A recent report by PricewaterhouseCoopers (PwC) has projected that approximately 141 million Nigerians, representing 62% of the population, will be living below the poverty line by 2026. This estimate has sparked concern among stakeholders, including former Kaduna Central Senator Shehu Sani. According to Sani, the report’s findings are alarming, particularly given that state and local governments are currently receiving increased funding.
The Nigeria Economic Outlook 2026 report, titled “Turning Macroeconomic Stability into Sustainable Growth,” provides a comprehensive analysis of the country’s economic prospects. The report highlights the need for sustainable growth and macroeconomic stability to address the looming poverty crisis. With over 60% of the population expected to live in poverty, the situation is dire and demands urgent attention from policymakers.
Sani’s concerns are rooted in the fact that the current allocation of funds to state and local governments is the highest in Nigeria’s history. Despite this increased funding, the poverty rate continues to rise, suggesting a disconnect between resource allocation and poverty reduction strategies. The former senator warned that this trend could lead to social unrest if left unaddressed.
The PwC report emphasizes the importance of translating macroeconomic stability into sustainable growth, which can help mitigate the poverty crisis. To achieve this, the government must prioritize effective resource allocation, investment in social welfare programs, and implementation of policies that promote economic growth and development.
The projected poverty rate of 62% by 2026 is a stark reminder of the need for concerted efforts to address the root causes of poverty in Nigeria. As the country’s population continues to grow, it is essential to implement policies that promote economic inclusion, job creation, and social welfare to prevent a national social crisis. The report’s findings serve as a wake-up call for policymakers to reassess their strategies and work towards creating a more equitable and sustainable economy.
