OUTRAGEOUS! 80% Of Nigerians Now Live In Poverty – AfDB
152 million Nigerians, representing about 80% of the country’s estimated 190 million population, live on less than 2 dollars a day.
If you use the current exchange rate of 360-naira per dollar, that is about 720-naira in one day.
That is the reality for majority of people who live in the so-called giant of Africa, according to an African Development Bank report.
According to the AfDB, which stated this in its 2018 Nigeria Economic Outlook, the level of poverty in the country is "unacceptably high".
The Nigeria Economic Outlook is part of larger report, the African Economic Outlook, published by the bank on an annual basis.
The report stated in its ‘headwinds’ comment: “Nigeria still faces significant challenges, including foreign exchange shortages, disruptions in fuel supply, power shortages and insecurity in some parts of the country.
“Revenue mobilisation efforts are insufficient; at 5%, Value Added Tax rates are among the lowest in the world, and revenue administration is inefficient.
“Poverty is unacceptably high; nearly 80% of Nigeria’s 190 million people live on less than $2 a day.”
This comes hours after another report emerged, indicating that Nigeria has overtaken India as the country with the highest number of extremely poor people on earth.
To put that in perspective, India has a population of about 1.3 billion people and Nigeria has barely 200 million.
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