Inflation: Nigerians Express Hunger as World Bank Reports 129 Million in Poverty

Inflation: Nigerians Express Hunger as World Bank Reports 129 Million in Poverty

The World Bank’s latest Nigeria Development Update reveals a distressing increase in poverty, with over 129 million Nigerians now living below the national poverty line. This report, released in Abuja, highlights a significant rise in poverty rates from 40.1% in 2018 to 56% in 2024, attributing the crisis to slow economic growth that fails to keep pace with inflation, exacerbated by the COVID-19 pandemic and external shocks.

Governor Bala Mohammed of Bauchi State criticized President Bola Tinubu’s economic policies, suggesting they have not provided the needed relief. In contrast, the World Bank defended these reforms as essential for long-term stability. Amid escalating food prices and dwindling resources, many Nigerians are resorting to unconventional survival strategies.

Since Tinubu assumed office in May 2023, commodity prices have surged by 45.92%, contributing to a headline inflation rate of 32.70% as of September 2024. Although GDP grew by 3.19% in Q2 2024, many citizens feel this has not improved their living conditions. With rising living costs, public sentiment may shift, prompting calls for urgent government action.