Since independence in 1960 from British colonial rule, the various leadership of Nigeria have adopted various developmental strategies with view to reduce or to some extent do away with poverty but it could not, due to the complex nature of the country‟s poverty which can be termed as chronic. This is because poverty in Nigeria is persistent. It is estimated that up to 70% of Nigerians are living below poverty line. Nigeria has been branded by the international community as the second most corrupt nation in the World. For three consecutive years, 2000, 2001 and 2002, it has maintained that unenviable position. The rating came up as a consequence of several failed attempts by the administration to wipe out corruption and poverty or reduce them to a tolerable level in the polity. It is absolutely frustrating when one realizes the immense potentials in Nigeria. Sixteen years is enough time for any administration to sort out the fundamental problem of the country (poverty). All the recent poverty alleviation and development programs and initiatives are geared toward realizing the number one (1) Millennium Development Goal (MDGs), which is to eradicate extreme poverty and hunger by the year 2015. We have passed the deadline to the target of MDGs, these policies and programs are judged to be unsatisfactory and inadequate in meeting the MDGs. This therefore, necessitates the need for an elaborate study to critically assess the interplay between corruption, development and chronic poverty in Nigeria. The question to be asked is what are the problems of Nigeria‟s poverty reduction policies and development plans? To answer this fundamental question the paper clearly argued that Nigeria does not need any new policy on development and chronic poverty. All it needs is seriousness in terms of the implementation of existing policies to address the chronic nature of the Nigerian poverty. Nigerians need to sit up with a view to addressing corruption in all its ramifications. This is the only way Nigeria would get out of the shackle of chronic poverty and by extension development in general.