According to the World Poverty Clock, created by Vienna-based World Data Lab, 91.16 million Nigerians were living below a dollar a day as of February 13, 2019. Seriously?
In June 2018, the Brookings Institution projected that Nigeria had overtaken India, as the poverty capital of the world, with 86.9 million extremely poor people.
This was further confirmed by the British Prime Minister Theresa May, who said Nigeria had become home to the largest number of very poor people in the world, putting the figures at 87 million.
“Much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy, yet 87 million Nigerians live below $1 and 90 cents a day, making it home to more very poor people than any other nation in the world,” the UK prime minister had said.
The Cable reports that since May made this observation in South Africa in August, the number of Nigerians living in extreme poverty has grown to 91.16 million, with six people falling into poverty every minute, according to Brookings Institution.
The bank in its explanation of poverty levels said “when estimating poverty using monetary measures, one may have a choice between using income or consumption as the indicator of well-being”.
“Most analysts argue that, provided the information on consumption obtained from a household survey is detailed enough, consumption will be a better indicator of poverty measurement than income”.
However, using the World Bank’s poverty line, if you live below $1.90 a day, you will be classified as living in extreme poverty.
You may be interested
Aso Rock Villa Staff forced to take oath of secrecyWebby - July 28, 2021
Staff at the State House in Abuja have been made to take an oath of secrecy and warned that disclosing…
What CBN’s ban on sale of forex to BDCs means for the NairaWebby - July 28, 2021
The 137th monetary policy meeting which was held on 27th July 2021 concluded with the Central Bank of Nigeria taking…
JAMB withdraws 14, withholds 93 UTME resultsWebby - July 28, 2021
By Frank Ikpefan, Abuja The Joint Admissions and Matriculation Board (JAMB) on Tuesday released the results of 14,620 candidates who…