The World Bank says about seven million Nigerians may have been pushed into poverty due to current high cost of living.
The World Bank made the revelation in its latest report titled: “Nigeria Development Update: Resilience through Reforms.”
The international financial institution noted that the high inflation rate is worsening poverty and causing businesses to suffer in Nigeria.
In his presentation; Macro Hernandez, who is World Bank’s lead economist for Nigeria, said over eleven million more Nigerians are expected to lose their jobs due to the high inflation rate.
The World Bank report is not in agreement with a recent claim by President Muhammadu Buhari that his government had lifted up to ten-and-a-half million Nigerians out of poverty in the last two years.
President Buhari, who made the claim in his June 12 Democracy Day broadcast, boasted the recorded was achieved through support for farmers, small-scale traders, artisans, and market women.