Presidency: Nigeria Isn’t Poor, We Must Bridge the Inequality Gap

The Presidency insists that Nigeria is not a poor country and urges a shift from poverty narratives to tackling inequality and structural issues. The Special Adviser on Economic Affairs noted that banks recently raised about N4.6 trillion for recapitalisation—80 percent sourced locally—and that MTN earns 40 percent of its profits from Nigeria. He said these figures show there is wealth in the system. While acknowledging that poverty exists, he argued the focus should be on solutions. He highlighted that 70 percent of the economy is informal, underlining the need for tax reforms to capture escaping revenue and even out incomes. He described the 2026 budget as ambitious, with roughly half of its N68.32 trillion earmarked for capital projects. He dismissed debt concerns as sustainably managed and urged Nigerians to support these reforms by paying taxes and backing the government’s development agenda.

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