The Presidency has rejected a recent report by the World Bank that painted a picture of rising poverty in the country, insisting that the data used does not reflect the true economic realities of Nigerians.
In a statement released on Wednesday, Presidential spokesperson Bayo Onanuga criticised the World Bank’s latest poverty assessment, describing it as “unfair, outdated, and disconnected from current facts on the ground.”
According to the report, over 100 million Nigerians are living in poverty, with the economic situation worsening due to inflation and unemployment. But the Presidency dismissed the claim, saying the institution relied on old data collected before President Bola Tinubu’s administration implemented key economic reforms.
Onanuga argued that the World Bank failed to consider the government’s subsidy removal palliatives, job creation efforts, and social investment programmes, which he said are already helping to stabilise the economy and improve living conditions.
“The World Bank’s methodology does not accurately represent Nigeria’s reality,” Onanuga said. “President Tinubu’s administration inherited deep-rooted economic challenges but has made bold decisions to rebuild the economy sustainably.”
He added that the government remains committed to poverty reduction through initiatives targeting small businesses, youth employment, and agricultural productivity.
The Presidency further urged Nigerians to be patient, promising that the benefits of current reforms would soon be visible.