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World Bank: Tinubu’s reforms falter as 139 million Nigerians sink into poverty
The World Bank has voiced worries that even with Nigeria’s latest steps toward economic stability, around 139 million people are currently in poverty, cautioning that the nation could squander its progress from reforms if these do not lead to real enhancements in citizens’ daily lives.
Mathew Verghis, the World Bank’s Country Director for Nigeria, revealed this information on Wednesday in Abuja during the unveiling of the October 2025 Nigeria Development Update, named “From Policy to People: Bringing the Reform Gains Home.”
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This Nigeria Development Update serves as the institution’s twice-yearly key publication, analyzing economic patterns, results from policies, and major obstacles confronting Nigeria.
In his debut presentation at an NDU event since starting his role three months earlier, Verghis praised Nigeria’s courageous changes in currency exchange and fuel subsidy systems, calling them essential building blocks that might alter the nation’s future economic path.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,” he said.
Verghis compared the present chance for change to the significant policy changes in nations such as India during the early 1990s, stressing that these infrequent openings need to be grasped firmly to avoid slipping away.
He explained that the changes are beginning to show positive outcomes, with economic expansion accelerating, government income increasing, debt metrics getting better, the currency exchange system steadying, reserves growing, and price rises slowly decreasing.
“These results are exactly what you need to see in a stabilisation phase. These are big achievements, and many countries would envy them,” he noted.
That said, the World Bank’s leader warned that these gains in overall economic health have not yet improved the quality of life for everyday Nigerians.
“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. Poverty, which began to rise in 2019 due to policy missteps and external shocks such as COVID-19, has continued to increase even after the reforms. In 2025, we estimate that 139 million Nigerians live in poverty,” he stated.
This updated number shows a significant jump from the 129 million noted in April 2025 and 87 million in 2023, highlighting the worsening difficulties for families amid continued economic adjustments.
Verghis indicated that the document highlights three vital areas to turn Nigeria’s policy successes into higher living conditions for residents: controlling price increases, making better use of government funds, and broadening safety nets for low-income and at-risk groups.
He stressed that tackling rising food costs should be central to Nigeria’s strategies, alerting that ongoing high prices for essentials might undermine backing for changes and slow down overall recovery.
“Food inflation affects everybody, particularly the poor. Persistent differences between Nigeria’s inflation rate and those of its trading partners will put pressure on the exchange rate and create a vicious cycle. Lower inflation will also allow interest rates to come down and support growth,” he stated.
Although he applauded the Central Bank of Nigeria’s strict, evidence-based approach to money supply and the administration’s careful spending habits, Chaudhuri mentioned that these measures alone have not managed to reduce price surges rapidly.
He advocated for additional foundational changes to fix underlying problems in food supply chains, logistics, and trading mechanisms.
“Monetary and fiscal policies must be complemented by structural reforms aimed specifically at reducing food inflation, which is driven by deep-seated supply and market inefficiencies,” he added.
Additionally, the World Bank pressed Nigeria to bolster its systems for handling public finances so that each unit of currency yields clear developmental results, and to widen the country’s social support programs to shield the most disadvantaged from effects of economic shifts.
The country director affirmed that the World Bank is dedicated to aiding Nigeria’s reform efforts via guidance on policies, expert help, and funding, underlining that achievements will hinge on ongoing determination from leaders and broad conversations.
“The challenge is clear: to translate the gains from the stabilisation reforms into better living standards for all. These are not abstract ideas but practical steps that can turn macro stability into better livelihoods,” he said.
The event for launching the NDU gathered high-level authorities from government, executives from businesses, collaborators in development, advocates from community groups, and journalists for an open discussion on Nigeria’s economic future.
The World Bank pointed out that although Nigeria has advanced in steadying its economy on a broad scale, keeping up the changes and making sure advantages flow to regular people will shape the nation’s enduring achievements.
Nafiu Bala Gombe, the man on whose behalf the African Democratic Congress (ADC), is currently in a prostrate state, has admitted to getting outside help in prosecuting his legal matters against the David Mark camp.
Recall that Mark, former Senate President and Rauf Aregbesola were, last week, derecognised by the Independent National Electoral Commission (INEC), and had their names struck out based on the case filed by Gombe on September 2, 2025.
The commission had relied on the pronouncement of the Court of Appeal, which ordered parties in the case to maintain status quo ante bellum, which it interpreted to mean that it should not deal with either side.
Against the backdrop of the dust the matter had raised across the country, the embattled ADC leadership, had accused the former Deputy Chairman of being sponsored by the All Progressives Congress (APC) to play the spoiler role to enable President Bola Tinubu have no challenge in the 2027 presidential election.
Bolaji Abdullahi, spokesman of the Mark camp, had last week, stated this much when he wondered how Gombe, who on his own could not afford an ordinary lawyer, going by his financial status, would now be hiring more than three Senior Advocates of Nigeria (SANs) to represent him, which would probably run into tens of millions of naira.
Reacting on Tuesday, Gombe admitted getting outside help, but added that such assistance was not coming from government quarters or the APC, but from public-spirited individuals and Nigerians averse to the injustice being meted out to him.
Abimuku Monday, spokesman to Gombe, who spoke during an appearance on Morning Briefs, a breakfast programme on Channels Television, on Tuesday, told his host: “Before now, they were saying these people are big weights and we’re light weights. Now, we’re suddenly being seen as human beings. Earlier, we were seen as nobodies – as boys who don’t have capacity to challenge this in court.
“They say Nafiu Bala does not even have money to pursue his case. You see, that’s how they reduce people by their own estimation. They don’t find out who people. They have forgotten that for you to seek legal actions, there are so many ways to go about it.
“It is either you use your own money or your personal relationship with people. Does it mean that somebody in politics cannot have his own friends or cannot have lawyers as his friend or cannot have other members of the society as his friends.
“These are not members of the APC. They don’t belong to any party. They’re citizens of this country, who mean well for Nigeria. Nobody is scuttling the coalition. The fact remains that if you have a challenge, people will rally around you knowing it’s a good cause you’re fighting. People will rally around you to give you the necessary support that you need. They even called my principal a small boy.”
Serah Luca, a Christian woman, has returned N1 million she unknowingly took along with goods purchased from a trader at Terminus market in Jos, Plateau state capital.
Luca, a petty trader, reportedly said she made the purchase on Friday and only discovered the hidden cash after getting home.
She said her decision to return the money was driven by fear of God and her belief that she could not keep what did not belong to her, especially knowing the hardship that comes with losing money in business.
“I am a petty businesswoman. I know what it means to suffer loss. If I put that kind of money into my business, I believe God would punish me,” Daily Trust quoted her as saying.
The trader, Abubakar Dola, who deals in polythene bags at Terminus market, expressed surprise at the woman’s honesty, noting that he had no idea where the money went after mistakenly placing it inside the bag she bought.
Dola said he had planned to transfer the cash through a point of sales (POS) operator but became worried when he could not see the polythene bag where the money was kept.
“I mistakenly included it in what she bought. I didn’t realise until days later, and I had already given up hope. For her to return it after three days is remarkable. I pray Allah rewards her and gives us more people like her.”
“The entire country could be taken out in one night, and that night might be tomorrow night,” were the words with which US President Donald Trump, flashed the redlight signal over what could be the fate of Iran in the coming hours, after a month-old war, which saw leaders of the Islamic nation, all but totally obliterated.
The POTUS, who on Saturday, gave Iran 48 hours to to open the Strait of Hormuz to shipping traffic approaches, or comply or risk facing “hell,” later threatened that the US would blow up Iran’s power plants and bridges if Tehran failed to adhere to his warning.
However, in his latest threat on Monday, Trump told reporters that Iran had until Tuesday at 8 p.m. ET (1 am WAT) to make a deal, adding: “We have a plan, because of the power of our military, where every bridge in Iran will be decimated by 12 o’clock tomorrow night, where every power plant in Iran will be out of business – burning, exploding and never to be used again, I mean complete demolition – by 12 o’clock. And it’ll happen over a period of four hours if we want it to. We don’t want that to happen.”
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