Presidency Dismisses World Bank Report Claiming 139 Million Nigerians Live in Poverty.
The Presidency has rejected the World Bank’s recent report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the nation’s current economic reality.
In a statement posted on X (formerly Twitter) on Wednesday, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said the World Bank’s assessment must be “properly contextualised” within the limitations of global poverty measurement frameworks.
“While Nigeria values its partnership with the World Bank and acknowledges its contributions to policy discussions, the figure quoted must be properly contextualised. It is unrealistic,” Dare stated.
According to the Presidency, the 139 million figure was derived using the global poverty benchmark of $2.15 per person per day, a standard set in 2017 under Purchasing Power Parity (PPP). It clarified that the measure does not represent an actual headcount of poor Nigerians.
The statement explained that when converted to nominal terms, the $2.15 benchmark equates to roughly ₦100,000 per month at the current exchange rate, far above Nigeria’s new minimum wage of ₦70,000 making the figure “an analytical model, not a direct reflection of local realities.”
“The World Bank’s poverty estimate should not be interpreted as a literal or real-time headcount. It’s based on an outdated PPP model using Nigeria’s last major consumption survey from 2018/19 and largely ignores the informal and subsistence sectors that sustain millions of households,” the Presidency said.
It added that the government views the report as a “global projection” rather than an accurate picture of living conditions in 2025, stressing that Nigeria’s economy is now on a recovery path.
The Presidency has rejected the World Bank’s recent report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the nation’s current economic reality.
In a statement posted on X (formerly Twitter) on Wednesday, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said the World Bank’s assessment must be “properly contextualised” within the limitations of global poverty measurement frameworks.
“While Nigeria values its partnership with the World Bank and acknowledges its contributions to policy discussions, the figure quoted must be properly contextualised. It is unrealistic,” Dare stated.
According to the Presidency, the 139 million figure was derived using the global poverty benchmark of $2.15 per person per day, a standard set in 2017 under Purchasing Power Parity (PPP). It clarified that the measure does not represent an actual headcount of poor Nigerians.
The statement explained that when converted to nominal terms, the $2.15 benchmark equates to roughly ₦100,000 per month at the current exchange rate, far above Nigeria’s new minimum wage of ₦70,000 making the figure “an analytical model, not a direct reflection of local realities.”
“The World Bank’s poverty estimate should not be interpreted as a literal or real-time headcount. It’s based on an outdated PPP model using Nigeria’s last major consumption survey from 2018/19 and largely ignores the informal and subsistence sectors that sustain millions of households,” the Presidency said.
It added that the government views the report as a “global projection” rather than an accurate picture of living conditions in 2025, stressing that Nigeria’s economy is now on a recovery path.
Presidency Dismisses World Bank Report Claiming 139 Million Nigerians Live in Poverty.
The Presidency has rejected the World Bank’s recent report estimating that 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the nation’s current economic reality.
In a statement posted on X (formerly Twitter) on Wednesday, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said the World Bank’s assessment must be “properly contextualised” within the limitations of global poverty measurement frameworks.
“While Nigeria values its partnership with the World Bank and acknowledges its contributions to policy discussions, the figure quoted must be properly contextualised. It is unrealistic,” Dare stated.
According to the Presidency, the 139 million figure was derived using the global poverty benchmark of $2.15 per person per day, a standard set in 2017 under Purchasing Power Parity (PPP). It clarified that the measure does not represent an actual headcount of poor Nigerians.
The statement explained that when converted to nominal terms, the $2.15 benchmark equates to roughly ₦100,000 per month at the current exchange rate, far above Nigeria’s new minimum wage of ₦70,000 making the figure “an analytical model, not a direct reflection of local realities.”
“The World Bank’s poverty estimate should not be interpreted as a literal or real-time headcount. It’s based on an outdated PPP model using Nigeria’s last major consumption survey from 2018/19 and largely ignores the informal and subsistence sectors that sustain millions of households,” the Presidency said.
It added that the government views the report as a “global projection” rather than an accurate picture of living conditions in 2025, stressing that Nigeria’s economy is now on a recovery path.
0 Comments
·0 Shares
·293 Views
