From Victor Osula, Abuja
The World Bank has disclosed that about 139 million Nigerians are still living in poverty despite recent economic reforms by the Federal Government.
In its latest report, “From Policy to People: Bringing the Reform Gains Home”, the Bank acknowledged the positive impact of reforms such as fuel subsidy removal, exchange rate unification, and efforts to stabilise the foreign exchange market. It noted that these measures are helping to strengthen reserves and ease inflationary pressures.
Presenting the report in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, commended the government for taking bold steps but warned that the benefits have not yet reached ordinary citizens. He said persistent food inflation and weak social protection systems continue to leave millions in hardship.
The report noted that the number of poor Nigerians rose from 81 million (40%) in 2019 to 139 million or 61% this year, with projections putting the absolute poverty rate at 141% next year. From 2019 to 2023, the report added, average consumption fell by 6.7% highlighting the sharp deterioration in the welfare of the average Nigerian.
“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all”, Verghis stated.
The report outlined three urgent priorities for the government: reducing inflation, especially food prices; improving the efficiency of public spending; and expanding social safety nets to protect vulnerable households.
It stressed that while Nigeria stands at a critical turning point, reforms must translate into real improvements in living conditions to ensure public support and reduce poverty on a large scale.
Meanwhile, the Presidency has reacted swiftly to the report, describing the 139 poverty figure as unrealistic.
The Special Adviser to the President on Media and Public Communication, Sunday Dare, said the Bank’s estimate was based on the global poverty line of $2.15 per day, which, when converted into naira, exceeds the country’s current minimum wage.
He argued that the methodology relied on outdated consumption data and overlooked Nigeria’s large informal economy. According to him, poverty figures should reflect current realities rather than abstract benchmarks.
Dare said the Tinubu administration is focused on tackling structural challenges through reforms such as fuel subsidy removal, exchange rate unification, and expanded social welfare programmes. He listed ongoing interventions, including conditional cash transfers to 15 million households, ward-level development projects, food security measures, and support for small businesses.
The Presidency stressed that what matters is the direction of reform and the government’s commitment to lifting Nigerians out of hardship.
