Former presidential candidate Peter Obi has expressed concern over worsening economic hardship in Nigeria, citing a new policy report that indicates a sharp rise in poverty levels across the country.
In a statement, Obi referenced a study released by Agora Policy, supported by the Nigeria Economic Stability and Transformation Programme and the UK Foreign, Commonwealth and Development Office, which found that Nigeria’s poverty rate has risen from about 40 percent before the current reforms to more than 63 percent under the present administration.
According to him, with Nigeria’s population estimated at over 220 million people, the figure suggests that more than 140 million citizens are now living in poverty. He noted that many households can no longer afford basic necessities such as food, transportation, rent and healthcare.
Obi said families across the country are adopting difficult survival measures, including reducing food intake, trekking instead of using public transport, living without electricity and borrowing money simply to get by. He added that many small businesses, which he described as the backbone of the economy, are shutting down due to worsening economic conditions.
The former Anambra State governor argued that an economy cannot be considered to be improving when a majority of the population is becoming poorer.
He also criticised what he described as excessive spending by political leaders, saying it contrasts sharply with the hardship faced by ordinary Nigerians. Obi said leaders must demonstrate sacrifice during difficult times, insisting that citizens should not be expected to endure austerity while those in power continue to spend on non-essential comforts.
He stressed that economic reforms should be centred on the welfare of the people, particularly the most vulnerable, while also ensuring fiscal sustainability. Policies that deepen poverty, widen inequality and weaken small businesses, he said, cannot be regarded as successful reforms.
Obi further noted that Nigeria possesses significant human and natural resources but requires leadership that prioritises prudence, compassion and accountability. He called for urgent implementation of policies that promote development, boost production, support small businesses and protect vulnerable households.
He concluded by reiterating his belief that a better future for the country remains achievable, stating that “a new Nigeria is possible.”
