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.
READ ALSO:
- Fire razes Ajah market in Lagos
- APC wins ALL 13 seats in Nasarawa LG elections
- Herders kill six, raze houses in attack on Benue community
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
I’m fighting my impeachment to enrich jurisprudence – Philip Shaibu
I’m fighting my impeachment to enrich jurisprudence – Philip Shaibu
Edo State Deputy Governor Philip Shaibu has explained his decision to challenge his impeachment in court, saying it is a stand to strengthen Nigeria’s jurisprudence and to protect the office of the Deputy Governor from future disrespect.
Speaking to journalists in Abuja, Shaibu emphasized that his legal battle is a message to both Governor Godwin Obaseki and other politicians about the need to respect the office of the Deputy Governor. Shaibu stressed that his goal is to ensure that no Governor undermines this institution again.
“Democracy has come to stay in Nigeria, though it has its challenges. I’m fighting to enrich our jurisprudence, as this situation shows the need for democratic principles,” Shaibu said. “Some individuals in politics are not democrats; they have no place in a democratic setting.”
Shaibu highlighted the importance of holding democratic institutions accountable, saying, “I’m committed to fighting anti-democratic tendencies in Edo State. We’re in court, with the next hearing on November 25, and I want people to understand: there’s no time limit on addressing criminal acts. We’re pursuing this to the end to set a precedent in Nigerian jurisprudence.”
He added, “This isn’t about election timelines; it’s about ensuring accountability. We need to send a clear message to future governors who might be tempted to act like dictators. This battle is also to elevate the office of the Deputy Governor nationwide.”
Shaibu underscored the importance of mutual respect between the offices of the Governor and Deputy Governor, as well as other government roles, such as the President and Vice President, and the Speaker and Senate President. He stated, “No governor should disrespect the Deputy Governor’s office, and vice versa. The Governor’s office cannot function without the Deputy Governor, and the same is true in reverse.”
Shaibu further asserted his confidence, stating, “I know Governor Obaseki won’t be resting easy as his tenure ends, while I sleep well because I’m on the side of the law. When you uphold the law, it will always support you. For those who don’t, it eventually catches up with them.”
I’m fighting my impeachment to enrich jurisprudence – Philip Shaibu
metro
Two-year-old girl raped to death in Bauchi
Two-year-old girl raped to death in Bauchi
metro
Two men arrested for flogging, stripping publicly two girls accused of stealing in Ebonyi
Two men arrested for flogging, stripping publicly two girls accused of stealing in Ebonyi
The Ebonyi State Police Command has arrested two men for stripping, fl0gging, and dehumanising two teenagers over alleged fowl theft.
The spokesperson, DSP Joshua Ukandu, disclosed this in a statement on Tuesday, November 5, 2024.
According to Ukandu, the arrests followed the circulation of a viral video on social media depicting the incident.
The incident occurred in November 2023 at Ojiegbe Ngbo community in Ohaukwu Local Government Area of the state but the video resurfaced this week, eliciting outrage.
In the viral video, the two teenagers were str!pped, b€aten and made to undergo other dehumanising treatments.
The teenagers were then paraded n@ked around the community with the fowls they allegedly stole.
“The Ebonyi State Police Command has arrested Dennis Ali and Ituma Sunday, the primary suspects in a disturbing viral video where two teenage girls were stripped, flogged, and dehumanised,” the statement read.
“Upon assuming office, CP Anthonia A. Uche-Anya, fdc, emphasised the need to eradicate trial by ordeal, jungle justice, and self-help in the criminal justice system.”
She reaffirmed the command’s commitment to rooting out such practices in Ebonyi State with the support of stakeholders.
She further assured that those involved will face the full force of the law for their heinous actions.
Two men arrested for flogging, stripping publicly two girls accused of stealing in Ebonyi
-
metro2 days agoBreaking: Tinubu orders immediate release of minors facing trial
-
Business3 days agoBand A electricity customers complain of high tariff, seek review
-
Business3 days agoDangote Refinery announces petrol price for ships, trucks
-
Politics3 days agoNNPP crisis: Kano Gov Yusuf ignores Kwankwaso’s calls, meetings
-
News18 hours agoBreaking: Tinubu announces death of Chief of Army Staff Lagbaja at 56
-
Sports3 days agoCAF verdict: Libya begins mass arrest of Nigerians
-
International16 hours agoTrump wins US election, Netanyahu, Starmer react
-
metro3 days agoBreaking: Appeal Court faults ex-CJN Onnoghen suspension, orders FG to unfreeze account