A renowned legal expert, Wole Olanipekun (SAN) has highlighted the prevailing poverty in Nigeria, emphasizing that a significant majority of the population, over 70 per cent, is currently living below the poverty line.
Naija News reports that Olanipekun made these remarks during the weekend in Ikere Ekiti, his hometown.
The esteemed legal figure also drew attention to the prevailing atmosphere of tension, unrest, anxiety, pressure, confusion, hatred, anguish, pain, distress, and transferred aggression among many individuals.
He further emphasized that Nigeria is facing even greater challenges, compounded by the longstanding burden of insecurity that the country has endured for over a decade.
“The poverty level in Nigeria today is not just scary but also terrifying, as over 70 per cent of Nigerians are rudderless and poverty stricken,” Olanipekun noted.
COVID-19 Pushed 70 Million People Into Extreme Poverty – World Bank Reveals
Meanwhile, the World Bank has blamed the outbreak of the COVID-19 pandemic that ravaged the world in 2019 for the increase of extreme poverty across the world.
In a report made available on its official website on Friday, the global apex bank detailed that the coronavirus outbreak, with the ongoing war between Russia and Ukraine, stalled the gains recorded in the efforts to reduce extreme poverty worldwide.
The report said: “The COVID-19 pandemic has reversed some progress. In 2020, for the first time since the 1997 Asian financial crisis, the number of people living in extreme poverty increased. It is estimated that the number of extremely poor will increase by about 70 million in 2020.
“Close to 11 per cent more people lived in extreme poverty in 2020 compared to 2019. Since then, an uneven economic recovery, rising food prices, and conflict among some of the world’s biggest food producers have stalled progress further. As a result, it has become more difficult to reach the SDG target of ending poverty by 2030 unless the poorest countries grow at rates not seen before. Current projections suggest that in 2030, 574 million people, equivalent to nearly seven per cent of the world’s population, will remain in extreme poverty.”
The latest World Bank report comes as Nigerians continue to battle with the harsh impact of fuel subsidy removal and the decline in the value of naira.
Upon assumption of office, Naija News recalls that President Bola Tinubu immediately removed the fuel subsidy. His action triggered an unprecedented rise in the pump price of fuel from N189 per litre to over N600, which it currently sells.
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