Low economic earnings keep Nigerians in poverty — Minister

File: The Minister of Budget and Economic Planning, Atiku Bagudu

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The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said many Nigerians remain trapped in poverty because their economic activities yield very low returns.

Bagudu stated this in Abuja during a visit by the World Bank Regional Manager for Social Protection and Labour for West and Central Africa, Robert Chase, according to a statement issued by the ministry on Wednesday.

He commended the bank for its continuous support to Nigeria’s reform and social protection programmes, noting that both parties were working to expand livelihood support and economic opportunities for vulnerable citizens.

The minister said the Nigerian Constitution mandates government at all levels to pursue social welfare and inclusive development, adding that coordination was crucial to ensure the effectiveness of programmes such as NG-CARES, the Nigeria for Women Project, and the HOPE Agenda.

The minister said that although Nigerians are hardworking, they are trapped in poverty because their economic returns are limited.

The minister was quoted as saying, “Speaking on poverty prevalence, the minister explained that although most Nigerians are hardworking, they are trapped in poverty because their economic returns are limited.

“He, therefore, emphasised the urgency of scaling interventions that support livelihoods, enhance resilience, and expand opportunities, particularly amidst internal displacement and multidimensional poverty challenges.

“Mr President has challenged us to translate these reforms into measurable improvements in people’s lives. Our goal is to lift millions out of poverty by 2030 through coordinated programs, strengthened efficiency, and expanded financing.”

Bagudu thanked the World Bank delegation for its continued commitment to Nigeria’s development and said the renewed engagement would create more opportunities for inclusive growth.

Welcoming the delegation, the new Permanent Secretary of the ministry, Dr Deborah Odoh, described the World Bank as a dependable partner and reaffirmed the government’s commitment to ongoing reforms.

She assured Chase of the Federal Government’s commitment to deploying all available resources to achieve President Bola Tinubu’s vision for a more inclusive and resilient nation.

Chase, in his remarks, praised Nigeria’s leadership in social protection delivery, describing NG-CARES as a model for other African countries.

He said the $750m support from the bank had attracted over $2.2bn in state-level investments.

He added that the first phase of NG-CARES would end in 2025, with additional financing expected to begin in January 2026 to ensure seamless implementation.

In October, the World Bank warned that about 139 million Nigerians were now living in poverty, saying rising hardship continued despite recent economic stabilisation efforts.

In July 2024, The PUNCH reported that the Federal Government released over N438bn in reimbursement to 34 states and the Federal Capital Territory, under the Nigeria Community Action for Resilience and Economic Stimulus programme.

Zamfara, Nasarawa and Plateau states emerged as the first three earners with N49bn, N27bn and N26bn, respectively.

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