Tag: Poverty line

‘Petrol subsidy removal pushes 63% of Nigerians below poverty line’ — Report

Aminu Imam
Nigerians below poverty line report

About 63 percent of Nigerians fell below the poverty line following the removal of petrol subsidy, according to a new study presented at a stakeholders’ dialogue organised by the Agora Policy in Abuja. The research, presented by a University of Abuja economist, found that the national poverty rate rose from about 49.8% to roughly 63% after the subsidy removal announced by President Bola Tinubu in May 2023. With the introduction of social protection measures such as cash transfers, the rate later moderated to about 56.2%. The study attributed the surge…

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“Internet exposure reduced Nigeria’s poverty by 7%” – World Bank

Aminu Imam

The World Bank has disclosed that improved access to internet over three years led to a seven per cent reduction in extreme poverty in Nigeria. In a new brief, titled: “Digital transformation drives development in Africa”, the World Bank noted that the exposure has also led to an eight per cent increase in labour force participation and wage employment. “In 2023, a World Bank flagship report found that in Nigeria and Tanzania, extreme poverty declined by about seven per cent after three or more years of exposure to internet coverage,…

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Recycling Poverty: “Nigeria under incompetent economic management” – Moghalu 

Aminu Imam

…Says future looks difficult Former Deputy Governor of the Central Bank of Nigeria, (CBN), Kingsley Moghalu, has said Nigeria has since 2014 fell under completely incompetent economic management and has not recovered. Moghalu, in a statement posted on his X handle, told President Bola Tinubu’s administration that palliatives will never reverse poverty. According to him, “The immediate future looks difficult”, insisting that “throwing money that is not creating wealth will not solve the nation’s problems”. He said, “Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken…

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Governor Bago says majority of Niger citizens live below poverty line

Abdul-Azeez Ahmed Kadir
Governor Umar Bago of Niger State

Governor Umaru Bago of Niger has said that majority of the population in the State live below poverty line. He made the assertion while delivering a keynote address at a Sustainable Economic Development Cluster (SEDEC) programme for critical stakeholders in Minna, the state capital on Tuesday. The event was organised by German Agency for International Cooperation (GIZ). Bago, represented by the Deputy Governor Yakubu Garba, said that statistics of inequality on a wide range of indices in the state was worrisome. “Over half of our population lives below the poverty line.…

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‘Inflation shocks will push another 15 million Nigerians into poverty’ – World Bank

Aminu Imam

The World Bank has said that inflation shock is projected to push about 15 million more Nigerians into poverty between 2020 and 2022. The Washington-based bank said this in its latest Nigeria Development Update report, titled: ‘The Continuing Urgency of Business Unusual’. The report read in part: “Overall, the ‘inflation shock’ is estimated to result in about 15 million more Nigerians living in poverty between 2020 and 2022.” The lending bank stressed the need for reducing the rising rate of inflation, which is pushing millions of Nigerians into poverty. Although…

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‘Inflation could push 6 million Nigerians into poverty’ – World Bank Report

Aminu Imam

…Says urgent policy action needed to curb Covid-19 impact on citizens The World Bank has revealed that the increase in prices that occurred between June 2020 and June 2021 could push about six million Nigerians into abject poverty. This was disclosed by the Bank in a new report titled: ‘Covid-19 in Nigeria: Frontline Data and Pathways for Policy’. The report read: “The rise in prices witnessed between June 2020 and June 2021 alone could push another six million Nigerians into poverty, with urban areas being disproportionately affected. This underscores the…

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“Address poverty, insecurity to guarantee unity” – Sultan to Nigerian leaders

Aminu Imam

The Sultan of Sokoto and President-General Nigeria Supreme Council for Islamic Affairs (NSCIA), His Eminence, Mohammed Sa’ad Abubakar III, has challenged Nigerian leaders to first address poverty and insecurity in the country in order to guarantee national unity. The Sultan, who spoke shortly after the traditional Sallah durbar in Sokoto on Tuesday, said the existing hardship in the country is of great concern and needed proper measures to be addressed. “Nigeria leaders need to strategise more measures to address our level of poverty and insecurity, as such will further sustain…

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7 million Nigerians dropped below poverty line in 2020 – World Bank

Aminu Imam

The World Bank has said that Nigeria’s Development Update shows that seven million Nigerians plunged below the poverty line in 2020 due to inflation. The global bank, in a statement on its website on Tuesday, said: “In 2020 the Nigerian economy experienced a shallower contraction of -1.8% than had been projected at the beginning of the pandemic (-3.2%). “Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households,” the statement read in part.  It said, as of April 2021, the inflation rate was the highest…

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