Our Reporter, Abuja
Frontline presidential aspirant of the African Democratic Congress (ADC), Peter Obi, on Monday raised the alarm over what he described as Nigeria’s worsening poverty crisis, citing a new policy report which indicates that the country’s poverty rate has climbed sharply in recent years.
In a statement titled “Disturbing Report on Our Growing Poverty,” Obi referenced a study released by Agora Policy, with support from the Nigeria Economic Stability and Transformation Programme and the United Kingdom’s Foreign, Commonwealth and Development Office.
According to the report, Nigeria’s poverty rate has risen from about 40 per cent before the current economic reforms to more than 63 per cent.
Obi said the figure suggests that recent reforms have pushed millions more Nigerians into poverty.
“For a country whose population is estimated at over 220 million people, this means that well above 140 million Nigerians now live in poverty,” he said.
The former governor of Anambra State said many households across the country could no longer afford basic necessities such as food, transportation, rent and healthcare.
He noted that reports from the six geopolitical zones indicate that families are adopting painful coping strategies to survive the current economic hardship.
“Families are reducing food consumption, trekking instead of using public transport, having no electricity to use, and borrowing simply to survive. Small businesses, which are the backbone of our economy, are shutting down,” Obi said.
He argued that an economy cannot be described as improving when the majority of its citizens are becoming poorer.
Obi also criticised what he described as the continued pattern of extravagant spending by political leaders despite the worsening hardship faced by ordinary Nigerians.
“At a time when citizens are tightening their belts, struggling to eat, and watching their businesses collapse, politicians continue to spend huge budgets on their comfort and other non-essential extravagances,” he said.
“Leadership must lead by example, especially during difficult times. You cannot ask the citizens to fast while you feast. Sacrifice must begin from the top.”
He maintained that genuine economic reforms must be people-centred and should prioritise protecting vulnerable citizens while pursuing fiscal sustainability.
According to him, reforms that deepen poverty, widen inequality and weaken small businesses cannot be considered successful.
Obi added that Nigeria’s abundant human and natural resources could still drive national development if managed with prudence, compassion and accountability.
“Nigeria must urgently implement policies that support development, expand production, strengthen small businesses and protect vulnerable households,” he said.
