Presidency Rejects World Bank Poverty Figure, Says Report Misrepresents Nigeria’s Economic Reality

Reported by: Oahimire Omone Precious | Edited by: Henry Owen

ABUJA, Nigeria — The Presidency has dismissed a recent World Bank report claiming that over 139 million Nigerians are living in poverty, describing the figure as “unrealistic” and “not reflective of the country’s current economic trajectory.”

In a statement issued on Wednesday, government officials argued that the World Bank’s methodology—based on the global poverty threshold of $2.15 per day—does not accurately capture Nigeria’s local economic conditions, purchasing power, or the effects of ongoing social and fiscal reforms.

“The report is detached from Nigeria’s socio-economic realities,” a senior government source told Stone Reporters News. “It does not account for recent policy interventions designed to cushion the impact of inflation and improve household welfare.”

The Presidency noted that the Nigerian economy is “on a steady recovery path,” citing improvements in agricultural output, non-oil revenue generation, and increased investment inflows as evidence of resilience.

Officials also highlighted the federal government’s Social Investment and Welfare Programmes, which they said are expanding rapidly to support vulnerable households across the country.

“Through conditional cash transfers, school feeding initiatives, and microcredit schemes, millions of Nigerians have benefited directly from government support,” the source said. “These realities contradict the bleak picture painted by the World Bank report.”

While acknowledging the economic hardship faced by many Nigerians due to inflation and currency pressures, the Presidency maintained that international assessments must consider “contextual local data” rather than applying uniform global benchmarks.

Economists, however, note that global institutions like the World Bank often rely on standardized indicators for cross-country comparisons. They argue that while local factors are important, poverty measurement must maintain consistency for global policy evaluation.

The World Bank’s report, which sparked widespread debate across policy circles, emphasized rising living costs, income inequality, and unemployment as key contributors to Nigeria’s poverty levels.

The federal government says it remains focused on implementing long-term economic reforms to stabilize prices, enhance productivity, and promote inclusive growth.

📩 Stone Reporters News | 🌍 stonereportersnews.com | ✉️ info@stonereportersnews.com
📘 Facebook: Stone Reporters | 🐦 X (Twitter): @StoneReportNews