Presidency Rejects World Bank’s Poverty Figures, Calls 139 Million Estimate “Unrealistic”

The Federal Government has dismissed the World Bank’s recent report claiming 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, made this known in a post on his official X account on Thursday, where he urged that the statistics be “properly contextualised” within global poverty measurement frameworks.

“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 stated.

According to the Presidency, the World Bank’s estimate is based on the global poverty line of $2.15 per person per day, established in 2017 using Purchasing Power Parity (PPP), and should not be interpreted as an actual headcount of poor Nigerians.

It explained that the PPP-based poverty line, when converted to local currency, equals roughly ?100,000 per month—a figure significantly higher than Nigeria’s new minimum wage of ?70,000.

“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount,” the Presidency noted. “The estimate is a modelled global construct, not a direct reflection of local income realities.”

The statement added that PPP-based poverty assessments rely on historical consumption data, such as Nigeria’s 2018/2019 survey, which often overlooks the informal and subsistence economies that sustain millions of households.

“The government regards the figure as a global modelled 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 emphasized.

He reiterated that the Tinubu administration is focused on addressing the structural roots of poverty, not just its symptoms, and outlined several key welfare and development programmes being implemented nationwide.

These include:

• Conditional Cash Transfers: Expanded to 15 million households, with ?297 billion disbursed since 2023;
• Renewed Hope Ward Development Programme: Delivering micro-infrastructure and social services to all 8,809 electoral wards;
• Strengthened National Social Investment Programmes: Covering N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and school feeding initiatives;
• Food Security Measures: Subsidised grain and fertiliser distribution, mechanisation partnerships, and the revival of food reserves;
• Renewed Hope Infrastructure Fund: Financing key energy, road, and housing projects;
• National Credit Guarantee Company: Providing affordable loans to small businesses, women, and youth.

Dare said these initiatives reflect a government committed to inclusive economic growth, tackling import dependency, productivity constraints, and regional inequality.

“Reforms such as fuel subsidy removal, exchange rate unification, and fiscal redirection toward productive sectors are difficult but necessary choices to tackle the root causes of poverty,” he said. “Even the World Bank itself has acknowledged that these reforms are restoring macroeconomic stability and renewed growth momentum.”

The Presidency concluded that Nigeria remains committed to empowering households, expanding opportunity, and ensuring that growth translates into improved living standards.

“Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on building a resilient, inclusive economy where reforms translate directly into improved living standards. The foundation for a fairer and more prosperous Nigeria is being firmly laid,” the statement added.

The World Bank, in its latest Nigeria Development Update (NDU) released on Wednesday, said 139 million Nigerians still live in poverty despite ongoing reforms. Its Country Director for Nigeria, Mathew Verghis, commended the government’s policy steps but urged further action to improve living standards.