The number of poor Nigerians is set hit one hundred and one million due to fuel subsidy removal.
This was disclosed by World Bank on Tuesday in Abuja when it released the June 2023 edition of the Nigerian Developments.
It stated the high cost of goods and services caused by the removal of petrol subsidies will bring poverty among Nigerians.
According to the bank, about four million people have fallen into poverty in Nigeria between January and May 2023, giving it one of the highest inflation rates in the world.
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It explained that over seven million Nigerians (7.1m) will fall into poverty if the federal government fails to provide compensation or provide palliative care following the removal of fuel subsidy.
At the start of 2023, the world bank disclosed, there were over eighty-nine million (89.8m) poor people in Nigeria, while another four million Nigerians fell into poverty between January and May this year, bringing the number to over ninety-three million ( 93.8m).
The bank, therefore announced that the number of poor people in Nigeria will rise to over one hundred million (100.9m).
It said:
“Consumer price inflation has surged and is currently one of the highest globally, which is related to Nigeria’s fiscal imbalance and points to the urgency of reform efforts. Inflation in Nigeria has been high for many years due to structural factors, but it escalated in 2022, to the point where consumer prices increased at their fastest pace for 17 years.”
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The National Bureau of Statistics in its National Multidimensional Poverty Index report also showed that hundred and thirty-three (133m) Nigerians live in multidimensional poverty and lack health, education, the standard of living, employment, and security.
According to the National Bureau of Statistics, inflation in the country rose to 22.41 per cent in May, which was the highest level in about 19 years
