“60% slipping into Poverty”: Atiku Abubakar Blasts Bola Ahmed Tinubu Over World Bank Report

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.

 

WEMA bank to diversiify it's investment potfolio into mining, blue economy and electric Industry

As part of its attempts to diversify its investment portfolio, Wema Bank Plc is looking into prospects in the electricity industry and the blue economy, including mining, according to Mr. Moruf Oseni, MD/CEO. 

Managing Director and CEO Moruf Oseni gave the update at the group's FY 2025 analyst and investor conference call. Chief Risk Officer Sylvanus Eneche addressed striking a balance between expansion and risk management in response to inquiries about providing shareholder value following mandated capital limitations.

We need to utilize the enormous capital that has come in; but, we are selective in the assets we invest in, being risk-aware," he stated.

 

He stated that the bank sees prospects in the electricity industry and the blue economy, and that it has begun to position itself to participate in those markets.

What executives are saying:

In addition to these industries, the bank's Chief Risk Officer stated that it is evaluating prospective agreements with larger counterparties with whom it has not before worked.

He stated that any capital deployment to such players will be done selectively, with an ongoing emphasis on risk controls and asset quality.

"We are looking at larger A-tier players we have not engaged before, and we are set to deploy capital to them in a risk-aware manner, leveraging the opportunities," he stated.

On tier-one objectives, Managing Director and CEO Moruf Oseni stated that the bank's growth has been consistent, as seen by its financial results.

"To pole vault ourselves into tier one, we will grow organically and efficiently, and we are also looking for opportunities to scale up operations within the bank," he said.

He also stated that reaching tier-one classification is a priority, with a two to three-year schedule considered possible provided ongoing initiatives yield as predicted.

He also stated that the bank's long-term objectives go beyond tier one, with customer deposits rising from N804 billion in 2020 to N3.2 trillion in 2025. 

Get up to speed Wema Bank Plc's audited results for the fiscal year 2025 showed a profit before tax of N221.8 billion, which was roughly consistent with the unaudited figure of N222 billion. 

The audited performance increased by 116.44% from N102.5 billion in 2024, mostly due to increasing interest income, which remains the principal source of earnings. 

Interest income increased to N576 billion from N354.6 billion, with loans and advances accounting for 60.4%, investment securities for 35.5%, and cash holdings for the remainder.

Non-interest revenue was boosted by net gains on fair value investment securities of N993.2 million and fee and commission income of N75.5 billion, up from N55.5 billion.

Additional contributions from trading revenue of N8.3 billion and other sources raised total operating income to N420.6 billion, while operating expenses rose to N198.7 billion, resulting in a pre-tax profit of N221.8 billion.

Wema Bank's performance

Wema Bank has had a year-to-date performance of more than 28% in 2026, with over 2.4 billion units traded on the Nigerian Exchange thus far.

The group's total assets are currently over N5.07 trillion, up from N3.5 trillion, with loans and advances to clients accounting for the majority of the asset base at N1.7 trillion.

The bank also met the CBN's N200 billion capital requirement with a N150 billion rights offering, while an additional N50 billion private placement is still pending final regulatory clearances.

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