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‘Inflation’ll Push 15m Nigerians Into Poverty In Two Years’
The World Bank has said that inflation shock is projected to push about 15million more Nigerians into poverty between 2020 and 2022.
The Washington-based bank said this in its latest Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.
The report read in part, “Overall, the ‘inflation shock’ is estimated to result in about 15million more Nigerians living in poverty between 2020 and 2022.”
The lending bank stressed the need for reducing the rising rate of inflation, which is pushing millions of Nigerians into poverty.
Although the World Bank said that inflation in 2022 was projected to be 15.5per cent, Nigeria’s inflation as of May this year is 17.71per cent, which is higher than the World Bank’s projection.
The lending bank further said that Nigeria has one of the highest inflation rates in the world.
According to the bank, inflationary pressures in the country are driven by certain policy distortions.
The bank said, “Inflationary pressures were compounded by policy distortions, in particular (i) lack of flexible foreign exchange management, (ii) trade restrictions, and (iii) conflicting monetary policy goals.”
It further disclosed that global supply shocks exacerbated inflationary pressures and increased the urgency.
Aside from the policy distortions, the COVID-19 pandemic and the war in Ukraine have contributed to rising inflation.
It was also stated that the financing of the fiscal deficit and trade restrictions by the Central Bank of Nigeria (CBN) contributes to fuelling inflationary pressures, and Nigeria will have one of the highest inflation rates in Sub-Saharan Africa in 2022.
The bank also said that poverty might be becoming entrenched in certain Nigerian households, particularly in rural areas in the North.
In combating poverty, certain reforms were recommended, which include fiscal, trade, and exchange-rate policy that could help diversify the economy; invigorating structural transformation; and creating good, productive jobs, especially wage jobs.
World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine was threatening Nigeria’s poverty reduction aspiration.
In June last year, President MuhammaduBuhari inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President, ProfYemiOsinbajo.
This, he said, re-echoes his commitment to lifting 100million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
Despite this, the rate of poverty in the country seems to be on the rise, driven significantly by inflation.
In its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, the World Bank said that poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
The Washington-based bank added that the number of poor Nigerians is projected to hit 95.1million in 2022.
The World Bank also warned that many non-poor Nigerians were only one small shock away from falling into poverty.
According to the lender, such a shock can be induced by the issues of climate or conflict which could further threaten Nigeria’s poverty reduction efforts.
Like the World Bank, the International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022.
Speaking on the development, an Associate-Professor of Economics at the Pan-Atlantic University, OlalekanAworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.