Nigeria’s deepening economic crisis has ignited a fresh political firestorm, as former Vice President Atiku Abubakar launches a scathing attack on President Bola Ahmed Tinubu following a troubling report by the World Bank indicating that over 60% of Nigerians now live below the poverty line.
A Stark Reality: Poverty on the Rise
According to
the World Bank’s latest findings, Nigeria’s poverty rate has climbed
sharply from about 40% just a few years ago to over 60% today, representing
roughly , 140 million Nigerians struggling to survive
The report
paints a troubling picture: even as macroeconomic indicators show signs of
stabilization, everyday Nigerians are experiencing worsening hardship,
shrinking purchasing power, and rising living costs.
Atiku’s Criticism: “This Is Not Reform, It Is Regression”: Reacting to the report, Atiku did not hold back. He described the situation as “regression on a monumental scale,”arguing that the current economic hardship is not accidental but the direct result of flawed policy choices. A government that has lost touch with reality (The Guardian Nigeria)
According to
him, key reforms introduced by the Tinubu administration particularly:
The removal
of fuel subsidies
The devaluation of the naira
These
policies were implemented abruptly and without adequate safeguards for citizens.
Atiku
insists these policies have triggered: Soaring food prices, Declining real incomes, Widespread business
strain, millions out of work. In his words and millions of Nigerians are not feeling any “reform
dividend”, only economic pain.
The
“Disconnect” Argument
A central
theme of Atiku’s criticism is what he calls a disconnect between government
claims and lived reality.
While the
administration points to:
Improved fiscal
indicators
Stabilizing
inflation trends
Structural
economic reforms
Atiku argues
that these metrics mean little when the majority of citizens are slipping
deeper into poverty.
He warns
that any government presiding over such conditions while claiming success risks
losing both moral authority and economic direction.
World Bank’s Paradox: Growth vs.
Hardship: Interestingly,
the World Bank itself acknowledges this contradiction.
Nigeria’s
economy shows signs of resilience and potential growth, but inflation, high
costs, and weak income growth continue to erode living standards, slowing
poverty reduction.
In simple terms:
The economy
may be improving on paper, but not in people’s pockets.
A Political and Economic Crossroads
Atiku is
now calling for a shift toward:
Gradual,
well-sequenced reforms, Stronger social protection systems, Policies focused on
job creation and food security
He argues
that reform should lift people out of poverty not push more into it.
Meanwhile,
the Tinubu administration maintains that its reforms often described as bold
and necessary are designed to stabilize Nigeria’s economy in the long term,
even if they come with short-term pain.
Final Thought: This clash highlights a deeper
national dilemma: Can Nigeria endure economic “shock therapy” today for
stability tomorrow, or is the cost already too high? With over 60% of citizens
now below the poverty line, the debate is no longer just political it is
existential.
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