The nation’s rising poverty amid Federal Government’s economic reforms is no longer in doubt. International Monetary Fund (IMF) observed that in spite of FG’s measures to shore up the economy by removing corrupt fuel subsidy regime and liberalising the foreign exchange market, Nigerians are yet to benefit from the gains.
Similarly, the World Bank and the National Bureau of Statistics (NBS) had estimated that over 129 million Nigerians now live below the national poverty line. This shows an increase from 104 million in 2023. The government’s conditional cash transfer of reaching 15 million households with N75, 000 each over a period of three months has reportedly not significantly addressed the poverty challenge.
There are even fears in some quarters that Nigeria’s poverty index has soared since the inception of the Bola Tinubu administration in 2023. Prices of goods and services have risen astronomically to the extent that many Nigerians cannot afford the basic necessities of life. The cost of transportation has affected the movement of goods and services, which accounts for the increase in the prices of food items.
The general insecurity across the country has also affected the quantity of farm products and their availability to Nigerians. The average Nigerian worker is faced with excruciating poverty and shortage of resources, considering the sliding value of the naira. Sadly, many Nigerians have been pauperized by the economic policies of this administration.
Although the federal government has insisted that the reforms will yield fruits and ameliorate Nigeria’s harsh economic conditions, the populace is hard hit by rising poverty across the country. The removal of fuel subsidy without adequate measures to ameliorate the impact has obviously impoverished more Nigerians. Apart from the removal of fuel subsidy, the government’s floating of the naira has also contributed to the worsening poverty in the land.
Currently, $1 exchanges for as high as N1,630 in the parallel market. The present exchange rate does not augur well for businesses. Many businesses have closed because of the government’s unfriendly economic policies. According to the NBS, Nigeria’s inflation as of March rose to 24.23 per cent, representing a 1.05 per cent increase compared to the February 2025 inflation rate of 23.18 per cent. The inflation rate has been worsened by rising cost of energy and commodities.
The security challenges may have also contributed to poverty across the country. While insecurity has affected businesses, it has also worsened farming activities in the North-Central region where the clashes between farmers and herders are more pronounced. The recurring conflicts between farmers and killer herders have led to needless bloodletting in Plateau and Benue states, and other parts of the country.
The Boko Haram insurgents have not helped matters in the North-East. Borno State appears to be the worst hit with the killing of many farmers in recent times. Bandits and terrorists have made life more difficult for Nigerians in the North-West region. The development has made it difficult to move food items from the farms to the urban centres. The government’s response to insecurity has not achieved the desired results.
Although the President has reacted to the recent killings in Plateau, Borno and Benue States by urging the security agencies to intensify efforts in restoring order and protecting lives and property in the affected regions, palpable fear still exists across the country, as Nigerians live in awe of terrorists and bandits. Apart from the mentioned states above, almost every part of the country, except perhaps Lagos, is besieged by one form of insecurity or another.
This has also affected the seamless flow of economic activities across the country, thereby contributing to the rising poverty among Nigerians. A country where the citizens live daily in febrile anxiety cannot guarantee free movement of goods and services, which will in turn contribute to the economic well-being of the masses. Security of lives and property is an essential component of any country’s economic prospects.
The government should strengthen efforts to ensure that Nigerians are pulled out of poverty by embracing people-friendly policies. Although the Tinubu reforms are structured to navigate the country into economic prosperity, the reality on ground indicates otherwise. The government should look inwards and appreciate that Nigerians are going through a very difficult period, challenged by economic hardship and survival. Government should exist for the people and not the people for the government.
Any economic prosperity in the country should first reflect on the living conditions of the masses. Economic statistics that do not reflect the positive market forces and improved lives of the people are misleading. The World Bank has said that millions of Nigerians will go into poverty in 2027. This is not cheering news. With almost two years in office, the Bola Tinubu administration should work harder to fulfil its promises of good life and renewed hope to all Nigerians.