Rising inflation and weak earnings threw 10 million Nigerians into poverty in 2023.
This is according to the World Bank’s Macro Poverty Outlook for Nigeria, April 2024.
The report says while Nigeria has initiated bold reforms to restore macroeconomic stability, further efforts are needed.
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According to the report, translating oil proceeds into fiscal revenues and FX inflows, and taming inflation are still major challenges, while risks to the outlook include weaker reform momentum and popular discontent.
The Macro Poverty Outlook also notes that Nigeria’s challenges are compounded by low state revenues exacerbated by an expensive petrol subsidy, ineffective tax rates, and inadequate tax administration, which collectively hamper the government’s capacity to provide essential public services.
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