FG to track poverty, incomes to assess impact of reforms — Oyedele
Federal Government to Release Economic Indicators to Evaluate Reform Impact
By Yinka Kolawole
LAGOS — Taiwo Oyedele, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced plans for the Federal Government to publish indicators that will track poverty, income levels, and inequality. The initiative aims to evaluate the effectiveness of recent economic reforms on the living standards of Nigerians.
Oyedele emphasized that this move addresses ongoing criticisms of the reform program, which suggests that improvements in revenue, foreign exchange liquidity, and investor confidence have not translated into meaningful relief for households facing rising costs of food, transportation, and living expenses.
Speaking at a conference hosted by BusinessDay newspaper on Tuesday, Oyedele outlined the government’s intent to assess “shared prosperity” through three key metrics: reductions in multidimensional poverty, increases in real income per capita, and decreased inequality.
The government is focused on demonstrating that reforms introduced in 2023—such as the removal of fuel subsidies and the liberalization of the naira—are yielding broader benefits for Nigerians, despite these measures having contributed to increased inflation and living costs.
In June, the International Monetary Fund reported that while the reforms were enhancing investor confidence and promoting economic stability, 63% of the Nigerian population remained in poverty, with millions facing food insecurity.
The reforms have prompted criticism regarding ongoing corruption and allegations of unplanned government expenditures, leading to concerns about whether the sacrifices being asked of citizens are accompanied by fiscal responsibility.
Oyedele acknowledged that while inflation is decreasing, the foreign exchange market is functioning more effectively, and investor interest is returning, macroeconomic stability alone is insufficient for progress. “A stable economy can still be a stagnant one if we become complacent,” he said.
The Minister indicated that the Ministry of Finance would be responsible for producing the economic scorecard but did not specify a timeline for the release of the indicators or how often they would be updated.
