COVID-19 Pushed 70 Million People Into Extreme Poverty – World Bank

World Bank has blamed the outbreak of the COVID-19 pandemic that ravaged the world in 2019 for the increase of extreme poverty across the world.

In a report made available on its official website on Friday, the global apex bank detailed that the outbreak of coronavirus, with the ongoing war between Russia and Ukraine stalled the gains recorded in the efforts to reducing extreme poverty in the world.

The report said: “The COVID-19 pandemic has reversed some of the progress made. In 2020, for the first time since the 1997 Asian financial crisis, the number of people living in extreme poverty increased. It is estimated that the number of extreme poor increased by about 70 million in 2020.

“Close to 11 percent more people lived in extreme poverty in 2020 compared to 2019. Since then, an uneven economic recovery, rising food prices, and conflict among some of the world’s biggest food producers have stalled progress further. As a result, it has become more difficult to reach SDG target of ending poverty by 2030 unless the poorest countries grow at rates not seen before. Current projections suggest that in 2030, 574 million people, equivalent to nearly seven percent of the world’s population, will remain in extreme poverty.”

The latest World Bank report comes as Nigerians continue to battle with the harsh impact of fuel subsidy removal and the decline in the value of naira.

Recall that President Bola Tinubu had on assumption of office, immediately removed fuel subsidy. His action triggered an unprecedented rise in the pump price of fuel from N189 per litre to over N600, which it currently sells.