President Bola Tinubu and Peter Obi
Former Labour Party presidential candidate Peter Obi on Monday expressed concern over the surge in Nigeria’s poverty rate.
In a statement on X, Mr Obi referenced a new policy report by Agora Policy, which revealed that Nigeria’s poverty rate soared from about 40 per cent to more than 63 per cent under President Bola Tinubu’s administration.
Mr Obi said the study showed that the economic reforms initiated by Mr Tinubu’s administration pushed more Nigerians into poverty than ever experienced.
“A new policy 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, has shown that the poverty rate in our country has climbed from about 40 per cent before the current reforms to over 63 per cent today under this administration,” Mr Obi said.
The former Anambra State governor stated that the prevalence of poverty has become evident across Nigeria’s six geopolitical zones, with families reducing food portions, trekking, borrowing, closing businesses, and enduring widespread power outages.
“For a country whose population is estimated at over 220 million people, this means that well above 140 million Nigerians now live in poverty. Families nationwide can no longer afford basic necessities such as food, transportation, rent, or healthcare,” Mr Obi said.
He berated the political narratives that the economy was improving despite growing hardship, while the lavish lifestyles of leaders remained a contrasting reality.
“An economy cannot be said to be improving when the majority of its people are becoming poorer. What makes this situation even more troubling is the contrast between the growing hardship faced by ordinary Nigerians and the continued pattern of lavish and insensitive spending by those in power.
“At a time when citizens are tightening their belts, struggling to eat, and watching their businesses collapse, the politicians continue to spend huge budgets on their comfort and other non-essential extravagances,” he said.
Emphasising that sacrifice for change must begin with political leaders, Mr Obi faulted Mr Tinubu’s economic reforms, describing them as unsuccessful.
“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,” Mr Obi said.
“True economic reform must be people-centred. It must protect the most vulnerable while pursuing fiscal sustainability. Reforms that deepen poverty, widen inequality, and crush small businesses cannot be described as successful.”
Noting that Nigeria is blessed with immense human and natural resources, the politician said the country lacked “leadership that prioritises prudence, compassion, and accountability, leadership that measures success not by elite comfort but by the well-being of the ordinary Nigerian.”
Mr Obi called for urgent and strict implementation of policies that foster development, expand production, encourage small businesses, and protect vulnerable households.
