The administration of President Muhammadu Buhari has revealed it has spent over $5 billion in the last 5 years fighting poverty in Nigeria.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Farouq, has said the President has since backed his pledge to pull out 100 million Nigerians from poverty by committing $1billion through the National Social Investment Programme to reduce poverty and inequality.
The minister also supported the data referenced in the President’s Democracy Day address, which said 7.5million people have allegedly been pulled out of poverty.
“I am happy to report to you that every year since 2016, when NSIP was flagged off, Mr President has approved that $1bn be invested into that sector every year (which aggregated is over $5bn),” she said.
Meanwhile the World Bank in a recent assessment of Nigeria’s economy said the surging inflation has pushed about 7 million into poverty.
Inflation in Nigeria remains at near four-year highs with food-price growth at more than 20% year-on-year. The World Bank sees inflation at an average of 16.5% this year and remaining above the 9% top of the target band until at least 2023.