Recent reports should deeply concern every responsible leader and citizen in Nigeria. 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% before the current reforms to over 63% today under this administration. Explicitly showing that the economic reforms of this administration have pushed more Nigerians into poverty than ever experienced in our dear nation.
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.
Across the six geopolitical zones of Nigeria, families report painful coping strategies, 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.
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. 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.
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.
Nigeria is blessed with immense human and natural resources. What we require is leadership that prioritises prudence, compassion, and accountability, leadership that measures success not by elite comfort but by the well-being of the ordinary Nigerian.
Nigeria must urgently and strictly implement policies that support development, expand production, small businesses, and protect vulnerable households.
A New Nigeria is POssible. -PO
