World Bank warns Extreme poverty may hit Nigerians

The World Bank has warned the present administration that the number of Nigerians living in extreme poverty may increase by more than 30 million by 2030.

The Bank warned that Nigeria will be home to 25 per cent of the world’s destitute people if the government fails to revive economic growth and create jobs.

It gave the warning in its 2019 Nigeria Economic Update Report, which was released on Monday.

The World Bank urged President Muhammadu Buhari to increase domestic revenue, remove trade restrictions and improve the predictability of economic policy.

It also advised the Nigerian government to remove expensive fuel subsidies, adding that
failure to take actions would see more Nigerians falling into extreme poverty

It stressed that Nigeria could slide back into recession if crude prices fell by 25 per cent to $50 a barrel.

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