The Presidency has dismissed the latest World Bank report estimating that 139 million Nigerians live in poverty, describing the figure as “unrealistic” and disconnected from the country’s economic realities.

President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, stated via his official X handle on Thursday that the World Bank’s poverty figures must be “properly contextualised” within global measurement frameworks.

“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 wrote.

The Presidency explained that the 139 million figure was based on the global poverty line of $2.15 per person per day, set in 2017 under the Purchasing Power Parity (PPP) model, and should not be interpreted as a literal count of Nigerians living in poverty.

It noted that, when converted to local currency, the $2.15 benchmark equates to roughly ₦100,000 per month—well above Nigeria’s new minimum wage of ₦70,000.

“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount,” the Presidency said. “The estimate is derived from the global poverty line of $2.15 per person per day, a benchmark set in 2017 PPP terms. If converted nominally, that figure equals about $64.5 per month, or nearly ₦100,000 at today’s exchange rate—well above Nigeria’s new minimum wage. Clearly, the measure is an analytical construct, not a direct reflection of local income realities,” he said.

The statement further argued that the PPP methodology relies heavily on historical consumption data, with Nigeria’s last major household survey conducted in 2018/2019, and often overlooks the vast informal and subsistence economies sustaining millions of households.

Accordingly, the Presidency described the World Bank’s estimate as a modelled global projection, rather than an empirical reflection of 2025 living conditions. It added that what truly matters is the trend — and that Nigeria’s current trajectory shows recovery and reform.

Dare emphasised that the government’s focus is not on static poverty statistics but on sustained economic recovery driven by inclusive policies and social protection.

He said the Tinubu administration had expanded several welfare and intervention programmes to cushion the impact of economic reforms while laying the groundwork for long-term prosperity.

Among the initiatives cited were:

• Conditional Cash Transfers: Expanded to reach up to 15 million households nationwide through verified digital enrolment on the National Social Register. Over ₦297 billion has been disbursed since 2023 to poor and vulnerable families.

• Renewed Hope Ward Development Programme: A new initiative covering all 8,809 electoral wards, aimed at delivering micro-infrastructure, livelihoods, and social services 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, support small businesses, 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 inflation on staple foods.

• Renewed Hope Infrastructure Fund: Financing energy, road, and housing projects to reduce living costs and create jobs.

• National Credit Guarantee Company: Expanding affordable credit to small businesses, women, and youth entrepreneurs through risk-sharing mechanisms with commercial banks.

The Presidency said the administration is tackling the structural distortions that have hindered productivity and inclusive growth for decades.

“The World Bank’s assessment must consider the long-standing structural distortions that this administration is actively correcting — including overdependence on imports, productivity constraints, and regional inequality,” the statement read.

It added that reforms such as fuel subsidy removal, exchange rate unification, and fiscal redirection towards productive sectors were “difficult but necessary choices” aimed at addressing the root causes of poverty rather than its symptoms.

The Presidency further noted that even the World Bank had acknowledged the early signs of macroeconomic stability and renewed growth momentum resulting from these reforms.

It added: “Economic recovery alone is not enough; it must be inclusive,” the statement continued. “The government’s medium-term focus is ensuring that macroeconomic stability translates into tangible benefits for citizens—through affordable food, quality jobs, and reliable infrastructure.”

Investments are being ramped up in agriculture, MSMEs, and energy reliability, it said, highlighting the agricultural value-chain expansion programme, gas-to-power initiatives, and skills development hubs as efforts to create jobs and ease living costs.

The Presidency concluded by reaffirming President Tinubu’s commitment to reducing poverty through empowerment and opportunity creation.

“Nigeria rejects exaggerated statistical interpretations detached from local realities,” it said. “The government remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy where growth translates into improved living standards. The reforms are necessary. The direction is right. The foundation for a fairer, more prosperous Nigeria is being firmly laid,” it added.

The World Bank, in its Nigeria Development Update (NDU) released on Wednesday, had said that 139 million Nigerians remain in poverty despite the government’s economic reforms.

The Bank’s Country Director for Nigeria, Mathew Verghis, who spoke at the report’s launch in Abuja, commended the government for stabilisation efforts but stressed that more must be done to improve citizens’ welfare.