88 million Nigerians living in extreme poverty – Report

It is no longer news that

What's new, however, is that over 1.1 million Nigerians have slipped into extreme poverty in just four months, according to a report by the on Wednesday, October 31, 2018.

This brings the total number of Nigerians living below the poverty mark of $1.90 per day to 88 million -- overtaking India.

In June, the World Poverty Clock estimated that 86,977,400 are currently living in Nigeria, a number that accounts for 44.2% of its current estimated 196 million population.

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According to the report, 8% of the world's population, are currently living in extreme poverty.

The World Poverty Clock said Nigeria’s poverty situation would increase given a negative escape rate of -5.8.

FG faults report

The Federal Government, however, faulted the report stating that the indices used in the report must have been compiled when the country was in recession.

The Minister of Trade and Investments, Okechukwu Enelamah said this on Wednesday, June 27, 2018, while speaking to State House correspondents after the Federal Executive Council meeting.

He said “Somebody may have written a report when we were in a recession.

“Remember that if you are in a recession, what it means is that though your population is growing, people don’t stop procreating, your growth fact, which means that in theory depending on how they run those numbers, you will be going the other way,” Enelamah decleared.