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Presidency rejects World Bank report claiming 139 million Nigerians live in poverty

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The Presidency has disputed the latest economic report by Nigeria’s biggest multilateral lender, the World Bank, which estimated that 139 million citizens were living in poverty, describing the figure as “unrealistic” and detached from the country’s economic realities.

President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said in a post on his official X handle on Wednesday that the poverty figures must be “properly contextualised” within the limits of global poverty measurement models.

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

The Presidency explained that the 139 million figure was derived from the global poverty line of $2.15 per person per day, set in 2017 using Purchasing Power Parity, and should not be mistaken for an actual headcount of poor Nigerians.

It noted that when converted to nominal terms, the $2.15 benchmark equals about N100,000 per month at current exchange rates, which is well above Nigeria’s new minimum wage of N70,000.

“There must be caution against interpreting the World Bank’s numbers as a literal, real-time headcount. The estimate is derived from the global poverty line of $2.15 per person per day, a benchmark set in 2017 Purchasing Power Parity terms. If converted nominally, that figure equals about $64.5 per month, or nearly N100,000 at today’s exchange rate, well above Nigeria’s new minimum wage of N70,000. Clearly, the measure is an analytical construct, not a direct reflection of local income realities.

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“Poverty assessment under PPP methodology uses historical consumption data (Nigeria’s last major survey was in 2018/19) and often overlooks the informal and subsistence economies that sustain millions of households. The government, therefore, regards the figure as a modelled global estimate, not an empirical representation of conditions in 2025. What truly matters is the trajectory, and Nigeria’s is now one of recovery and inclusive reform,” the statement added.

According to the former minister, poverty estimates under the PPP methodology rely on historical consumption data, often overlooking the vast informal and subsistence economies that sustain millions of Nigerian households. The government, therefore, considers the World Bank’s estimate as “a modelled global projection, not an empirical representation of living conditions in 2025.”

He stressed that what truly matters is not the static figure but the direction of change. It said Nigeria’s economy is now on a recovery and reform trajectory, driven by policies designed to ensure inclusive growth and social protection.

It noted that the current administration had expanded a number of welfare and intervention programmes aimed at cushioning the impact of recent reforms, while laying the groundwork for long-term prosperity.

Among the key initiatives Dare highlighted are, “Conditional Cash Transfers: Expanded to reach up to 15 million households nationwide, with verified digital enrolment through the National Social Register. Over N297 billion has been disbursed since 2023 to poor and vulnerable families. Renewed Hope Ward Development Programme: A major new initiative targeting all 8,809 electoral wards, delivering micro-infrastructure, livelihoods, and social services directly at the community level.

“National Social Investment Programmes: Strengthened components such as N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and Home-Grown School Feeding to protect jobs, encourage small enterprise, and keep children in school. Food Security Initiatives: Distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves to curb inflationary pressure on staples.

“Renewed Hope Infrastructure Fund: Financing critical energy, road, and housing projects to lower living costs and stimulate local employment, National Credit Guarantee Company: Expanding affordable credit to small businesses, women, and youth entrepreneurs through risk-sharing mechanisms with commercial banks.”

The Presidency maintained that the Tinubu administration was tackling Nigeria’s poverty challenge by addressing the structural distortions that have constrained productivity and inclusive growth for decades.

It cited ongoing reforms such as fuel subsidy removal, exchange rate unification, and the fiscal reallocation of funds toward productive sectors, describing them as “painful but necessary choices” to fix the root causes of poverty rather than its symptoms.

“Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and growth momentum,” the statement added, referencing recent remarks by World Bank officials acknowledging signs of economic recovery under the Tinubu administration.

The government emphasised that economic recovery alone is not enough unless it translates into real welfare gains for ordinary Nigerians.

According to the statement, the administration’s medium-term priority is to ensure that macroeconomic stability leads to affordable food, quality jobs, and reliable infrastructure.

Investments are being ramped up in agriculture, manufacturing, and power reliability, including new gas-to-power projects and skill development hubs expected to boost job creation and reduce living costs.

“Nigerians should begin to feel more visible improvements in food prices, income, and purchasing power as these programmes mature,” the statement said.

The Presidency added that the administration is consolidating its social protection architecture by integrating all welfare programmes under a unified, data-driven framework to enhance transparency and accountability.

This integration includes expanding the National Social Register and scaling up existing NSIP schemes, ensuring that “no vulnerable community is left behind.”

The Presidency concluded by reaffirming President Tinubu’s commitment to building “a resilient and inclusive economy” where growth directly improves living standards.

“Nigeria rejects exaggerated statistical interpretations detached from local realities. The government remains focused on empowering households, expanding opportunity, and laying the foundation for a fairer, more prosperous nation,” the statement concluded.

Earlier on Wednesday, the global lender expressed concern that despite Nigeria’s recent economic stabilisation efforts, about 139 million Nigerians are now living in poverty, warning that the country risks losing hard-won reform gains if policies are not translated into tangible improvements in citizens’ welfare.

The World Bank Country Director for Nigeria, Mathew Verghis, disclosed this at the launch of the October 2025 Nigeria Development Update titled, “From Policy to People: Bringing the Reform Gains Home.”

Verghis, in his address, commended Nigeria’s bold reforms in the exchange rate and petroleum subsidy regimes, describing them as “foundational” steps that could reshape the country’s long-term economic trajectory

“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.

He likened the current reform window to the historic policy shifts seen in countries like India in the early 1990s, noting that such rare opportunities must be seized decisively or risk being lost.

According to him, the reforms are already yielding results, growth is picking up, revenues have risen, debt indicators are improving, the foreign exchange market is stabilising, reserves are climbing, and inflation is gradually easing.

“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.

However, the World Bank chief cautioned that these macroeconomic improvements had yet to translate into improved living conditions for ordinary 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 revealed.

The new figure indicates a sharp increase from 129 million recorded in April 2025 and 87 million in 2023, reflecting the deepening hardship among households despite ongoing economic reforms.

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Tinubu media centre posts AI image of Remi Tinubu selling akara

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President Bola Ahmed Tinubu Media Centre has shared an AI-generated image of Nigeria’s First Lady, Senator Oluremi Tinubu, frying and selling akara, days after her comments on micro-enterprises sparked widespread criticism on social media.

The image, posted on the Presidency’s official social media accounts on Friday, depicts the First Lady at a roadside akara stand wearing an apron bearing the inscription, “Iya Alakara, fueling the nation with love.”

The post followed remarks by the First Lady during an interview in which she said small-scale businesses such as frying akara, roasting corn and making kuli kuli require little start-up capital.

She explained that the Federal Government was supporting such ventures with grants rather than loans as part of efforts to improve livelihoods.

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“We’re trying to give hope, and to start akara business doesn’t take a lot of money. To start roasting corn, or somebody even said kuli kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she had said.

Her comments triggered mixed reactions, with many Nigerians accusing her of being insensitive to the country’s economic realities, while others defended her, saying she was highlighting accessible business opportunities.

The Presidency’s AI-generated image has further fuelled debate online, with supporters describing it as a light-hearted response to critics and others condemning it as trivialising the economic hardship faced by many Nigerians.

Reacting on X, a user identified as @Top_GunM wrote, “Warra country. It’s so unfortunate. This is meant to be the wife of the president of the most populous black nation in the world and this is what she’s being reduced to.”

Another user, who tweets as #mizmuchstella, criticised the Presidency’s media team, saying, “Whoever is the handler of this account should be sacked. Your job is to position this government as good, but it is obvious you have no basic knowledge of your job.”

Tinubu media centre posts AI image of Remi Tinubu selling akara
Tinubu media centre posts AI image of Remi Tinubu selling akara

Also reacting,zaddy wilver who identifies #WilverZaddy said, “I hope Nigerians are seeing the man they voted for using them to catch cruise? Is this what a president is supposed to say? A president directly mocking the masses while the economy bites harder with high level of insecurity in the country. Such a big pity and mess.”

CHEQNBALNCE who identifies as #ChimaAmako82045 described the post as an insult to Nigerians, “Keep enjoying this mediocrity n insult you are giving Nigerians, e just remain months to vote the idiotic family out of aso rock, and na that time when una wan rig am na him una go know Nigerians pain. Enjoy it while it last but remember it won’t last forever.”

Straight who writes as #outtahighbee argued that the Presidency was hurting its own image., “lol You guys are not helping this president of ours at all. You think you are but you keep dragging the old man down and further down with this cruise. Everybody can’t sell akara and kuli kuli now Abi iru wahala wo leleyi gan sef? Oro yin su mi o.”

Gentry☮️ who tweets as #gentrytee22 said the image reflected how poorly the government rated citizens, describing it as “a nationwide meme.”, “This is to show how small the government of the day rates its citizens. You advocate for mediocrity and call it innovation , people who wants better for themselves complain now it has to turn to a nationwide meme being used by the government media team lol. It’s a shame”

Highlighting rising living costs, Bruno Fernandes broda who identifies as #AminJaman added, “Even akara has becomes more expensive because beans, oil, and transport costs keep rising. The smile is beautiful, but behind it is the reality of soaring food prices, expensive cooking gas, and declining purchasing power.”

Tim Oma who writes as #SirTimeyin defended the post, arguing that Nigerians had initially turned the First Lady’s remarks into memes.”I find it interesting that so many people are suddenly outraged. When the First Lady’s “Akara” comment became content, Nigerians turned it into skits, memes, and endless cruise. We laughed, and moved on. Now the President has added his own quota to thesame joke, and everyone is wailing. Why the surprise? Once a national issue becomes entertainment, don’t be shocked when those in power start treating it like one too. What’s good for the goose is good for the gander.

Sta M who tweets as #sto0511M welcomed the image, urging the Presidency to continue releasing similar content. “Thank you for this image we want more of these kind images to dish out to them so that theh can continue roaming in 1 roundabout,abeg pepper 🌶 dem more for us our body sey sweet us with that PBAT statement”

Tinubu had on Thursday playfully referred to the First Lady, Oluremi Tinubu, as “Iya Alakara” (Mama Akara Seller), in an apparent light-hearted reference to the recent controversy surrounding her remarks on small-scale businesses.

The President made the remark while observing protocol during his address at the Presidential Press Corps Dinner held at the State House, Abuja.

A video of the event, shared by Aso Rock TV on YouTube, showed Tinubu smiling as he acknowledged dignitaries in attendance before turning to the First Lady.

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PFIPC scam: Presidency asks DSS, EFCC to unravel criminal network

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Chief of Staff to the President, Femi Gbajabiamila
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The Presidency has told the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) to unmask the internal criminal elements working with Prince Matthew Adeniyi to operate a fictitious presidential agency for prosecution.

The Presidency alleged that there are internal collaborators enabling Prince Adeniyi in the smear campaign against the Chief of Staff to the President, Femi Gbajabiamila.

Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, who made the declaration in a post on his X handle, accused Adeniyi of being an “irredeemable con artist” who is expertly exploiting Nigerian public psychology regarding corruption to shield himself from criminal accountability by dragging the name of the Chief of Staff into his multi-billion-naira fraudulent enterprise.

He said investigators from the Department of State Services, the Police and the Economic and Financial Crimes Commission had been tasked with unraveling the full extent of the collaboration that allowed Adeniyi to forge presidential appointment letters, maintain 34 bank accounts in the names of fictitious government bodies, host foreign ambassadors and open a Central Bank account, all while parading himself as the director-general of a non-existent body called the Presidential Foreign Intervention Promotion Council.

Ajayi said: “What is not in doubt is that internal collaborators enabled Adeniyi to get this far. That is precisely what investigators from the DSS, the Police and the EFCC must now unravel.

“The criminal network within the affected institutions must be dismantled and everyone found to have played a role should be arrested and prosecuted.”

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He further wrote: “In Nigeria, the easiest and most believable allegation anyone can throw at a public officer is corruption. Once that accusation is thrown into the mix, the water is polluted, the lines are blurred and everyone is kept busy arguing over distractions rather than the real issues.

“Matthew Adeniyi understands Nigerian public psychology and he is exploiting it expertly to shield himself. He is an irredeemable con artist who is attempting to drag the name of the Chief of Staff to the President, Femi Gbajabiamila, into his criminal enterprise. The Chief of Staff is simply his last straw.

“Many commentators have rightly pointed to the systemic failure that allowed such an elaborate fraudulent scheme to flourish. Daredevil criminals who operate around government institutions with the sole aim of pulling off spectacular heists are common across the world.

“Some succeed, many fail. The part many commentators have overlooked, however, is how that same system eventually detected the fraud and fished him out.

“Contrary to the anything-goes narrative being promoted, it was the system itself that raised the red flag and dealt with it administratively.”

The presidential media aide further said: “First, officials of the Nigerian Investment Promotion Commission (NIPC), the statutory agency responsible for investment promotion, together with officials of the Ministry of Foreign Affairs, identified the anomaly and lodged complaints with the appropriate authorities for clarification. That is a system functioning as it should. It is a system capable of detecting an aberration.”

Recall that on June 11, 2026, Gbajabiamila issued a public disclaimer alerting the public, foreign missions, financial institutions and multilateral organisations that the Presidential Foreign Intervention Promotion Council had no official standing and that no appointment had been made under its name.

On July 1, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed that Adeniyi had been charged with eight criminal counts at the Federal High Court since November 27, 2025; that he maintained 34 bank accounts in the names of fictitious government agencies; that he had fraudulently opened a CBN account by deceiving the Accountant-General’s office; and that the key witness who allegedly procured his forged appointment letter died in a hotel fire five days before Adeniyi’s own arrest on October 27, 2025.

But human rights lawyer Femi Falana, SAN, challenged the Presidency, saying it lacked the constitutional authority to exonerate any party in the matter and calling for the ICPC to independently investigate both Gbajabiamila and Adeniyi.

Falana also demanded an explanation for how N24bn was allegedly budgeted for the non-existent agency and how it succeeded in opening a CBN account.

Adeniyi is due before the Federal High Court in Abuja on July 27, 2026, alongside two accomplices who are still at large.

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PFIPC scandal: NDC seeks Gbajabiamila’s sack, independent probe

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The  Nigeria Democratic Congress has called for the immediate removal of Chief of Staff to the President, Femi Gbajabiamila, following allegations linking him to an alleged scandal involving the purported Presidential Foreign Intervention Promotion Council.

In a statement dated July 3, 2026, and signed by its National Publicity Secretary, Osa Director, the party said it was “alarmed by the damning allegations of corruption involving the Chief of Staff to President Bola Tinubu, Mr Femi Gbajabiamila, and one Prince Mathew Adeniyi Adeyemi, who claims to be the Director-General of the so-called Presidential Foreign Intervention Promotion Council (PFIPC).”

The NDC alleged that “the non-existent agency was allegedly used to siphon public funds, with the active collusion and facilitation by the Chief of Staff, Gbajabiamila,” adding that the development “raises fundamental questions about the level of transparency, accountability, and the integrity of the Tinubu administration.”

According to the statement, allegations made by Adeyemi include claims that the PFIPC received allocations in the 2026 budget and opened multiple accounts with the Central Bank of Nigeria.

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