Despite ongoing economic reforms that have boosted government revenues, most Nigerians have yet to see improvements in their living conditions, with about 139 million people still living in poverty, the World Bank has revealed.
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The disclosure was made by Mathew Verghis, the Country Director of the World Bank for Nigeria, during the launch of the Nigeria Development Update (NDU) in Abuja on Wednesday.
Verghis noted that while Nigeria has made progress in stabilizing foreign exchange rates, managing debt, and moderating inflation, these gains have not translated into better living standards for the majority of citizens.
In 2025, an estimated 139 million Nigerians live in poverty, highlighting the urgent need to ensure that the benefits from stabilization reforms reach all citizens.
He highlighted rising food inflation, declining purchasing power, and unequal distribution of resources as key factors keeping many Nigerians in poverty, stressing the importance of targeted interventions to ensure that reforms benefit ordinary citizens.
According to Verghis, poverty began to rise in 2019 due to policy missteps and external shocks, including the COVID-19 pandemic, and has continued despite recent fiscal and monetary reforms.
Samer Matta, the World Bank Lead Economist for Nigeria, presented the report titled “From Policy to People: Bringing the Reform Gains Home,” noting that revenue allocations to the federation have increased significantly over the past eight months of 2025.
However, Matta raised concerns over large deductions by revenue-collecting agencies, which limit the impact of these funds on national development, urging the government to ensure that resources reach projects that directly improve citizens’ lives.
