ward Development Programme targeting all 8,809 electoral wards, and the strengthening of National Social Investment Programmes such as N-Power, GEEP microloans, and the Home-Grown School Feeding initiative.
Dare disclosed that over ₦297 billion has already been disbursed through verified digital enrolment channels under the National Social Register, while new initiatives such as the National Credit Guarantee Company are expanding access to affordable credit for women, youth, and small business owners. He added that the Renewed Hope Infrastructure Fund is financing critical energy, road, and housing projects intended to reduce living costs and boost employment.
The Presidency further pointed to Nigeria’s food security interventions, including subsidised grain distribution, fertiliser support, and mechanisation partnerships aimed at curbing inflationary pressures on essential commodities. It said these initiatives were integral to the administration’s strategy to tackle poverty from its structural roots rather than merely managing its symptoms.
In defending its policy direction, the government argued that reforms such as fuel subsidy removal, exchange rate unification, and fiscal realignment were necessary to correct long-standing distortions that had stifled productivity and inclusive growth. “These were painful but unavoidable choices,” “Even the World Bank itself has acknowledged that these measures are restoring macroeconomic stability and growth momentum.”
It emphasised, however, that macroeconomic recovery must translate into visible welfare gains for ordinary Nigerians. “Economic stability is only meaningful if it results in affordable food, quality jobs, and reliable infrastructure,” the Presidency stated, adding that investments are being scaled up in agriculture, manufacturing, and power generation, including gas-to-power projects and new skill development hubs.
The government assured that as these programmes mature, Nigerians would experience “more visible improvements in food prices, income, and purchasing power.” It noted that the administration is consolidating the nation’s social protection architecture by integrating all welfare schemes under a unified, data-driven framework to enhance transparency, coordination, and impact.
Meanwhile, the World Bank’s Country Director for Nigeria, Mathew Verghis, while presenting the October 2025 Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home,” commended Nigeria’s bold policy choices on subsidy removal and exchange rate reform. He described them as foundational steps capable of reshaping the nation’s long-term economic trajectory if sustained.
Verghis noted that although macroeconomic indicators such as GDP growth, revenues, and reserves were improving, these gains had not yet translated into tangible relief for citizens. “Despite the stabilisation phase, many households are still struggling with eroded purchasing power. Poverty, which began to rise in 2019, has continued to deepen .
The World Bank’s report estimated that 139 million Nigerians now live below the global poverty line, an increase from 129 million in April 2025 and 87 million in 2023 underscoring the widening hardship faced by households amid inflation and currency depreciation. However, the Presidency dismissed this as a statistical abstraction divorced from the lived realities of millions who remain economically active within informal and subsistence economies.
Opposition parties and labour groups, however, have seized upon the World Bank’s findings to criticise the Tinubu administration’s handling of the economy.
Labour Party spokesman Tony Akeni said the figures reflect “the grim truth of life on the streets,” while NNPP’s Ladipo Johnson accused the government of worsening debt levels. The Peoples Democratic Party’s Timothy Osadolor added that “hunger is visible everywhere,” urging the President to restore public confidence.
