79% of Nigerians Remain Poor Despite Tinubu's Reforms

According to a World Bank report, 79% of Nigerians are still living in poverty despite the economic reforms implemented by President Bola Tinubu's administration since he took office in May 2023. The report indicates that 61% of Nigerians currently live below the poverty line, with 33% classified as ultra-poor and unable to meet minimum food requirements.

Key reforms introduced include the removal of petrol subsidies, the unification and liberalization of the foreign exchange market, and tighter monetary policies aimed at curbing inflation. Although these reforms are expected to stabilize the economy and improve macroeconomic indicators, such as projected economic growth of 3.5% in the first half of 2024, they have not yet translated into improved living standards for Nigerians.

The report also notes that Nigeria's weak social protection system, which accounted for just 0.14% of GDP in 2021, exacerbates the situation, with 139 million Nigerians living below the national poverty line.