WORLD BANK SAYS POOR NIGERIANS WILL HIT 101 MILLION WITHOUT SUBSIDY REMOVAL PALLIATIVES

The World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023.

This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja.

The Washington-based lender also said about 7.1 million poor Nigerians would become poorer if the Federal Government failed to compensate or provide palliatives, following the removal of fuel subsidy.

According to World Bank data, 89.8 million Nigerian were poor as of the beginning of this year.

The bank noted that additional four million Nigerians became poor between January and May this year, raising the figure to 93.8million.

Latest projection means the number of poor Nigerians will rise to 100.9 million if the government fails to compensate vulnerable citizens for fuel subsidy removal.

The World Bank Nigeria Development Update report noted that Nigeria’s inflation has risen to a 17-year high, and has been driven by a number of factors, such as CBN funding of budget deficit, previous multiple exchange rates, devaluation, and trade restrictions