The Presidency has disputed the latest economic report by the World Bank, which estimated that 139 million citizens are living in poverty. FG recently described the figure as unrealistic, saying that it is completely detached from the country’s economic realities.
In a post shared on his official X handle, President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, revealed that the poverty figures must be “properly contextualised” within the limits of global poverty measurement models.
According to him, even though the country cherishes its collaboration with the World Bank, the figures released in its latest report are simply not realistic.
“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,” he wrote.
He said that the 139 million figure was derived from the global poverty line of $2.15 per person per day, set in 2017 using Purchasing Power Parity, and should not be mistaken for an actual headcount of Nigerians living in poverty.
Dare maintained that when converted to nominal terms, the $2.15 benchmark equals about N100,000 per month at current exchange rates, which is way above Nigeria’s new minimum wage of N70,000.
“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount. The estimate is derived from the global poverty line of $2.15 per person per day, a benchmark set in 2017 Purchasing Power Parity terms. If converted nominally, that figure equals about $64.5 per month, or nearly N100,000 at today’s exchange rate, well above Nigeria’s new minimum wage of N70,000. Clearly, the measure is an analytical construct, not a direct reflection of local income realities.
Poverty assessment under PPP methodology uses historical consumption data (Nigeria’s last major survey was in 2018/19) and often overlooks the informal and subsistence economies that sustain millions of households. The government, therefore, regards the figure as a modelled global 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,” he continued.
Noting that what really matters is not the static figure but the direction of change, Dare stressed that Nigeria’s economy is currently on a recovery and reform trajectory.
He concluded by saying that Tinubu’s government will keep driving policies that will guarantee inclusive growth and social protection.
“Conditional Cash Transfers: Expanded to reach up to 15 million households nationwide, with verified digital enrolment through the National Social Register. Over N297 billion has been disbursed since 2023 to poor and vulnerable families.
Renewed Hope Ward Development Programme: A major new initiative targeting all 8,809 electoral wards, delivering micro-infrastructure, livelihoods, and social services directly at the community level.
National Social Investment Programmes: Strengthened components such as N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding to protect jobs, encourage small enterprise, and keep children in school.
Food Security Initiatives: Distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves to curb inflationary pressure on staples.
Renewed Hope Infrastructure Fund: Financing critical energy, road, and housing projects to lower living costs and stimulate local employment, National Credit Guarantee Company: Expanding affordable credit to small businesses, women, and youth entrepreneurs through risk-sharing mechanisms with commercial banks.
Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and growth momentum,” he added.
