By Peter Willie
The Presidency’s recent dismissal of the World Bank’s report that 139 million Nigerians are living in poverty is both disappointing and detached from the lived reality of ordinary citizens. While government officials may find comfort in abstract macroeconomic figures, millions of Nigerians wake up daily to hunger, unemployment, and despair, a reality that can no longer be hidden behind technical arguments or creative economic interpretations.
President Bola Ahmed Tinubu’s media team insists that the World Bank’s poverty figures are “unrealistic” and based on “analytical constructs.” They argue that the $2.15 global poverty line, when converted nominally, equals nearly ₦100,000 per month above Nigeria’s new minimum wage of ₦70,000. But this reasoning fundamentally misunderstands how global poverty lines work. The $2.15 benchmark is not a direct currency conversion. It is a Purchasing Power Parity (PPP) measure, designed to reflect real cost of living differences across countries.
In plain terms, ₦100,000 today cannot buy what ₦20,000 could purchase just three years ago. Food prices have tripled, transportation costs have soared, and rent has become unreachable for many families. Even with a ₦70,000 minimum wage, most Nigerian workers remain trapped in survival mode, unable to meet basic needs. The World Bank’s figure, if anything, underestimates the true depth of Nigeria’s poverty crisis.
The truth is that Nigeria’s economy is not stabilizing, it is suffocating under the weight of high inflation, unemployment, and declining productivity. Inflation remains above 33%, food inflation exceeds 40%, and the naira continues to weaken despite repeated interventions. The cost of fuel has crossed ₦1,000 per litre in many states, and power supply remains erratic, forcing small businesses to shut down in droves.
The government touts its social programmes cash transfers, TraderMoni, GEEP, and renewed hope initiatives as proof of its commitment to the poor. But these interventions, while laudable in concept, are riddled with inefficiency, poor targeting, and corruption. A ₦25,000 stipend for a few months does little to cushion families whose food expenses have doubled and who face joblessness or collapsing incomes.
Nigeria’s National Bureau of Statistics (NBS) itself confirmed in its 2022 Multidimensional Poverty Index that 133 million Nigerians were poor. Since then, inflation, insecurity, and the removal of fuel subsidies have only worsened living conditions. The World Bank’s 139 million estimate is therefore a continuation of an existing trend, not an exaggeration.
Government officials frequently claim that reforms such as fuel subsidy removal, exchange rate unification, and fiscal tightening are “painful but necessary.” While that may be true in theory, these reforms were executed without adequate social protection. Economic reforms without human-centered cushioning only deepen inequality, erode public trust, and push millions into destitution.
The harsh truth is that macro-stability is meaningless without micro-survival. Growth rates and foreign exchange reserves cannot feed families or pay school fees. Even the World Bank, in its own Nigeria Development Update, warned that the gains of recent reforms could be lost if they fail to translate into real improvements in citizens’ welfare.
The Presidency says the economy is on a path to recovery. But recovery for whom? For financial markets, perhaps not for the market woman who now sells half her usual stock because customers cannot afford more. Not for the civil servant whose salary buys less food each month. Not for the millions of unemployed youths who see no future in their own country and join the “Japa” wave abroad.
True recovery must be inclusive, equitable, and human-centered. The government’s challenge is not just to balance books or please international institutions, it is to restore hope and dignity to Nigerians. Until inflation falls, jobs return, and people can afford basic necessities, talk of economic stabilization remains little more than a public relations illusion.
Nigeria does not need defensive rhetoric; it needs honesty, accountability, and empathy in governance. Poverty is not a number to be debated, it is a condition millions of Nigerians endure daily. The first step to solving a problem is admitting it exists. Denying the reality of 139 million impoverished Nigerians may soothe political egos, but it does nothing to ease the pain in the streets.
Peter Willie, an economic analyst and author of Nigeria’s Economic Crossroads, writes from Abuja