The Presidency has dismissed the World Bank’s latest poverty report, calling its estimate of 139 million poor Nigerians “unrealistic” and detached from economic realities.
On Wednesday, presidential media aide Sunday Dare said that the figure must be “properly contextualized” within global measurement models.
He explained that the $2.15-per-day benchmark the World Bank claims equals about ₦100,000 monthly, above Nigeria’s new minimum wage of ₦70,000.
“The measure is analytical, not a real-time reflection of Nigerian incomes,” Dare said in a statement.
The Presidency argued that the global lender relied on 2018–2019 consumption data, which ignored Nigeria’s vast informal economy.
It described the report as a modelled global projection, not an empirical representation of living conditions in 2025.
Dare said Nigeria’s economy is now recovering through reforms aimed at inclusive growth, citing expanded cash transfers, food distribution, and infrastructure funding.
He listed key interventions such as the Renewed Hope Infrastructure Fund, National Credit Guarantee Company, and Conditional Cash Transfers covering 15 million households.
The Presidency stressed that reforms like subsidy removal and exchange rate unification were “painful but necessary” to restore stability.
It maintained that Nigeria rejects “exaggerated statistical interpretations detached from local realities” and remains focused on empowering citizens.
Meanwhile, the World Bank said poverty had deepened despite reforms, warning that 139 million Nigerians now live below the poverty line.
It, however, praised the Tinubu administration’s economic reforms, describing them as “foundational steps toward long-term recovery.”
Economists say reforms have improved macroeconomic indicators but worsened short-term living conditions due to rising inflation and a weak naira.
Labour unions and opposition parties urged the government to ensure reforms translate into real relief for citizens battling high food prices and shrinking incomes.
