metro
47% of Nigerians now live below poverty line – World Bank
47% of Nigerians now live below poverty line – World Bank
Stagnant labor incomes have pushed an estimated 14 million more Nigerians into poverty in 2024.
This is according to the World Bank report titled Macro Poverty Outlook: Country-by-Country Analysis and Projections for the Developing World.
The report reveals that nearly 47% of Nigerians now live below the international poverty line of $2.15 per day, as economic pressures and rapid population growth further strain the nation’s resources.
It read, “labor incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47% of Nigerians now live in poverty (or below the international poverty line of US$2.15 2017 PPP).”
To address the swelling poverty rate, the Nigerian government has launched cash assistance programs aimed at 15 million households, with each household slated to receive N75,000 across three instalments, reaching approximately 67 million individuals.
Despite these measures, the World Bank projects poverty to reach 52% by 2026 if economic reforms are not intensified to protect vulnerable Nigerians from inflation and create more productive job opportunities.
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The World Bank noted, “Poverty is estimated at 52% in 2026. Reforms to protect the poorest against inflation and boost livelihoods through more productive work are key for Nigerians to escape poverty. A tight monetary stance while avoiding reliance on ways and means remains crucial for moderating inflation”
While the Central Bank of Nigeria (CBN) has raised the monetary policy rate by 850 basis points from February to September 2024 and increased the cash reserve ratio to curb inflation, these efforts have yet to fully restore purchasing power, the report notes.
Macroeconomic stabilization is not enough
The World Bank stresses that macroeconomic stabilization alone will not enable Nigeria to achieve its growth potential.
“While macro stabilization is essential and currently underway, by itself it is insufficient to enable Nigeria to reach its growth potential. Sustained efforts and the establishment of a credible track record are necessary to achieve sustained progress.
“Economic growth has struggled to keep pace with population growth, contributing to poverty exacerbated by double-digit inflation,” the report noted.
It stressed the urgency of reform as the country faces challenges of economic growth lagging behind population expansion.
It also called for a comprehensive approach to bolster resilience and create sustainable pathways out of poverty for the millions affected.
47% of Nigerians now live below poverty line – World Bank
metro
13 passengers burnt to death in Ondo auto crash
13 passengers burnt to death in Ondo auto crash
The Federal Road Safety Corps, Ondo State Sector Command, says no fewer than 13 people were burnt to death along Ikare-Akoko/ Owo Road on Saturday in the state.
Dr Samuel Ibitoye, FRSC State Sector Commander made this known in a statement made available to the News Agency of Nigeria on Saturday in Akure.
“FRSC regrets to inform the public about a road traffic crash that occurred today 28 December, 2024 at Abule Panu before Ose Bridge, on Owo-Ikare highway, Ondo State.
“The fatal crash which occurred at about 10:14 AM claimed 13 lives of commuters in two buses.
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“A total of 14 people were involved, out of which 13 were burnt beyond recognition, while only one was rescued alive with serious injuries.
“Eyewitness account indicates that the bus coming from Ikare axis had a tyre burst which led to loss of control.
“This was resultant in a head-on collision with the bus loaded with fabric coming from Owo axis.
“Immediately after the collision, the two buses went up in flames. The men of FRSC, Police and Fire Service were swiftly at the crash scene for rescue,” he said.
The FRSC boss said that the injured victim was taken to Federal Medical Centre, Owo, while the deceased were deposited at the morgue of the same hospital.
He, therefore, advised drivers to exercise patience on the roads and passionately maintain their vehicles.
“Passengers are also encouraged to speak out against dangerous driving because road safety is a concern of all,” Ibitoye said.
13 passengers burnt to death in Ondo auto crash
NAN
metro
NDDC empowers Niger Delta young entrepreneurs with N30bn
NDDC empowers Niger Delta young entrepreneurs with N30bn
The Niger Delta Development Commission (NDDC) has pledged to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) by releasing N30 billion counterpart fund for the development of young entrepreneurs.
The NDDC Managing Director, Dr Samuel Ogbuku who disclosed this in Port Harcourt, restated the Commission’s commitment to empowering the people of the region through economic programmes.
He highlighted the NDCCITMA’s role in training youths, supporting SMEs, and designing industry-friendly skill development programmes.
He said, “We are providing N30 billion to fund projects and support businesses to ensure the sustainability of our youth development initiatives.
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“We will release the matching funds so the entrepreneurs can access them to boost their businesses. In our 2024 budget, we have provision for N30 billion which we are to use as matching funds for the chamber of commerce. We are working towards releasing this fund so that the chamber of commerce can start work in earnest.
“The Niger Delta Chamber of Commerce will strengthen young entrepreneurs in the region. It is no longer acceptable for our youths to be contented with receiving stipends while at home doing nothing.
Ogbuku remarked that the Commission was collaborating with the Bank of Industry, BOI, to ensure the success of NDDC’s youth development programmes.
“The current NDDC Board and Management choose to look at sustainable options in designing youth programmes. In the past, we did a lot in supporting entrepreneurs in the Niger Delta but these activities were not properly documented and backed with verifiable data.
“Our new strategy is to support genuine entrepreneurs rather than people who are just portfolio entrepreneurs because we know that the government alone cannot employ everybody. Many university graduates are coming out, and the government cannot employ all of them. However, we can empower them by creating an environment where they can engage other persons to expand their businesses.”
NDDC empowers Niger Delta young entrepreneurs with N30bn
metro
Oshiomhole supports Edo Assembly suspension of council chairmen
Oshiomhole supports Edo Assembly suspension of council chairmen
The suspension of the 18 elected local government chairmen and their deputies in Edo State has received the backing of former Governor Adams Oshiomhole.
Oshiomhole, now a senator representing Edo North senatorial district, expressed his support for the decision of the State House of Assembly while speaking to newsmen at his residence in Iyamho, Estako West Local Government Area of Edo State.
According to Oshiomhole, the council chairmen were paying huge amounts to the immediate past Governor of the state, Godwin Obaseki. He said that the new Sheriff in town, Governor Monday Okpebholo, is stopping the bad guys and the bleeding that Edo was going through.
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He said, “People already know that there is a new Sheriff in town. He is stopping all the bad guys and stopping the bleeding that Edo was going through.
“It is not a secret that Local Government Councils were paying huge amounts of money to his predecessor (Godwin Obaseki), and he says ‘stop’, not while I am here. We want the money to be used to develop the localities.”
The Edo State House of Assembly had suspended the 18 Local government chairmen and their deputies for two months for alleged insubordination and gross misconduct. The suspension followed a petition to the House by Governor Okpebholo, who accused the council executives of refusing to submit financial account statements of their local government to the state government.
Oshiomhole supports Edo Assembly suspension of council chairmen
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