World Bank: 104 Million Nigerians Now Live Below Poverty Line

A sobering report released by the World Bank today indicates that the number of Nigerians living under the poverty line has risen to 104 million. The report attributes this spike to the ongoing "painful but necessary" economic reforms, including the total removal of subsidies and the unification of the exchange rate, which have significantly increased the cost of living over the last two years.

The document highlights that while the reforms were designed to stabilize the macroeconomy, the immediate impact on the most vulnerable populations has been severe. Food inflation and transport costs have outpaced wage increases, leading to a decline in the real income of millions of households. The World Bank urged the Federal Government to expand social safety nets and accelerate the implementation of the NG-CARES program to cushion the blow.

In response, the Federal Ministry of Finance stated that the government is aware of the statistics and is working on "sector-specific interventions" to stimulate job creation. The Ministry emphasized that the current fiscal trajectory is the only way to avoid a total economic collapse and that long-term gains in infrastructure and energy will eventually lift more people out of poverty.

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