A herd of economic and finance experts have given reasons why inspite of successive governments’ promises that subsidy removals, tax overhauls, and cash transfers would lift millions out of poverty, 79 per cent of Nigerians remain poor or vulnerable as a new World Bank documents have shown.
About 139 to 140 million citizens are trapped between soaring food prices, a weak naira, unreliable public services, and wages eroded by inflation. The reforms aimed to free fiscal space and attract investment, yet the relief has not matched the hardship for most households from Lagos to Kano.
CEO of CFG Advisory, Dr Adetilewa Adebajo, noted that rising inflation continues to undermine purchasing power, consumer demand, and overall growth. “We’re expecting that maybe when inflation gets to single digit, the amount of Nigerians in poverty will reduce. But as inflation begins to inch up again, then you’re going to affect purchasing power. There is need for us to coordinate our industrial policy with our trade policy and our investment policy, so that you can begin to increase productivity and create employment. That is the key challenge in Nigeria right now,” he said.
ActionAid Nigeria Country Director Andrew Mamedu echoed widespread frustration. “The World Bank has just confirmed what many Nigerian families already know! nearly 8 out of every 10 Nigerians are poor, or one shock away from becoming poor.” He highlighted that poverty rose from 40percent in 2019 to 61percent in 2025 and now 79percent in 2026, despite claims of stabilisation, rising reserves, and investor confidence.
“Who exactly is this recovery for?” Mamedu asked, pointing to 33percent (77 million) facing food insecurity, 86 million without electricity, and 84 peecent of children aged 5-14 unable to read age-appropriate sentences. He criticised government spending, noting less than 1percent of the budget protects the vulnerable, with only 8 in 100 poor Nigerians accessing safety nets, while 60 million youths face a constrained job market.
Similarly, a quantity surveyor and construction advisor Olumide A. Aremu argued that true development requires nationwide impact, not isolated projects.
“They made you believe development takes time. No.
Poor planning takes time.
A developed country is one where ordinary people feel the difference every single day. In 2026, Nigerians still celebrate electricity because it came back. That should never be normal.” He called for construction across all 36 states rather than concentrated efforts in major cities.
Public policy analyst, Engineer Adesanya Adebayo questioned the disconnect: “191 million Nigerians are poor or vulnerable. Can the average Nigerian feel it in their daily life?” He identified bad governance as a core reason, a view shared by many who contrast official data with ground realities, rejecting what some term
“paper economics.”
