The Federal Government has announced plans to introduce a set of indicators that will track poverty levels, income growth, and inequality across the country as part of efforts to evaluate the real impact of its economic reforms on Nigerians’ living standards.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the initiative during a conference organised by BusinessDay in Lagos.
According to Oyedele, the new framework is intended to address concerns that improvements recorded in government revenue, foreign exchange liquidity, and investor confidence have not yet translated into tangible benefits for many households struggling with rising food, transportation, and living expenses.
He explained that the government would measure what it described as “shared prosperity” using three key indicators: reductions in multidimensional poverty, growth in real income per capita, and a decline in income inequality.
The initiative comes as the government seeks to demonstrate that major economic reforms introduced in 2023—including the removal of fuel subsidies and the liberalisation of the naira exchange rate—are delivering broader benefits to citizens. While the reforms have received praise from investors and international financial institutions, they have also contributed to higher inflation and increased living costs.
In June, the International Monetary Fund (IMF) acknowledged that the reforms were helping to improve economic stability and boost investor confidence. However, the Fund also noted that a significant portion of Nigerians remained in poverty, with millions facing food insecurity.
The reform programme has further attracted criticism over allegations of corruption and concerns about unplanned government expenditures, prompting debates over whether citizens’ sacrifices are being matched by prudent fiscal management.
Oyedele stated that inflationary pressures were gradually easing, the foreign exchange market was becoming more efficient, and investor confidence was improving. Nevertheless, he stressed that achieving macroeconomic stability alone would not guarantee meaningful economic progress.
“A stable economy can still be a stagnant one if we become complacent,” he said.
The minister added that the Ministry of Finance would oversee the production of the scorecard used to track the indicators. However, he did not specify when the reports would be launched or how often they would be published.
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