Archive · 10 Aug 2026
Nigerians' Cost of Living Pain Deepens as Election Looms
In Nigeria, a country in Africa, life has gotten very expensive for many people.
The president, Bola Tinubu, made big changes to try to fix the country's money problems.
He stopped paying to make fuel cheap, made the naira (Nigeria's money) worth less, and cut help paying for electricity.
Because of these changes, petrol now costs about six times more than before.
Even making jollof rice, a popular dish, costs more than twice as much as it used to.
The World Bank says more than half of the people in Nigeria are now poor.
Some investors are happy and say Nigeria is finally getting better.
But many Nigerians are upset, and some workers even talked about going on strike.
Nigeria has an election coming up in January, and the president hopes people will see his changes as good things in the end.
President Bola Tinubu's reforms — fuel subsidy removal, naira devaluation and electricity subsidy cuts — have deepened Nigeria's cost-of-living crisis.
The World Bank estimates just over half of Nigeria's population were in poverty last year, up from roughly 42% in 2022.
Petrol prices are about six times higher than when Tinubu took office, averaging roughly 1,600 naira ($1.18) per litre nationally.
Investors are optimistic, with the Nigerian stock exchange up close to 60% this year and capital inflows hitting a six-year high of $23 billion.
Federal workers rejected a proposed 100,000 naira minimum wage in June and threatened an indefinite nationwide strike ahead of January's elections.
A June SBM Intelligence tracker showed 80% of Nigerians view the country as moving in the wrong direction.
- Who
- President Bola Tinubu's government, Nigerian citizens like health NGO worker Grace Adama, and foreign investors
- What
- Nigeria's cost-of-living crisis deepens as painful economic reforms — fuel subsidy removal, naira devaluation and electricity subsidy cuts — push up prices
- When
- Reported around Aug 10, ahead of elections expected in January
- Where
- Nigeria, particularly Abuja and Lagos
- Why
- The government and investors say the reforms were necessary to avert a fiscal crisis, but soaring prices are squeezing households
Nigerians Bristle
Investors Cheer Reforms
Economic Reforms
Nigerians Bristle
Citizens say fuel subsidy removal, naira devaluation and electricity subsidy cuts have made life unaffordable, with jollof rice costing more than double and petrol six times more than when Tinubu took office.
Investors Cheer Reforms
The government and investors say the reforms were essential to pull the country back from the edge of fiscal crisis and will pay off in the long run.
Who Benefits Now
Nigerians Bristle
80% of Nigerians view the country as moving in the wrong direction, and even workers earning nearly double the minimum wage say they rely on short-term loans to pay bills.
Investors Cheer Reforms
The stock exchange is up close to 60% this year, capital inflows hit a six-year high of $23 billion, and the Dangote oil refinery opened in 2024 — signs the reforms are bearing fruit.
Minimum Wage
Nigerians Bristle
Federal workers rejected a proposed 100,000 naira minimum wage and threatened an indefinite nationwide strike, saying wages are not keeping pace with costs.
Investors Cheer Reforms
Finance Minister Taiwo Oyedele said Nigeria was "living in fiscal illusions" and acknowledged the government must do more to ensure "prosperity for all Nigerians," warning inequality is "like sitting on gunpowder."
- Poverty rate (World Bank)
- Just over half of the population last year, up from roughly 42% in 2022
- Petrol price
- Roughly 1,600 naira ($1.18) per litre nationally
- Jollof rice cost
- More than double since Tinubu took office (SBM Intelligence index)
- Central bank interest rate
- 26.5%, with inflation near 16%
- Capital inflows
- $23 billion last year, a six-year high
- Stock market
- Nigerian exchange up close to 60% this year
- Minimum wage dispute
- Workers rejected proposed 100,000 naira minimum wage in June
- Fuel subsidy cost
- Drained $10 billion from government coffers in 2022 alone