Inflation To Push Fresh 1m Nigerians Into Poverty By December – World Bank


The World Bank yesterday said that the current inflationary pressure will push additional one million Nigerians into extreme poverty by the end of this year.

The bank disclosed this in its latest Nigeria Development Update (NDU) report, titled, “The continuing urgency of business unusual”, which was released on Tuesday.

The bank stated that the additional one million is different from the six million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.

Nigeria’s inflation, according to the National Bureau of Statistics worsened to 16.82 per cent in April, up from the 15.92 per cent recorded in March.

When compared to April 2021, the price decelerated by 1.3 per cent points from the 18.12 per cent inflation figure to 16.82 per cent.

The NBS said, “In April 2022, the consumer price index, (CPI) which measures inflation increased to 16.82 per cent on a year-on-year basis.

“This is 1.3 per cent points…

Source: Leadership Newspaper