Individuals pass by every day, working and spending money, without really thinking about the measure of cash they procure or spend, and thusly don’t know whether they are living affluent, moderately or ineffectively. Consequently, this article will layout the current status anybody would be before they can be viewed as poor in Nigeria.
What is the Poverty Line?
It is also known as the poverty threshold or poverty limit, and by definition is the minimum level or limit of income that is considered average in a particular country i.e. If a family’s total spending is less than the amount of the poverty line, then that family is considered poor.
The funny aspect of this value is that different countries have different poverty lines, and someone that is considered poor in one country can be deemed average or adequately rich in other countries -hope you are not confused?
View pictures in App save up to 80% data.The percentage value of 40% for Nigeria was estimated by the Nigerian Living Standards Survey (NLSS), which is in charge of the survey for measuring poverty and living standards in the country. The value was discovered to be 40.1%, hence over 83 million Nigerians are actually living in poverty.
Nigeria being one of the oil-richest countries should have a higher poverty line, with citizens living above poverty line to be more than those living below, but the failure to diversify the country’s economy and build the needed infrastructures has stymied the growth and spread of wealth among the commoners.
The 40% estimation is with the exclusion of states like Borno, because of the incessant terrorists attacks the state experiences, which had totally crippled its economy, leaving about 52% of the people living in poverty.
The data published revealed that the poverty line in Nigeria is N137,430 ($352) per year. Therefore, for an average Nigerian, if you spend less than 137,430 Naira per day, you are living below the poverty line.
This is why anyone that spends less than N376.5 per day in Nigeria is living in poverty.
Tell us, are you living above or below the poverty line?