The World Bank on Wednesday expressed deep concern over Nigeria’s worsening poverty level, revealing that despite recent economic stabilisation efforts, about 139 million citizens are now living in poverty.

The Bank warned that the country risks losing the gains of its ongoing reforms if they fail to bring real improvements to the lives of ordinary Nigerians.

The disclosure was made by World Bank Country Director for Nigeria, Mathew Verghis, on Wednesday in Abuja during the launch of the October 2025 Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home.”

Since the release of the report, reactions have continued to trail the findings from various quarters, civil activists, opposition parties, and the Nigerian government itself.

While many Nigerians say the report mirrors the harsh realities of daily life, the Presidency has strongly disputed the World Bank’s figures, describing them as unrealistic and disconnected from the country’s actual economic conditions.

In a statement issued on Thursday through President Bola Tinubu’s Special Adviser on Media and Public Communications, Sunday Dare, the government said the poverty statistics must be properly contextualised within the framework of global poverty measurement models.

“While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure quoted must be properly contextualised.

The Presidency explained that the 139 million poverty estimate was derived from the global poverty line of $2.15 per person per day, which was set in 2017 using the Purchasing Power Parity (PPP) model.

According to the government, this should not be seen as an exact count of Nigerians living in poverty.

It further argued that when converted to local currency, the global poverty line of $2.15 per day amounts to about ₦100,000 per month, a figure that surpasses Nigeria’s new minimum wage of ₦70,000, making it an analytical construct rather than a real-time reflection of income realities.

“President Tinubu’s administration is committed to reducing the incidence of poverty. Nigeria rejects exaggerated statistical interpretations detached from local realities,” the presidency had said.

However, not everyone agrees with the government’s position, the African Democratic Congress (ADC) in a statement on Thursday urged President Bola Ahmed Tinubu to accept the recent World Bank report showing a sharp rise in poverty across Nigeria.

According to ADC, it is clear proof that his administration’s economic policies have worsened the living conditions of millions of citizens.