As Nigeria plans to lift 100 million people out of poverty by 2030, the World Bank believes that the plan is dead on arrival as it expresses concern over the poverty rate.
The bank’s projection is that 15 to 20 million more Nigerians would be pushed below poverty line by 2022.
That would raise Nigeria’s poverty count to 122 million up from the current 102 million.
The World Bank’s projection is based on the assessment of government effort at fighting poverty.
The bank is impressed by government plans to deregulate the pump price of petrol and end the scandalous petrol subsidy which benefitted more corrupt government official more than consumers.
The bank is equally impressed by the bid to compel electricity consumers to pay the market price of the service.
It is all assumed that the withdrawal of petrol and electricity subsidies would free huge funds for investment in decaying infrastructure that would engender job creation and lift millions out of poverty.
Ironically even the subsidy withdrawals that the World Bank hopes would free funds for investment in decaying infrastructure are under massive assault from two prongs.
