Headline

Economic Reforms: Nigerians Under Poverty Line Rise To 104m — World Bank

Published

2 years ago

December 14, 2023

A World Bank report has indicated that Nigeria’s poverty level has taken a notch higher, at the backdrop of the recent economic and fiscal reforms.

The key reforms include the removal of petrol subsidy and the foreign exchange market rate restructuring.

The bank, however, commended the Federal Government for what it considered ‘bold reforms’ necessary to rescue Nigeria from fiscal cliff, describing the current pains as temporary.

But it also said the policies have created intense pressures on cost of living, which have pushed more Nigerians into hardship, with 104 million now living below the poverty line.

The World Bank report also indicated that the number of poor people in Nigeria had grown from 95 million in 2021 to 100 million in 2022, while the Nigerian Bureau of Statistics, NBS, indicated that the figure was 82.9 million in 2019 and 85.2 million in 2020.

In its World Bank Nigeria Development Update, NDP, entitled ‘Turning the Corner: Time to Move From Reforms to Results’, the bank stresses the need to continue with the reform momentum to complete the reforms and to address the costs of the reforms.

It further stated: ‘‘Inflation remains at record high levels for Nigeria, 27.3 per cent Year-on-Year, YoY, in October 2023, partly driven by the one-off price impacts of the removal of the gasoline subsidy.

‘‘The impact of this is especially hard on poor and vulnerable citizens. The FX market has remained volatile and in a period of continuing adjustment to the new policy approach, with significant fluctuations in the exchange rate in both the official and the parallel markets. Revenue gains from the FX reform are visible.

‘‘However, there is a need for more clarity on oil revenues, especially the financial gains of Nigeria National Petroleum Corporation Limited, NNPCL, from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues.”

In his appraisal of the country’s reforms, Shubham Chaudhuri, World Bank Country Director for Nigeria, stated: “The petrol subsidy and FX management reforms are critical steps in the right direction towards improving Nigeria’s economic outlook. Now is the time to truly turn the corner by ensuring coordinated fiscal and monetary policy actions in the short to medium term.

“Continued reform implementation can ensure that Nigeria benefits from the difficult adjustments underway. This includes ensuring that improved oil revenues following the sharply increased PMS price accrue to the Federation.

‘‘In the medium-term, the economy will then begin to benefit from increasing fiscal space for development spending, including on power and transport infrastructure, as well as on human capital.”

He further said that between N300 billion –N400 billion was expended on fuel subsidy monthly, before the subsidy removal and that the expectation was that the NNPCL should have been paying such amount to the Federation Account, but which has not been the case.

World Bank’s recommendations
The latest NDU report recommended specific actions required to further sustain and achieve the full benefits of reforms already embarked on by the Government.

These include: controlling inflation and improving the stability of the FX market; achieving fiscal consolidation by sustaining savings from the PMS subsidy reform and improving non-oil revenues; addressing structural barriers to growth, such as removing trade barriers.

It stated further: “With the continued implementation of macroeconomic stabilization reforms, Nigeria’s economy is expected to grow at an average annual rate of 3.5 per cent in 2023-2026, or 0.5 per centage points higher than in a scenario where the reforms had not been implemented.”

Alex Sienaert, World Bank Lead Economist for Nigeria and co-author of the Report, also stated: ‘‘In 2024, Nigeria has an opportunity to turn the corner to a more stable and predictable macroeconomic environment, and easier access to foreign exchange (FX) and imported inputs, which is critical to creating new jobs and lifting people out of poverty”.

The NDU report indicated that Nigeria was not yet out of the woods but on the path to full recovery, as a result of the various policies being implemented by both fiscal and monetary authorities.

The World Bank called on the Nigerian National Petroleum Company Limited (NNPCL) to make public its Statement of Accounts and transparently disclose its revenue inflows.

The report read in part, “The removal of the subsidy was announced on May 29 and pump prices were adjusted on June1.

“This results in expected fiscal savings of around N2 trillion in 2023 or 0.9 per cent of GDP.

“Between 2023 and 2025, the expected gains are over N11 trillion, against a scenario in which the subsidy had continued’’.

NNPCL’s account for scrutiny —Edun

The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, also insisted that NNPCL’s account must be audited.

His words, “There will be earnest scrutiny and I am sure NNPC is getting ready for that. We want revenue to come into the government coffers from NNPC and all other revenue agencies.”

The last two Minister of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed had publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public.

Mr. Edun also revealed that the federal government would come up with a new structure of salaries in 2024.

He did not give details, other than that it was statutory to review salaries every five years, according to the Salaries and Wages Commission Act and that all stakeholders including labour leadership would be involved.

Huge FX in Domiciliary Accounts
The Minister of Finance revealed that wealthy Nigerians were holding huge sums of dollars and other foreign currencies in their Domiciliary bank accounts in the country.

According to him, there was a lot of FX liquidity in Nigeria and the Federal Government would take steps to make holders of such accounts release the money.

Mr. Edun said that the government would not force holders of such accounts to give them up but would provide incentives to enable them invest in attractive instruments, going forward.

I‘m not against quasi-fiscal interventions but —Cardoso

The Governor of the Central bank of Nigeria, Mr. Olayemi Cardoso, who was a panelist at the NDU presentation said that he was not against quasi fiscal interventions by the CBN but that his focus would remain how to reduce inflation through price stability.

On the controversy around his failure to convene a Monetary Policy Meeting since coming into office, the governor said that the past frequent MPCs did not achieve their objectives and that he would not continue along that line.

His words, “To what extent did the meetings achieve their objectives? The answer is no. That is why we have chosen to do it differently. Holding these meetings take a lot of time and energy.”

According to him, his team holds Liquidity Management meetings every 8.00 am to review the liquidity situation in the system and that he would take every necessary action to mop up excess liquidity in the system, adding, “we have increase OMO (Open Market Operations) both in value and volume.”

Industry Minister counters W/Bank on power subsidy

In her contribution, the Minister of Industry, Doris Uzoka-Anite, disagreed with the position of the World bank on Power subsidy.

The bank had advocated a power regime without subsidy in order to boost investor confidence and ensure a cost- reflective tariff.

However, the minister insisted, “there is nothing wrong with power sector subsidy. Subsidy in the power sector is subsidy that supports production. Countries everywhere support production and export.”
VANGUARD

Headline

JAPA: Top Six Countries To Obtain Easiest Citizenship

Published

4 days ago

December 30, 2025

Editor

As a Nigerian considering relocation plans, interest in countries with clear and less complicated citizenship pathways is a smart way to not just guarantee greener pastures, but also provide you with the opportunity to feel more at home in a foreign land. While some of the programmes are ancestry-based, others allow Nigerians with such a link to try other means.

Contents
1. Dominica
2. Ireland
3. Turkey
4. Portugal
5. Vanuatu
6. Italy
Though rules vary widely across borders, some nations stand out for offering citizenship through investment or family ties with fewer hurdles and faster processing timelines.

Below are the top six countries with the easiest citizenship:

1. Dominica
Dominica operates a citizenship-by-investment programme that allows applicants to qualify through a contribution to the government’s Economic Diversification Fund or by investing in approved real estate. Processing typically takes a few months. Citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including the Schengen Zone. There is no residency requirement, and dual citizenship is permitted.

2. Ireland
Ireland provides a clear citizenship pathway for individuals with Irish ancestry. Those with an Irish-born parent qualify automatically, while people with an Irish-born grandparent can apply through the Foreign Births Register. An Irish passport grants full European Union rights, including freedom of movement across EU countries. Dual citizenship is allowed, and there is no language requirement for applicants applying by descent.

3. Turkey
Turkey offers a fast-track citizenship option through investment. Foreign nationals who purchase qualifying real estate valued at a minimum of $400,000 can obtain citizenship within a few months. The programme does not require residency or renunciation of an existing nationality. Turkish passport holders have visa-free or visa-on-arrival access to several countries, with ongoing efforts to expand travel agreements.

4. Portugal
Portugal’s Golden Visa programme provides a residency-to-citizenship route for foreign investors. After five years of legal residence and meeting programme conditions, applicants may apply for citizenship. Approved investment options include venture capital funds and other qualifying assets. Successful applicants gain an EU passport, access to the Schengen Area, and dual citizenship, subject to passing a basic Portuguese language test.

5. Vanuatu
Vanuatu runs one of the world’s fastest citizenship programmes. Through its Development Support Programme, eligible applicants can receive citizenship in as little as two months after making the required financial contribution. The country offers visa-free access to over 100 destinations and has no tax on global income or capital gains. Residency requirements are minimal.

6. Italy
Italy grants citizenship by descent to individuals with an Italian parent or grandparent, following a 2025 legal update that tightened eligibility rules. Applicants must provide official documents proving a direct family link to an Italian ancestor. Italian citizenship comes with full EU rights, wide visa-free travel, and the ability to pass citizenship to future generations. Dual nationality is allowed, and no language test is required for descent-based applications.
(Tribune)

Headline

Japa: 5 Affordable European Countries Nigerians Can Relocate To

Published

4 days ago

December 30, 2025

Editor

As economic pressures continue to mount, many Nigerians are increasingly exploring relocation as a path toward stability, better opportunities, and an improved quality of life. However, traditional destinations such as the United Kingdom, Canada, and the United States are becoming more difficult to access due to rising living costs and stricter visa policies.

Contents
1. Slovakia
2. Latvia
3. Portugal
4. Hungary
5. Georgia

But beyond these popular options, several lesser-known European countries are emerging as affordable and welcoming alternatives. Offering low tuition fees, flexible visa policies, and a reasonable cost of living, these nations are becoming attractive relocation choices for Nigerians seeking balance and opportunity.

In this article, Tribune Online highlights five budget-friendly countries Nigerians can consider for relocation:

1. Slovakia
Located in Central Europe, Slovakia combines stability, safety, and simplicity; three factors often missing in high-pressure relocation destinations.

Though it may not feature prominently on social media relocation lists, Slovakia’s affordability and accessibility make it a hidden gem. Students enjoy low tuition fees, while residents benefit from proximity to major European cities like Vienna and Prague. For Nigerians seeking structure and affordability, Slovakia provides a peaceful yet practical alternative.

2. Latvia
The Baltic nation of Latvia is fast becoming a preferred destination for international students and skilled professionals. Known for its low living costs and straightforward residence procedures, Latvia offers a convenient entry point into the European Union.

Riga, its capital city, blends historic charm with modern infrastructure, providing an ideal environment for studying, working, or gradually transitioning to other parts of Europe.

3. Portugal
Situated on Europe’s western coast, Portugal is one of the continent’s most liveable and affordable countries. Known for its mild weather, safety, and reasonable living costs, Portugal offers a soft landing for Nigerians looking to relocate without excessive financial strain. The country’s friendly visa policies and welcoming atmosphere make it ideal for students, remote workers, and small business owners. Beyond its scenic beauty, Portugal provides what many Nigerians desire: peace of mind and an easier start abroad.

4. Hungary
Hungary has quietly become a top choice for international students, offering quality education at affordable tuition rates. Living costs are significantly lower than in Western Europe, and cities like Budapest, Szeged, and Debrecen provide vibrant yet budget-friendly environments.

For Nigerians looking to relocate through education, Hungary offers a realistic and sustainable path toward long-term settlement in Europe.

5. Georgia
For Nigerians seeking an easy transition abroad, Georgia presents one of the smoothest relocation routes. The country allows Nigerians to stay visa-free for up to one year, eliminating embassy interviews and lengthy paperwork.

Located between Europe and Asia, Georgia offers a blend of natural beauty and affordability. Rent, transport, and food costs remain moderate, making it an excellent base for digital nomads and young professionals.

As migration trends evolve, success now depends on flexibility and strategic planning. While the dream of relocating abroad remains strong, the path doesn’t always have to lead through the UK or Canada. For Nigerians ready to look beyond the familiar, Europe’s quieter corners still offer accessible and rewarding opportunities.

Headline

Insecurity: US Congressman Riley Moore Reveals Trump’s Mission In Nigeria

Published

4 days ago

December 29, 2025

Editor

US Congressman Riley Moore has dismissed insinuations that President Donald Trump is attempting to bring war to Nigeria.

Moore made the remark in a post on his verified X handle on Monday.

His comments followed a US military airstrike on a terrorist enclave in north-west Nigeria on Christmas Day, reportedly carried out on the directive of President Trump.

“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death.

“The strikes against ISIS on Christmas, in coordination with the Nigerian government, have given hope to the Christians in Nigeria,” he said.

Recall that the lawmaker had previously stated that President Trump is focused on ending the killing of Christians in Nigeria.

It will be recalled that Moore led a US delegation on a fact-finding mission into alleged Christian genocide in Nigeria some weeks ago.

During his brief stay in the country, Moore travelled to Benue State, where he interfaced with religious and traditional leaders, as well as internally displaced persons.