The Presidency has dismissed the World Bank’s latest report estimating that about 139 million Nigerians are living in poverty, describing the figure as exaggerated and disconnected from the country’s realities.

According to the report released on Wednesday, the World Bank said the number of poor Nigerians had risen from 129 million in April 2025 to 139 million, despite ongoing economic reforms.

However, in a statement posted on his official X handle, Sunday Dare, Special Adviser to President Bola Tinubu on Media and Public Communication, said the figures must be “properly contextualised” within global poverty measurement models.

 “While Nigeria values its partnership with the World Bank and appreciates its analytical contributions, the figure quoted must be properly contextualised. It is unrealistic,” Dare stated.

The Presidency explained that the World Bank’s estimate was based on the $2.15 per person per day international poverty line, set in 2017 using Purchasing Power Parity (PPP). It stressed that the figure does not represent an actual headcount of poor Nigerians.

It further noted that, when converted to nominal terms, the $2.15 benchmark equates to roughly ₦100,000 per month at the current exchange rate, far above Nigeria’s new ₦70,000 minimum wage, and therefore not reflective of local income patterns.

According to the statement, the PPP-based methodology depends on outdated household consumption data, with Nigeria’s last major survey conducted in 2018/2019, and often overlooks the informal and subsistence sectors that sustain millions of citizens.

“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount. The figure is an analytical construct, not a direct reflection of local income realities," the Presidency added.

The Presidency described the estimate as a modelled projection, not an empirical assessment of living conditions in 2025. Dare said the Tinubu administration was more focused on changing the trajectory of poverty through structural reforms and social protection programmes.

He highlighted several ongoing initiatives under the Renewed Hope Agenda, including: Conditional Cash Transfer programme covering 15 million households with digital verification via the National Social Register, Renewed Hope Ward Development Programme, targeting all 8,809 wards with micro-infrastructure and social projects, Strengthened National Social Investment Programmes such as N-Power, GEEP micro-loans, and school feeding schemes, and Food security initiatives involving subsidised grains, fertiliser distribution, mechanisation, and the revival of strategic food reserves.

Dare also cited the Renewed Hope Infrastructure Fund, which is financing road, housing, and power projects, as well as the National Credit Guarantee Company, which is expanding access to affordable credit for small businesses, women, and youth entrepreneurs.

The Presidency said the government’s economic reforms, such as fuel subsidy removal, exchange rate unification, and fiscal reallocation, were “painful but necessary choices” aimed at addressing the root causes of poverty, not its symptoms.

It added that even the World Bank had acknowledged that these reforms were already restoring macroeconomic stability and reviving growth momentum.

 “Economic recovery alone is not enough unless it translates into real welfare gains for ordinary Nigerians. Our medium-term priority is ensuring that macro stability delivers affordable food, quality jobs, and reliable infrastructure," the Presidency stated.

The statement reaffirmed President Tinubu’s commitment to building a resilient, inclusive economy that improves living standards, stressing that Nigeria “rejects exaggerated statistical interpretations detached from local realities.”

Earlier, in its October 2025 Nigeria Development Update, titled “From Policy to People: Bringing the Reform Gains Home,” the World Bank commended the Tinubu administration for its “bold reforms” in exchange rate and petrol subsidy policies, describing them as foundational steps toward transforming the economy.

The Bank’s Country Director for Nigeria, Mathew Verghis, however cautioned that while macroeconomic indicators were improving, many households were still grappling with eroded purchasing power.

 “Despite stabilisation gains, poverty has continued to rise since 2019. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said.