The Presidency has dismissed the World Bank’s recent report estimating that 139 million Nigerians are living in poverty, describing the figure as a “modelled global estimate” that does not reflect the nation’s current realities.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, stated this in a post on his official X handle on Thursday, October 9.
Dare said while Nigeria valued its long-standing partnership with the World Bank, the figure quoted “must be properly contextualised.”
He cautioned against interpreting the number as a “literal, real-time headcount,” explaining that it was based on a global poverty line of $2.15 per person per day, using 2017 Purchasing Power Parity (PPP) terms.
“If converted nominally, that figure equals about $64.5 per month, or nearly ₦100,000 at today’s exchange rate — well above Nigeria’s new minimum wage of ₦70,000.
“Clearly, the measure is an analytical construct, not a direct reflection of local income realities,” he said.
The presidential aide noted that the poverty estimates were derived from historical data, with Nigeria’s last major household consumption survey conducted in 2018/19, and often overlook the informal and subsistence economies that sustain millions of households.
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According to him, “the government therefore regards the figure as a modelled global estimate, not an empirical representation of conditions in 2025. What truly matters is the trajectory — and Nigeria’s is now one of recovery and inclusive reform.”
Dare highlighted several initiatives by President Tinubu’s administration aimed at cushioning economic hardship and improving household welfare, including Conditional Cash Transfers expanded to reach 15 million households, the Renewed Hope Ward Development Programme targeting all 8,809 wards, and strengthened National Social Investment Programmes such as N-Power, TraderMoni, and Home-Grown School Feeding.
He said the government had disbursed over ₦297 billion since 2023 to vulnerable families, alongside food security programmes, infrastructure financing through the Renewed Hope Infrastructure Fund, and affordable credit access via the National Credit Guarantee Company.
The statement added that the administration was tackling the “root causes of poverty rather than its symptoms” through reforms like fuel subsidy removal, exchange rate unification, and fiscal redirection toward productive sectors.
“Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and renewed growth momentum,” Dare said.
He emphasised that the government’s priority was ensuring that economic recovery translates to real welfare gains through affordable food, quality jobs, and reliable infrastructure.
“The reforms are necessary. The direction is right. The foundation for a fairer and more prosperous Nigeria is being firmly laid,” Dare concluded.