FG Disputes World Bank's Poverty Figures, Cites Economic Progress

The Nigerian Federal Government responded to the World Bank's report stating that 139 million Nigerians live in poverty, emphasizing that the figure does not accurately reflect the current economic situation in the country. The government advised caution in interpreting the poverty numbers, highlighting that they are based on an outdated global poverty line and may not capture Nigeria's informal economy.

The World Bank praised Nigeria for implementing bold macroeconomic reforms, such as fuel subsidy removal and exchange rate unification, to stabilize the economy and boost revenue. However, the government noted that the full benefits of these reforms are yet to be realized.