The Federal Government has announced plans to publish key indicators on poverty, income and inequality to evaluate the impact of its economic reforms on the living standards of Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the initiative during a conference organised by BusinessDay newspaper in Lagos.
According to Oyedele, the planned scorecard is intended to address concerns that improvements in government revenue, foreign exchange liquidity and investor confidence have not translated into meaningful relief for households grappling with rising food, transport and living costs.
He said the government would assess what it described as “shared prosperity” using three key indicators: reductions in multidimensional poverty, increases in real income per capita and a decline in inequality.
The initiative comes as the Federal Government seeks to demonstrate that major economic reforms introduced in 2023, including the removal of the fuel subsidy and the liberalisation of the naira, are delivering broader benefits to Nigerians despite the inflationary pressures and rising cost of living that followed their implementation.
Oyedele noted that while inflation was easing, the foreign exchange market had become more efficient and investor confidence was gradually returning, macroeconomic stability alone would not guarantee inclusive economic growth.
“A stable economy can still be a stagnant one if we become complacent,” he said.
The minister added that the Ministry of Finance would be responsible for producing the scorecard but did not specify when the indicators would be released or how frequently they would be updated.
The announcement follows comments by the International Monetary Fund (IMF) in June, which acknowledged that Nigeria’s reforms were improving investor confidence and economic stability but noted that a significant proportion of the population remained in poverty, with millions facing food insecurity.
The reforms have also attracted criticism over persistent corruption and allegations of unbudgeted government spending, raising concerns about whether the economic sacrifices borne by citizens are being matched by prudent fiscal management.
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