World Bank: Rising inflation, weak earnings push 10m Nigerians into poverty in 2023

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Bola Tinubu أخبار

FX Inflows,Inflation,Poverty

Rising inflation and weak earnings have pushed 10 million Nigerians into poverty in 2023, the World Bank in its Macro Poverty Outlook for Nigeria: April 2024 has stated.

Presenting a grim reality where earnings have drastically lagged behind surging inflation, rendering the economic growth of the country insufficient to improve living standards, the report noted: “Nominal earnings have not kept up with inflation, pushing another 10 million Nigerians into poverty in 2023.”

The challenges are compounded by low state revenues exacerbated by an expensive petrol subsidy, ineffective tax rates, and inadequate tax administration, which collectively hamper the government’s capacity to provide essential public services. “Inflation has remained high and escalating on the back of a relatively loose monetary policy and exchange rate depreciation. Structural factors holding back the country’s growth potential include lack of adequate energy and transport infrastructure, high domestic trade costs and foreign trade protectionism, widespread insecurity, weak institutions, and low levels of human capital development,” the report noted.

Edun underscored the “bold, courageous and strategic reforms” implemented by President Bola Tinubu-led administration. These reforms, he explained, aim to achieve a dual objective: stabilising the national economy to attract foreign investment and foster job creation and poverty reduction. Edun said: “The economic team of President Bola Tinubu is here to showcase the progress so far made of his bold, courageous, and strategic reforms for the Nigerian economy to get it stabilised to attract foreign investment, create jobs for our people, reduce poverty and enhance our economic growth and development in line with the Renewed Hope Agenda of the administration.”

 

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