World Bank report: Atiku faults Tinubu’s policy direction

Former Vice President Atiku Abubakar on Friday expressed concern over rising poverty levels in Nigeria following a recent World Bank report, which placed the country’s poverty rate at 63 per cent.

Atiku raised the concern in a statement issued in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu.

The chieftain of the African Democratic Congress criticised the economic policies of President Bola Tinubu, warning that worsening hardship across the country reflects policy shortcomings.

He said, “We note with grave concern the World Bank’s confirmation of what millions of Nigerians are already experiencing daily—that poverty is rising at an alarming rate under the administration of President Bola Ahmed Tinubu.

“With over 60 per cent of Nigerians now living below the poverty line, up from about 40 per cent just a few years ago, this is not reform; it is regression on a monumental scale.

“This crisis is neither accidental nor unavoidable. It is the direct outcome of poorly conceived and harshly implemented policies, from the abrupt removal of fuel subsidies to the chaotic devaluation of the naira, all executed without adequate safeguards for the Nigerian people.”

Atiku further criticised the administration for what he described as a disconnect from the realities faced by ordinary Nigerians, insisting that rising poverty amid ongoing reforms reflects a failure in both policy direction and leadership.

According to him, the impact of the government’s policies is evident in rising food prices and the struggles faced by small businesses across the country.

“Even the World Bank has acknowledged the troubling paradox of rising poverty amid so-called reforms, exposing a government dangerously disconnected from the lived realities of its citizens.

“A government that presides over a situation where the majority of its people are poor, yet insists that progress is being made, has lost both moral authority and economic direction,” he said.

Offering an alternative approach, the former vice president emphasised the need for carefully sequenced reforms, strengthened social protection measures and policies focused on job creation, food security and economic stability.

He maintained that economic reforms should improve the welfare of citizens rather than deepen hardship, urging a shift towards leadership that prioritises shared prosperity and national wellbeing.

“Nigeria cannot continue on a path where poverty deepens while the government celebrates policy experiments. Leadership is not about defending failure; it is about correcting it. The evidence is already clear in the lives of Nigerians.

“The choice before the nation is stark: continue on a trajectory of deepening hardship, or embrace leadership committed to restoring dignity, stability and shared prosperity,” he added.

The criticism follows the World Bank’s latest Nigeria Development Update, which highlighted a significant rise in poverty despite improvements in key macroeconomic indicators.

In the report titled ‘Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,’ released in Abuja, the World Bank said poverty levels rose from 56 per cent in 2023 to 61 per cent in 2024, before reaching 63 per cent in 2025, representing about 140 million Nigerians.

The report noted that the increase occurred even as inflation began to moderate, pointing to a widening gap between economic reforms and their impact on household welfare.

Data from the National Bureau of Statistics showed that headline inflation declined from 34.80 per cent in December 2024 to 15.15 per cent in December 2025, while food inflation dropped from 39.84 per cent to 10.84 per cent within the same period.

Despite the easing inflationary trend, the World Bank maintained that price levels remain high enough to erode purchasing power and worsen living conditions, underscoring the depth of Nigeria’s cost-of-living crisis.(Punch)