…By Babatunde Lucas for TDPel Media.
The bank attributes this development to the surge in inflation rates in the country, which it considers to be among the highest globally.
However, with an additional four million individuals slipping into poverty during the period from January to May, the total has now surged to 93.8 million.
Insufficient access to healthcare, education, living standards, employment, and security contributes to poverty, affecting 63% of Nigerians.
Ineffective measures to control rising inflation, such as raising the monetary policy rate, have resulted in loose monetary policy throughout the first half of the year.
The abrupt removal of subsidies has led to a nearly tripled increase in petrol prices, adversely affecting poor and economically insecure households that directly or indirectly rely on petrol.