Former Vice President Atiku Abubakar has criticised the economic policies of President Bola Tinubu, citing recent confirmation by the World Bank that poverty is worsening across Nigeria.
In a statement issued Friday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the international lender’s position reflects the “harsh reality” already confronting millions of Nigerians.
He quoted the bank as indicating that more than 60 per cent of Nigerians are now living below the poverty line, compared to about 40 per cent a few years ago, describing the development as “regression on a monumental scale.”
World Bank’s position
The World Bank, in its latest Nigeria Development Update released in April 2026 and titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” said poverty in the country has worsened significantly despite some improvement in macroeconomic indicators.
The report, unveiled in Abuja on Tuesday, showed that poverty rose sharply to about 63 per cent in 2025, affecting an estimated 140 million Nigerians. The bank noted that this deterioration occurred even as inflation began to ease, pointing to a growing disconnect between headline economic gains and the daily realities of households.
According to the report, poverty has followed a steady upward trajectory in recent years, rising from 56 per cent in 2023 to 61 per cent in 2024, before reaching 63 per cent in 2025.
The trend, the bank said, highlights the sustained vulnerability of a large segment of the population amid weak income growth, structural economic challenges, and uneven distribution of economic gains.
The World Bank warned that while ongoing reforms may stabilise the economy over time, their short-term impact continues to weigh heavily on low-income households, particularly in the absence of robust and well-targeted social protection systems.
Atiku blames policy choices
Reacting, Atiku said the worsening poverty levels are not accidental but a direct consequence of what he described as “poorly conceived and harshly implemented policies.”
He criticised the abrupt removal of fuel subsidies and the devaluation of the naira, arguing that both were carried out without adequate safeguards to protect citizens.
According to him, the effects are visible nationwide, with rising food prices, declining purchasing power, and widespread business closures.
“While the Tinubu administration points to abstract macroeconomic indicators, Nigerians are living a far harsher reality, one defined by hunger, uncertainty, and a daily struggle for survival,” he said.
He further described the government’s reform approach as “economic shock therapy imposed on a vulnerable population,” adding that blaming external factors such as global economic pressures reflects policy failure.
The former vice president said the World Bank’s findings expose what he called a disconnect between government claims of progress and citizens’ lived experiences.
“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.
Atiku also outlined what he described as a more pragmatic approach to economic reform, emphasising the need for gradual implementation and strong social protection systems.
He said reforms should prioritise job creation, food security, and income growth, while supporting small businesses, agriculture, and industrial productivity.
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The former vice president called for better coordination between fiscal and monetary authorities to stabilise the economy and rebuild investor confidence.
According to him, economic policies must be people-centred and designed to improve living standards rather than deepen hardship.
Atiku warned that Nigeria risks continued economic decline if current policies persist without adjustment.
“Leadership is not about defending failure, it is about correcting it,” he said, adding that the country faces a clear choice between sustained hardship and a shift towards policies that promote stability and shared prosperity.
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He concluded that Nigeria “deserves better,” urging a rethink of the current reform strategy to prevent further deterioration in living conditions.
