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150 million to fall into extreme poverty by 2021 – World Bank

As many as N150 million will fall into extreme poverty, the World Bank has predicted.

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World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

The World Bank announced that as many as 150 million people would fall into extreme poverty by 2021, due to the economic effect of the pandemic.

This was disclosed by the World Bank on Wednesday. The bank also said that 8 out of every 10 persons that fall into extreme poverty will be from middle-income countries.

Recall Nairametrics reported in June that the World Bank said the COVID-19 pandemic could add as many as 5 million Nigerians into the extreme poverty bracket.

READ: Only 9% of Nigerian households obtained loans from banks and microfinance institutions since March – NBS

The World Bank says today that global extreme poverty is going to rise in 2020, the first time in over 20 years due to the effects of the pandemic, which would expand climate change and conflicts around the world, factors that were already slowing down the reduction of poverty.

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World Bank says the 88-115 will fall into extreme poverty by 2020 and will rise to 150 million by 2021 depending on the severity of the economic dip.

READ: Thrive Agric: Investors cry foul play over delayed returns

Extreme poverty, defined as living on less than $1.90 a day, is likely to affect between 9.1% and 9.4% of the world’s population in 2020. The bank says if there was no COVID-19 the rate was expected to fall by 7.9% in 2020.

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Most of the new poor will come from countries with already rates of poverty, adding that the 82% of the total will come from middle-income nations.

Explore Data on the Nairametrics Research Website

World Bank  President David Malpass said, “The pandemic and global recession may cause over 1.4% of the world’s population to fall into extreme poverty. In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labor, skills, and innovation to move into new businesses and sectors. World Bank Group support—across IBRD, IDA, IFC and MIGA—will help developing countries resume growth and respond to the health, social, and economic impacts of COVID-19 as they work toward a sustainable and inclusive recovery.”

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Update: Suspected hoodlums looting Palms Mall, Shoprite in Ilorin

Hoodlums have invaded Palms Mall and Shoprite in Ilorin, looting stores and carting away items.

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Some suspected hoodlums are allegedly looting the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by findings conducted by a Nairametrics analyst who is presently in Ilorin.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to the analyst, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.

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According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.

The alleged looters were seen with a cartload of goods on the streets along Ajah Road.

An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.

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#EndSARS: President Buhari reaffirms commitment to protecting the rights of all citizens

President Buhari has reassured that the rights of all citizens will be protected.

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How Federal Government plans to increase VAT to 7.2% affects you

President Muhammadu Buhari has restated his commitment to improving good governance and ensuring that the rights of all citizens are protected, in a bid to preserving the unity of Nigeria. He made this known during a virtual meeting with all living former Heads of State and Presidents of Nigeria.

According to a statement by the Presidency via its official Twitter handle, the meeting was well attended by former Presidents Olusegun Obasanjo, Goodluck Jonathan,  Chief Ernest Shonekan; former Heads of State, Gen. Yakubu Gowon, Gen. Ibrahim Babangida, and Gen. Abdulsalami Abubakar.

The meeting comes less than 24 hours after President Buhari’s state of the nation address, where he called for an end to the #EndSARS protests as their voices have been heard.

Backstory

Nairametrics had earlier reported that President Buhari would be presiding over a National Security Council meeting with former Heads of State and Presidents.

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According to the information contained in the tweets, President Buhari stressed that his administration will continue to improve good governance through the defined democratic process and sustained engagement.

During the meeting, the President recounted the initial concessions made by his administration on the demands of youths protesting against the excesses of some SARS members.

Buhari said that all the demands are accepted and that he has proceeded immediately to scrap SARS and commence the process of addressing the other demands made.

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Instagram tenders apology for flagging #EndSARS posts as fake

Instagram has apologized for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

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COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake

Social media is not just changing the way we communicate, it’s changing the way we are governed and the way we live in society.

Instagram apologizes for its algorithm malfunction that leads to the dismay of its users.

Backstory:

Instagram on the 21st of October flagged a series of posts in support of #EndSARS protest killings, as false information.

Users received messages of, “False: The same false information was reviewed in another post by fact-checkers. There may be small differences. Independent fact-checkers say this information has no basis in fact.”

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This came as a huge disappointment to some of its users as the company refused to be of help in a critical time.

The social networking service apologizes, saying that its algorithm incorrectly flagged the posts, “Yesterday our systems were incorrectly flagging content in support of #EndSARS and marking posts as false. We are deeply sorry for this. The issue has now been resolved, and we apologize for letting our community down in such a time of need,” they stated

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(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)

The incident of October 20th took place at the Lekki toll plaza where the Nigerian military shot at several of the youths who were on a peaceful protest seeking an end to police brutality amongst other demands. Amnesty International confirmed that about 12 of the protesters were killed while hundreds of them sustained injures.

What you need to know:

The #EndSARS movement was first introduced in 2017. Its most recent protest started on the 7th of October, youths initiated back the protest to call for the disbandment of the Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force.

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