The Presidency has disputed the latest economic report by Nigeria’s biggest multilateral lender, the World Bank, which estimated that 139 million citizens were living in poverty, describing the figure as “unrealistic” and detached from the country’s economic realities.
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said in a post on his official X handle on Wednesday that the poverty figures must be “properly contextualised” within the limits of 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.
The Presidency explained 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 poor Nigerians.
It noted that when converted to nominal terms, the $2.15 benchmark equals about N100,000 per month at current exchange rates, which is well 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.
