Nigeria Poverty Rates Top 50% After Economic Reforms

Bola Ahmed Tinubu implemented a series of aggressive economic reforms over the last three years intended to prevent a national fiscal crisis and secure long-term stability. These measures included the devaluation of the Naira and the removal of subsidies for electricity and fuel.

While designed for fiscal health, the reforms triggered a sharp decline in living standards for millions of Nigerians. Petrol prices increased sixfold, and the cost of staple ingredients for jollof rice more than doubled since the president took office. These price hikes have made basic necessities increasingly unaffordable for the general population.

The World Bank Group reports that these economic pressures have significantly expanded the poverty gap. According to their estimates, poverty rates in Nigeria rose from approximately 42% in 2022 to over 50% last year.