According to the World Bank Nigeria Development Update (NDP) report, released yesterday in Abuja, more than 104 million Nigerians have fallen below the poverty line as a result of the economic reforms initiated by President Bola Tinubu.
The report highlighted that the removal of petrol subsidy and the unification of foreign exchange rates have increased the cost of living for many Nigerians, forcing them into poverty.
However, the report also commended the Federal Government for its “bold reforms”, saying that they were essential to prevent Nigeria from a fiscal crisis, and that the current hardships were temporary.
The report stated that Nigeria was on the way to recovery, thanks to the policies implemented by both the fiscal and monetary authorities. It also urged the Nigerian National Petroleum Company Limited (NNPCL) to publish its financial statements and disclose its revenues transparently.
The report quoted: “The subsidy was removed on May 29 and pump prices were adjusted on June 1. This results in expected fiscal savings of around N2 trillion in 2023 or 0.9 percent of GDP. Between 2023 and 2025, the expected gains are over N11 trillion, compared to a scenario in which the subsidy had continued.”