Photo Credit: Medium/John Agboola

The Presidency has dismissed the World Bank’s latest report estimating that 139 million Nigerians live in poverty, describing the figure as “unrealistic” and disconnected from current economic realities.

President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said in a statement on Thursday that while Nigeria values its partnership with the World Bank, the figures cited must be “properly contextualised within global poverty measurement models.”

“While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure quoted must be properly contextualised. It is unrealistic,” Dare said.

According to the Presidency, the World Bank’s estimate is based on the 2017 global poverty line of $2.15 per day (Purchasing Power Parity) — a statistical model that does not directly reflect local income realities or Nigeria’s informal economy. When converted, the $2.15 benchmark equals roughly ₦100,000 per month, above the new national minimum wage of ₦70,000, the government noted.

Dare argued that the World Bank’s methodology relies on outdated consumption data from 2018/2019 and fails to capture the contribution of millions of Nigerians who sustain themselves through informal or subsistence livelihoods. He described the figure as a “modelled projection, not an empirical reflection of 2025 conditions.”

“The government’s concern is not the static poverty number but the direction of change — and Nigeria’s is now one of recovery and reform,” Dare stated.

The Presidency highlighted ongoing social welfare programmes aimed at alleviating poverty and promoting inclusive growth, including:

  • Conditional Cash Transfers to 15 million households, with over ₦297 billion disbursed since 2023.

  • The Renewed Hope Ward Development Programme, delivering infrastructure and livelihood support in 8,809 wards.

  • Expanded Social Investment Programmes such as N-Power, GEEP microloans, and school feeding initiatives.

  • Food Security measures, including subsidised grains, fertiliser distribution, and revitalised strategic reserves.

  • The Renewed Hope Infrastructure Fund and National Credit Guarantee Company, designed to create jobs and support small businesses.

Dare reiterated that President Tinubu’s economic reforms — including the removal of fuel subsidies, exchange rate unification, and fiscal redirection — are “tough but necessary steps” to fix deep-rooted structural distortions and lay the foundation for sustainable, inclusive growth.

“The government remains focused on empowering households, expanding opportunities, and building a resilient, fair economy where growth translates into improved living standards,” Dare said.

The Presidency’s statement came a day after the World Bank Country Director for Nigeria, Mathew Verghis, presented the Nigeria Development Update (NDU) report in Abuja, which claimed that 139 million Nigerians still live below the poverty line despite ongoing reforms.

While commending Nigeria’s efforts to stabilise its economy, the World Bank urged more action to improve living conditions and accelerate human capital development.