General
Nigerians Not Poorer Under Buhari—FG
By Modupe Gbadeyanka
Federal Government has stressed that Nigerians have not become poorer under the present administration of President Muhammadu Buhari as claimed by a recent report.
Few days ago, the World Data Lab in Vienna, Austria released a report titled World Poverty Clock, indicating that Nigeria has taken over India as the capital of poverty in the world with over 80 million Nigerians living in poverty.
The federal government, through the Ministry of Budget and National Planning, which is headed by Mr Udoma Udo Udoma, faulted the World Data Lab report.
In a statement released yesterday, the ministry said it would not accept the report because it was not properly conducted.
“The attention of the Ministry of Budget and Planning has been drawn to a recent publication on the World Poverty Clock by World Data Lab in Vienna, Austria, indicating that Nigeria’s poverty rating was getting worse.
The Ministry has reviewed this report and would like to assure Nigerians that the report is not based on any recent surveys of the poverty levels in Nigeria and cannot be relied upon as a factual indication of recent trends in Nigeria.
“The authors of the report claim that the Poverty Clock is an online analytical/visualization tool that shows the number of people living in extreme poverty worldwide and count(s) ‘excess’ poverty – the gap between the actual number who have escaped poverty since end-December 2015 and the hypothetical number of who should have escaped in order for the world to be on-track to reach the global target of ending poverty by 2030.
“It should be noted that in deriving its poverty estimates, the Poverty Clock does not, and in this case did not, directly rely on household survey data as national statistical offices in most countries do. Instead, as stated in their methodology, they rely on models to estimate poverty rates across countries using data provided by national governments to international agencies.
“The models make assumptions on expected future changes in income, IMF medium-term growth forecasts and long-term projections and analysis developed by the OECD, all of which are significantly influenced by uncertainty. It is, in essence, just a model based on a lot of assumptions which cannot substitute for field work involving actual data collected from households in a consistent and representative way.
“In the specific case of Nigeria, the Poverty Clock uses as baseline the General Household Survey which was not designed to measure poverty indicators accurately and follows a methodology that can be misleading if relied upon for poverty estimates.
“In line with extant laws, the National Bureau of Statistics (NBS) remains the statutory agency of government with responsibility for producing Nigeria’s official statistics, including poverty estimates. Like several other countries, Nigeria’s poverty estimates are obtained from the National Living Standard Survey (NLSS) undertaken every five years, and which was last conducted in 2010.
“While several other household surveys are routinely conducted by the NBS, none are as comprehensive as the NLSS, which is the appropriate household survey to determine poverty estimates. The next round of the NLSS is currently being undertaken by the NBS, in collaboration with the World Bank, and this will be concluded in 2019. There is currently no other comprehensive household study on current poverty trends in Nigeria.
“It is therefore pertinent to note that the World Poverty Clock is a model-based estimation of poverty, relying on projections and assumptions that cannot substitute for actual household survey approach which most countries adopt.
“This implies that it is not possible to conclude Nigerians poverty position until the NBS completes the NLSS, as no comprehensive field work has been done in Nigeria, and among Nigerian households, as is required according to standard international methodology.
“It is however important to point out that the Federal Government of Nigeria, in line with strategies outlined in the Economic Recovery and Growth Plan (ERGP), remains committed to promoting sustainable economic development through various social investment schemes that will yield positive impacts on poverty and unemployment; and will consequently change the trajectory of poverty in the country.
“Apart from the Social Investment Programme (SIP) which has engaged a lot of youths in entrepreneurial and skills training alongside the school feeding programme which has provided balanced meals for millions of school children, government believes that the fastest way to reduce the level of poverty and increase social inclusion is to create jobs.
“In the ERGP, this administration is committed to creating 15 million jobs in four years by 2020 by developing labour intensive sectors such as agriculture, manufacturing housing and construction.
“Government is also committed, and has been vigorously expanding public works in infrastructure, such as railways, roads and bridges, which is catalysing economic growth, as is evident from the turn-around in the GDP growth numbers.
“In order to support and encourage private sector investment, government has placed emphasis on Made-in-Nigeria products; and public procurement is focused on local content and labour-intensive production processes.
“Government is also enhancing the ease of doing business and tackling power challenges to attract private sector investment that will in turn create jobs and further reduce poverty levels across the country.
“The impact of these efforts, amongst others, will certainly translate to a reduction of the poverty levels in Nigeria. After emergence from recession in 2017 all major economic indices have turned positive in the last 12 months.
“We are therefore optimistic that any poverty survey carried out now will show that this administration is succeeding in turning around the negative trajectory that the economy had been on before we took over. And that this turnaround will succeed in lifting millions of Nigerians out of poverty,” the statement said.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
