82.9 million Nigerians are now living in poverty - NBS says

82.9 million Nigerians are now living in poverty - NBS says

- A new report has indicated that over 82.9 million Nigerians are now living in extreme poverty

- The recent data released by the National Bureau of Statistics (NBS) noted that the figure represents 40.09% of the total population

- Between September 2018 and October 2019, the Nigerian Living Standards Survey (NLSS) was used to measure poverty standards

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A report released by the National Bureau of Statistics (NBS) on Monday, May 4, says 82.9 million Nigerians which represent 40.09% of the total population are living in poverty.

This was contained in the 2019 Poverty & Inequality in Nigeria, The Cable reports.

However, the recent data released by NBS excludes Borno state and the poverty rate in urban centres is 18.04% while 52.10% of rural dwellers are living in poverty.

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Between September of 2018 and October of 2019, NBS used the Nigerian Living Standards Survey (NLSS) alongside the World Bank to measure poverty and living standards using the consumption expenditure.

The report read: “The consumption aggregate is the monetary value of food and non-food goods and services consumed by the household.

“Thus, the consumption aggregate has the following component: expenditure on food from all sources, schooling and education expenditure, healthcare expenditure, housing expenditure, non-food expenditure like clothing and recreation.”

In 2010, when NBS released the last poverty data report, 60.9% of the population was living in poverty at the time, the country’s total population was 112.4 million. This meant that 68.4 million Nigerians were living in poverty.

Recall that back in June 2018, Brookings Institution said Nigeria overtook India as the poverty capital of the world.

The institution had estimated that the number of Nigerians in extreme poverty increases by six people every minute.

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Meanwhile, Legit.ng previously reported that according to the National Bureau of Statistics (NBS), inflation rates increased to 12.20% in February 2020, which is regarded as the highest in 21 months.

The NBS revealed in its Consumer Price Index and Inflation report that there has been an increase of 0.07% points from the 12.13% recorded at the beginning of the year.

The NBS said that on a month-to-month basis, the inflation rate increased by 0.79% in February 2020, which is 0.08% rate lower than what was recorded in January 2020.

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