The Digest:
The Federal Government has challenged the World Bank's recent report stating that 139 million Nigerians live in poverty, arguing the statistic is a "modelled global estimate" that doesn't reflect the country's current economic reality.
Key Points:
- The President's media aide stated the $2.15 per day benchmark, when converted, equals nearly ₦100,000 monthly, above the new minimum wage.
- The government argued the World Bank's data is based on outdated models that don't capture Nigeria's large informal economy.
- While acknowledging the partnership, officials called for proper context, labeling the figure an "analytical construct."
- The World Bank had commended the government's reforms but cautioned that their benefits were yet to reach most citizens.
- In response, the FG listed several intervention programs, including expanded cash transfers and a new ward development initiative.
- The government maintains that the economic trajectory is now one of "recovery and inclusive reform."
- This exchange underscores the challenge of measuring real progress against persistent economic hardship.
Sources: Nairametrics
