Nigeria’s President, Muhammadu Buhari claims that his regime has lifted over 10 million Nigerians out of poverty in the last two years; this has been countered by World Bank (WB) as they said that millions of Nigerians became poor in 2020 and not contrary.
In his democracy day speech, the president said, “in the last two years, 10.5 million people in Nigeria have been lifted out of poverty — farmers, small-scale traders, market women, artisans and many more”.
However, World Bank countered this statement made by the president on it’s website.
They said, “The inflation rate in Nigeria became very high as of April 2021 and this is the highest in four years. Food prices has recorded a percentage of over 60 of the total increase in inflation.
“The Nigerian economy experienced a very shallow contraction of -1.8% than had been projected at the start of the pandemic, in 2020.
“Despite the economy starting to grow again, prices are increasing rapidly and this has been severely impacting various Nigerian households”
According to World Bank Nigeria Development Update, 7 million Nigerians have fallen below poverty line in 2020.
