Former presidential candidate Peter Obi has expressed concern over Nigeria’s worsening poverty situation, warning that recent economic reforms have pushed millions more citizens into hardship.
In a post shared on his X (formerly Twitter) account on Monday, Obi cited findings from a policy report released by Agora Policy.
The study, supported by the Nigeria Economic Stability and Transformation Programme and the Foreign, Commonwealth and Development Office, suggests that Nigeria’s poverty rate has risen sharply in recent years.
According to the report referenced by Obi, the country’s poverty rate has climbed from about 40 percent before the current reforms to more than 63 percent.
For a nation with an estimated population exceeding 220 million people, this would mean that more than 140 million Nigerians are now living below the poverty line.
Obi said the development should concern both leaders and citizens, noting that many families across the country are increasingly unable to afford basic necessities such as food, transportation, rent and healthcare.
He added that households in different parts of the country are resorting to difficult coping strategies to survive.
These include reducing daily meals, trekking instead of using public transportation, enduring limited electricity supply and relying on borrowing to meet essential needs.
The former Anambra State governor also raised concerns about the effect of the economic conditions on small businesses, which he described as the backbone of Nigeria’s economy.
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According to him, many small enterprises are struggling to remain operational amid rising costs and declining consumer purchasing power.
Obi further criticised what he described as a disconnect between the hardship experienced by ordinary Nigerians and the spending patterns of political leaders.
“At a time when citizens are tightening their belts, struggling to eat and watching their businesses collapse, politicians continue to spend huge budgets on their comfort and other non-essential expenditures,” he said, stressing that leadership should demonstrate sacrifice and prudence during challenging economic periods.
He argued that economic reforms should be designed to protect vulnerable populations while ensuring fiscal sustainability.
According to him, policies that worsen poverty, deepen inequality and weaken small businesses cannot be considered successful reforms.
Obi called for urgent policy measures that prioritise production, support small businesses and provide protection for vulnerable households.
Despite the challenges, he expressed optimism about Nigeria’s future, maintaining that the country possesses vast human and natural resources capable of driving sustainable development if managed with responsible leadership and accountability.