Only three days after President Muhammadu Buhari announced that his administration had lifted 10 million people out of poverty, the World Bank reported that rising food prices had forced seven million people into poverty.

The president’s and World Bank’s declarations came at a time when the National Bureau of Statistics (NBS) reported that inflation fell by 0.19 percent in May 2021, while there is a growing outcry among Nigerians about the high cost of basic necessities such as food, drugs, and others.

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Experts said the World Bank’s decision was not surprising, given that the NBS, Nigeria’s most credible statistics collection and analysis agency, had previously shown how inflation was driving up commodity prices.

The World Bank said in an announcement in Abuja on Tuesday that “food prices accounted for more than 60% of the total increase in inflation.” Rising prices are expected to push 7 million Nigerians into poverty in 2020 alone.”

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Mansir Nasir, the bank’s spokesman, signed the statement, which cited the latest World Bank Nigeria Development Update (NDU) titled “Resilience through Reforms.”

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It stated that while the government took steps to protect the economy from a much deeper recession, it would be critical to lay the policy groundwork for a strong recovery.

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Based on data from the previous year, the Nigerian economy contracted at a lower rate of -1.8 percent than had been predicted at the start of the COVID-19 pandemic (-3.2 percent) in 2020.

“Although the economy has begun to recover, prices are rapidly rising, putting a strain on Nigerian households,” it said.

Courtesy: information nigeria