The International Monetary Fund has said that reforms implemented by the President Tinubu-led federal government have thrown 63 percent Nigerians into poverty.
In a statement after its annual review of the Nigerian economy, the IMF acknowledged that strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience but that “conditions for many Nigerians remain difficult.
“Poverty reached 63 percent (national poverty line) and 27 million Nigerians are estimated to have faced food insecurity in the fall of 2025.”
The poverty level in the country has been on the rise for years, with the World Bank reporting last that about 61 percent of the country’s population lived in poverty, up from 40 percent in 2019.
The World Bank said that three-quarters of the increase occurred before 2023, when Tinubu was sworn in.
According to the latest official figures, inflation accelerated to an annual rate of 15.7 percent in April, a five-month high.
Analysts attributed the increase partly to higher fuel prices linked to the ongoing war in the Middle East.
Economic growth is projected to reach 4.1 percent this year, after four percent in 2025.
The IMF warned that while higher costs of food, fertiliser and fuel could boost Nigeria’s revenues — the country is Africa’s largest oil producer — they could also intensify inflationary pressures on poor households, “potentially aggravating poverty and food insecurity.”
