Nigeria’s poverty rate increases to 63%- IMF

International Monetary Fund (IMF) has disclosed that poverty in Nigeria has risen to 63 per cent, with millions of citizens struggling to cope with the economic impact of President Bola Tinubu’s reformed .
The IMF in a statement made available on the annual review of the Nigerian economy, acknowledged that the government’s economic reforms over the past three years had strengthened macroeconomic stability and improved the country’s resilience. It however warned that living conditions remain difficult for many Nigerians.
According to the Fund, about 63 per cent of Nigerians now live below the national poverty line, while an estimated 27 million people faced food insecurity in the latter part of 2025.
“Conditions for many Nigerians remain difficult. Poverty reached 63 per cent (national poverty line) and 27 million Nigerians are estimated to have faced food insecurity in the fall of 2025,” the IMF stated.
The report comes amid growing concerns over the rising cost of living and worsening economic hardship across the country.
The IMF’s findings align with previous assessments by the World Bank, which reported that approximately 61 per cent of Nigerians were living in poverty, compared to 40 per cent in 2019. The World Bank, however, noted that about three-quarters of the increase in poverty occurred before President Tinubu assumed office in 2023.

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The Fund also highlighted inflationary pressures facing the economy, noting that Nigeria’s inflation rate rose to 15.7 per cent in April, its highest level in five months. Analysts attributed the increase partly to higher fuel prices linked to the ongoing conflict in the Middle East.
Despite the challenges, the IMF projected that Nigeria’s economy would grow by 4.1 per cent in 2026, up from four per cent recorded in 2025.
The Fund cautioned that while higher global prices for food, fertiliser and fuel could boost government revenues due to Nigeria’s status as Africa’s largest oil producer, such increases could further worsen inflation and deepen poverty and food insecurity among vulnerable households. :::