A recent report by Pricewaterhouse Coopers (PwC) International Limited has warned that rising inflation, escalating interest rates, and the depreciating value of the Naira could force an additional 13 million Nigerians below the national poverty line by 2025.
Titled 2025 Nigerian Budget and Economic Outlook, the report, published on PwC’s official website (www.pwc.com), highlights the deepening economic challenges facing Africa’s largest economy.
The findings underscore the urgent need for policy interventions to address these issues and mitigate the potential socio-economic impact on millions of vulnerable Nigerians.
This alarming projection reflects the growing strain on households and businesses amid Nigeria’s ongoing economic struggles.
The national poverty line, as defined by the National Bureau of Statistics (NBS), represents the annual income threshold below which an individual is considered poor.
The report indicated that Nigeria’s economic environment, characterized by surging inflation and the rising cost of living, is exacerbating poverty levels, with far-reaching implications for the country’s population.
The PwC report predicted a significant increase in the number of Nigerians living in poverty, building on the findings of the 2022 National Multidimensional Poverty Index (MPI).