Key facts
- Nigeria will track poverty, incomes, and inequality to assess the impact of economic reforms.
- The scorecard aims to demonstrate that reforms are improving living standards for citizens.
- Key measures will include reductions in multidimensional poverty, increases in real income per capita, and lower inequality.
- The finance ministry will be responsible for producing the scorecard.
- The government seeks to counter criticism that reforms have not yet provided relief for households.
Nigeria is set to introduce a scorecard to track poverty, incomes, and inequality, aiming to demonstrate the effectiveness of President Bola Tinubu's economic reforms. Finance Minister Taiwo Oyedele announced the plan, stating the government wants to show that recent measures, including subsidy removal and currency liberalization, are translating into tangible benefits for citizens.
The initiative comes amid criticism that despite improvements in revenue, foreign exchange liquidity, and investor confidence, households continue to struggle with high food, transport, and living costs. The planned scorecard will focus on three key areas: reducing multidimensional poverty, increasing real income per capita, and lowering inequality.
Tinubu's administration has pursued reforms since 2023, which have been applauded by international lenders and investors. However, these changes have also driven up inflation and living expenses. The International Monetary Fund noted in June that while economic stability is improving, a significant portion of Nigeria's population remains in poverty and faces food insecurity.
Oyedele acknowledged that macroeconomic stability alone is insufficient and that the government must avoid complacency. He stated that inflation is easing and the foreign exchange market is functioning more efficiently, but did not provide a timeline for the scorecard's publication or its update frequency. The reforms have also faced scrutiny over persistent corruption and allegations of unbudgeted spending.