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104 million Nigerians living below poverty line— World Bank

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A new report released on Wednesday by the World Bank has revealed that at least 104 million Nigerians are now living under the poverty line.

This is coming under reforms by the new government in Nigeria. Some of the key reforms as noted by the global bank, include the removal of petrol subsidy and the foreign exchange market rate restructuring which the bank considers as bold moves necessary to rescue Nigeria from fiscal cliff, describing the current pains as temporary.

However, the report also said the policies have created intense pressures on cost of living, which have pushed more Nigerians into hardship, with 104 million now living below the poverty line.

The World Bank report also indicated that the number of poor people in Nigeria had jumped from 95 million in 2021 to 100 million in 2022, while the Nigerian Bureau of Statistics (NBS), in its own report released recently, put the figure at 82.9 million for 2019 and 85.2 million in 2020.

In the World Bank Nigeria Development Update titled ‘Turning the Corner: Time to Move From Reforms to Results’, the bank says there is the need to continue with the momentum to complete the reforms and to address the costs of the reforms.

‘‘Inflation remains at record high levels for Nigeria, 27.3 per cent Year-on-Year (YoY), in October 2023, partly driven by the one-off price impacts of the removal of the gasoline subsidy,” it said.

‘‘The impact of this is especially hard on poor and vulnerable citizens. The FX market has remained volatile and in a period of continuing adjustment to the new policy approach, with significant fluctuations in the exchange rate in both the official and the parallel markets. Revenue gains from the FX reform are visible.

“The petrol subsidy and FX management reforms are critical steps in the right direction towards improving Nigeria’s economic outlook. Now is the time to truly turn the corner by ensuring coordinated fiscal and monetary policy actions in the short to medium term.

“Continued reform implementation can ensure that Nigeria benefits from the difficult adjustments underway.

‘‘In the medium-term, the economy will then begin to benefit from increasing fiscal space for development spending, including on power and transport infrastructure, as well as on human capital”, it added.

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Death toll from Cyclone Chido in Mozambique hits 94

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he death toll from the Cyclone Chido which stuck Mozambique last week has risen to 94 with hundreds still missing.

According to the country’s National Institute of Risk and Disaster Management (INGD), the
powerful storm which made a landfall last week, also injured 768 people and affected over 622,000, leaving a trail of destruction across northern provinces.

The Cyclone hit Mozambique on December 15 with winds reaching 260 km/h (160 mph) and 250 mm of rainfall within the first 24 hours, first striking the Cabo Delgado province before moving inland to Niassa and Nampula, regions frequently battered by cyclones.

A report from the INGD said the Indian Ocean archipelago, Mayotte, bore the brunt of the storm.

Officials in Mayotte, which is one of France’s poorest overseas territories, said they have only been able to confirm 35 fatalities from Chido, but some have said they fear thousands could have been killed.

“The cyclone severely impacted Mozambique’s already fragile education and health sectors,” a report by the United Nations said on Monday.

“Over 109,000 students were affected as schools sustained significant damage, while 52 healthcare units were left inoperable, cutting off access to essential medical services in areas already underserved.

“The same Cyclone Chido had first wreaked havoc in the French Indian Ocean territory of Mayotte, before moving on to Mozambique, Malawi and Zimbabwe.

“While Mayotte experienced its worst storm in 90 years, Mozambique continues to face a compounding crisis driven by climate change,” the report added.

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Nigeria on the right path despite hardship, criticism— President Tinubu

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Nigerian President, Bola Ahmed Tinubu, has insisted that the country is moving in the right direction despite the criticism of his economic policies by political opponents and the hardship being experienced by citizens.

Tinubu, who made the assertion during his maiden presidential media chat on Monday in Lagos, reiterated that though his reforms and policies may not be popular at the moment, they were all aimed at placing the country on the path to economic recovery.

The President, who also spoke on the 2025 national budget proposal of N49.7 trillion, christened ‘restoration of hope’, also called for understanding and cooperation from Nigerians amid the prevailing economic realities.

“Nigeria is moving forward regardless of critics. This is a budget of restoration of hope, and Nigeria is on the path of recovery. We can’t finish the job in one calendar year,” Tinubu declared.

The Nigerian leader who also gave reasons for removing subsides on fuel as well as the controversial tax reforms he initiated, said he has no regret whatsoever in removing the fuel subsidy.

Tinubu stated that removing petrol subsidy was in a bid to save generations to come, noting that the country was already spending its future while giving freebies to neighbouring countries.

He also insisted that there is no going back on the tax reforms bills despite dissenting voices from different sections of the country.

Tinubu noted that the tax reforms were necessitated by the need to eliminate colonial-based assumptions in the nation’s tax environment.

The President stressed that the tax reform he has proposed was pro-poor and aimed at widening the tax net, noting that it was typical for tax reforms to be accompanied by outcries.

“Tax reform is here to say. We cannot just continue to do what we were doing yesteryears in today’s economy.

“We cannot retool this economy with the old broken tools. The essence of the tax reform is to eliminate colonial-based assumptions in our tax environment. Every tax situation without outcry is not a tax.

“You cannot satisfy uniformly the larger community of tax evaders. This tax reform is pro-poor; the vulnerable are not to pay taxes. All we are asking for is to widen the tax net and bake the cake larger so that we can share a larger meal.

“They will still ask for this consultation no matter how long I delay it. The hallmark of a good leader is the ability to do what you have to do at the time it has to be done. That is my philosophy,” President Tinubu said.

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