The World Bank says the Federal Government’s response to inflation is unsatisfactory as the country continues to suffer double-digit inflation.
According to the global bank, inflation is currently pushing many Nigerians into poverty and food insecurity.
It said this in its latest Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.
The report read in part, “Despite the urgency, the authorities’ response over the last two years has not been adequate, and inflation has increased and fuelled poverty and food insecurity.”
The financial institution further said that the inflation shock is projected to push about 15 million more Nigerians into poverty between 2020 and 2022.
The Washington-based bank added, in a different report, that the number of poor Nigerians is projected to hit 95.1 million in 2022, warning that many non-poor Nigerians were only one small shock away from falling into poverty.
According to the lender, such a shock can be induced by the issues of climate or conflict which could further threaten Nigeria’s poverty reduction efforts.
