The Presidency has rejected the World Bank’s latest poverty report which estimated that 139 million Nigerians are living in poverty, describing the figure as “unrealistic” and disconnected from the nation’s present economic context.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, made the position known in a statement posted on his official X handle on Wednesday.
Dare said the World Bank’s figures must be “properly contextualised” within the framework of global poverty measurement models to avoid misinterpretation of Nigeria’s economic situation.
“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 stated.
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According to the Presidency, the 139 million estimate was derived from the global poverty line of $2.15 per person per day, set in 2017 using Purchasing Power Parity, PPP, and should not be confused with a real-time headcount of poor Nigerians.
It explained that, in nominal terms, the global benchmark translates to around N100,000 per month at current exchange rates, a figure well above Nigeria’s minimum wage of N70,000.
“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount,” the statement said.
“If converted nominally, that figure equals about N100,000 at today’s exchange rate, well above Nigeria’s new minimum wage.”
The Presidency maintained that the poverty estimate was an analytical construct rather than a direct reflection of the actual living standards of Nigerians.
It added that the methodology relied on historical consumption data, with Nigeria’s last major household survey conducted in 2018/2019, a factor which, it said, rendered the estimate outdated.
“Poverty assessment under PPP methodology often overlooks the informal and subsistence economies that sustain millions of households,” Dare said.
“The government therefore regards the figure as a modelled global estimate, not an empirical representation of conditions in 2025.”
The statement emphasised that what mattered most was not the static number but the trajectory of economic recovery and reform.
It said Nigeria was already on the path of sustainable growth and inclusive development.
It highlighted several welfare programmes implemented by the Tinubu administration to cushion the effects of economic reforms and promote long-term prosperity.
Among the key programmes mentioned were Conditional Cash Transfers, which have reached up to 15 million households nationwide, with over N297 billion disbursed since 2023.
The Renewed Hope Ward Development Programme was also cited as targeting all 8,809 electoral wards with micro-infrastructure and social services.
Other interventions listed include the National Social Investment Programmes such as N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding as well as food security initiatives through subsidised grain and fertiliser distribution.
The Presidency also referenced the Renewed Hope Infrastructure Fund and the National Credit Guarantee Company as part of efforts to drive employment, reduce living costs, and support small-scale enterprises.
It stated that the administration’s broader strategy was to tackle structural distortions that had hindered productivity and inclusive growth for decades, noting that reforms such as fuel subsidy removal and exchange rate unification were “necessary measures” to restore economic stability.
The statement added that even the World Bank had acknowledged improvements in Nigeria’s macroeconomic indicators, including rising reserves, improved revenues, and stabilising inflation.
“Economic recovery alone is not sufficient unless it translates into real welfare gains for ordinary Nigerians,” the Presidency said, adding that ongoing investments in agriculture, power, and manufacturing would help reduce living costs and expand job opportunities.
The government further disclosed that it was consolidating all welfare initiatives under a unified, data-driven framework to improve transparency and ensure no vulnerable community was excluded.
It concluded by reaffirming President Tinubu’s commitment to building a resilient and inclusive economy, saying, “Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on empowering households, expanding opportunity, and laying the foundation for a fairer, more prosperous nation.”
Earlier on Wednesday, the World Bank had released its October 2025 Nigeria Development Update, titled “From Policy to People: Bringing the Reform Gains Home.”
The report, presented by the World Bank Country Director for Nigeria, Mathew Verghis, stated that about 139 million Nigerians were currently living in poverty despite recent reforms.
Verghis commended the Nigerian government’s economic reforms, including the removal of fuel subsidies and exchange rate unification, calling them “bold and foundational,” but warned that the benefits had yet to reach ordinary citizens.
He said, “Over the last two years, Nigeria has commendably implemented bold reforms. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory.”
Verghis noted that while growth was picking up and debt indicators were improving, many households continued to experience hardship due to inflation and reduced purchasing power.
“In 2025, we estimate that 139 million Nigerians live in poverty,” he said, warning that failure to translate macroeconomic gains into improved welfare could threaten reform momentum.
