The Federal Government has announced plans to introduce new indicators to track poverty levels, income growth and inequality as part of efforts to evaluate the impact of ongoing economic reforms on the living conditions of Nigerians.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while speaking at a conference organised by BusinessDay newspaper in Lagos.
Oyedele said the initiative is designed to address concerns that improvements in government revenue, foreign exchange liquidity and investor confidence have not yet translated into better living conditions for many Nigerians struggling with rising food prices, transportation costs and other expenses.
According to him, the government will assess what it describes as “shared prosperity” using three key indicators: reductions in multidimensional poverty, growth in real income per capita, and a decline in income inequality.
He explained that the scorecard would help determine whether economic reforms introduced in 2023, including the removal of fuel subsidies and the liberalisation of the foreign exchange market, are delivering broader benefits to citizens.
The reforms, while earning praise from investors and international financial institutions, have also been associated with higher inflation and increased living costs, prompting criticism from some Nigerians who argue that the expected benefits are yet to be fully realised.
The International Monetary Fund (IMF) stated in June that Nigeria’s reforms were improving investor confidence and economic stability, but noted that a significant portion of the population remains in poverty while millions continue to face food insecurity.
The reforms have also drawn scrutiny over concerns about corruption and allegations of unbudgeted government spending, with critics questioning whether the burden of adjustment is being matched by adequate fiscal discipline.
Oyedele acknowledged that while inflation is moderating, the foreign exchange market is becoming more efficient and investor interest is returning, macroeconomic stability alone would not guarantee improved living standards.
“A stable economy can still be a stagnant one if we become complacent,” he said.
He added that the Ministry of Finance would be responsible for producing the scorecard, although he did not indicate when the indicators would be released or how often they would be updated.
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