NIGERIA’S COST-OF-LIVING CRISIS: WHY IS THE PAIN DEEPENING AS THE 2027 ELECTION APPROACHES?

 For millions of Nigerians, the political calendar may say 2027, but the economic crisis is being experienced every morning at the market, every time fuel is purchased, every time rent is due, and every night a family wonders whether tomorrow’s meal can be guaranteed. As elections approach, one uncomfortable question is becoming harder to ignore: Is Nigeria’s economic hardship simply the painful price of reform, or has politics allowed ordinary citizens to carry too much of the burden for too long?

Written by Anosike Chukwudike Victor

There was a time when earning a salary in Nigeria meant something very different from what it means today.

A worker could receive a monthly income and make plans around it. Families could budget for food, transportation, rent, school fees, electricity, and other necessities with at least some expectation that their income would cover the basics.

For millions of Nigerians, that sense of economic predictability has become increasingly difficult to maintain.

The country's cost-of-living crisis has become one of the biggest questions confronting Nigeria as the nation moves toward its next presidential election in January 2027. The International Monetary Fund says Nigeria's economic reforms have improved macroeconomic resilience, but it also reports that poverty remains extremely high and that millions of Nigerians experienced food insecurity in 2025.

The contradiction is striking.

On one side, government officials and international investors point to reforms designed to stabilize Nigeria's economy.

On the other side, ordinary citizens are asking a much simpler question:

"When will we actually feel the improvement in our pockets?"

THE REFORMS THAT CHANGED EVERYDAY LIFE

Since President Bola Tinubu took office in 2023, his administration has introduced major economic reforms, including the removal of the petrol subsidy and changes to the foreign-exchange system.

Supporters of these policies argue that the old system was financially unsustainable and that Nigeria needed to stop spending enormous amounts of public money keeping petrol artificially cheap.

The government has also argued that allowing the naira to adjust more freely would help correct distortions in the foreign-exchange market and create a stronger foundation for long-term economic growth.

International investors have responded positively to some of these changes.

But economic reforms can look very different from the perspective of an investor compared with that of a low-income household.

For an investor, improved foreign-exchange liquidity and fiscal stability can represent progress.

For a family struggling to buy food, higher transportation costs and rising household expenses can feel like another crisis.

That difference in perspective lies at the heart of Nigeria's current economic debate.

When Inflation Becomes a Daily Experience

Inflation is often presented as a percentage on television.

But ordinary people do not experience inflation as a percentage.

They experience it at the market.

They experience it when the quantity of food in a shopping bag becomes smaller even though the money spent has increased.

They experience it when transportation costs rise.

They experience it when electricity bills become more difficult to manage.

They experience it when rent consumes an increasingly large portion of monthly income.

Recent data show that Nigeria's headline inflation had moderated from earlier peaks, but food prices remain a major concern. The IMF has identified food as a dominant contributor to inflation, alongside transportation, housing, and exchange-rate-sensitive costs.

A June 2026 analysis by the Center for the Promotion of Private Enterprise also highlighted renewed pressure from food prices, noting that food inflation remained a major driver of the cost-of-living crisis.

So even when the inflation rate begins to slow, Nigerians may not immediately feel relief.

Why?

Because slower inflation does not mean cheaper prices.

If the price of rice, fuel, rent, transportation, and other essentials has already climbed dramatically, a slower rate of increase simply means prices are rising more slowly—not that they have returned to their previous levels.

That distinction is crucial.

The Salary Problem

Perhaps the greatest pressure comes from the relationship between income and prices.

If wages remain relatively stagnant while the cost of necessities increases, workers effectively become poorer even when they are earning the same amount of money.

A recent Reuters report illustrated this problem through the experience of an Abuja worker earning ₦135,000 per month, who said her salary could barely last a week because of rising household costs. Reuters also reported that the cost of preparing a basic jollof-rice meal had more than doubled since President Tinubu took office, according to an index compiled by SBM Intelligence.

That is the reality behind economic statistics.

A salary is only valuable according to what it can buy.

If ₦100,000 once covered a family's essential expenses but now covers only a fraction of them, the nominal salary may look unchanged while the worker's real purchasing power has fallen.

Is Government Deliberately Keeping Nigerians Poor?

This is where the conversation becomes politically sensitive.

Some Nigerians may reasonably ask whether politicians benefit when citizens are economically vulnerable.

A financially secure citizen may have more freedom to challenge government policies, organize politically, reject vote-buying, demand accountability, or support an alternative candidate.

A person struggling to feed a family may be much more vulnerable to immediate financial incentives.

That does not prove that politicians deliberately create poverty.

There is currently no sufficient evidence to conclude that Nigeria's government intentionally designed the cost-of-living crisis to make citizens helpless or prevent them from fighting for their rights.

Such a claim would require strong evidence of deliberate intent.

However, there is a legitimate political question worth asking:

Do political systems sometimes allow economic hardship to persist because economically vulnerable citizens can be easier to influence during elections?

That question deserves serious public debate.

Poverty and Political Power:

Economic hardship can change the way people participate in politics.

When citizens are worried about food, rent, transportation, medical bills, or school fees, long-term political promises may become less important than immediate survival.

This is one reason why poverty can create a dangerous political environment.

A politician can promise development for four years, but a struggling voter may be more concerned about what will happen to their family tomorrow.

This creates an opportunity for political actors to offer short-term assistance, gifts, cash, food, or other benefits during election periods.

Such practices can undermine democratic accountability because citizens may become dependent on politicians for temporary relief rather than demanding sustainable economic policies.

But citizens should not be blamed for this vulnerability.

When people are hungry, survival becomes a priority.

The 2027 Question

Nigeria's next presidential election is scheduled for January 2027, according to the IMF's 2026 country assessment.

As that election approaches, the economy is likely to become one of the most important political battlegrounds.

The ruling party will have to explain why painful reforms were necessary and demonstrate whether they are producing improvements that ordinary Nigerians can actually feel.

Opposition parties will likely point to the hardships experienced by households and argue that the government's policies have imposed too much pain.

But Nigerian voters should go beyond political slogans.

The most important questions should be:

What is your plan for reducing food prices?

How will you create productive jobs?

How will you make transportation affordable?

How will you improve electricity supply?

How will you increase the purchasing power of workers?

How will you reduce poverty?

How will you protect the poorest citizens while implementing economic reforms?

And perhaps most importantly:

How will you measure whether your government is actually improving people's lives?

Economic Reform Must Have a Human Face

Reform is not necessarily the enemy.

Nigeria genuinely faces serious structural economic problems.

The country needs stronger public finances, better infrastructure, increased productivity, improved energy supply, stronger institutions, and an economy capable of creating productive employment.

But reform should not be judged solely by financial-market indicators.

The ultimate measure of economic success should also be whether ordinary families can live with dignity.

If government revenue increases but families cannot afford food, policymakers must ask why.

If foreign investment rises but young people cannot find jobs, policymakers must ask what is missing.

If GDP grows while household purchasing power continues to deteriorate, the benefits of growth are clearly not being distributed broadly enough.

Economic growth matters.

But inclusive economic growth matters more.

Citizens Must Not Surrender Their Political Power

Perhaps the most important message for Nigerians as the next election approaches is this:

Economic hardship should not make citizens surrender their political voice.

A struggling citizen still has a vote.

A poor citizen still has constitutional rights.

A young Nigerian without a job still has the right to demand accountability.

A market woman struggling with food prices still has the right to ask where public money is going.

A worker whose salary disappears before the end of the month still has the right to demand better economic policies.

Citizens should not allow political parties to turn economic hardship into permanent dependence.

Instead, voters should demand measurable promises and evaluate politicians based on results.

The Bigger Question Nigeria Must Answer

Nigeria is not simply facing an inflation problem.

It is facing a question about the relationship between economic policy, political power, and ordinary citizens.

The government's reforms may eventually produce stronger economic stability. International institutions have already recognized improvements in some macroeconomic indicators.

But the transition has imposed significant costs on households, and poverty and food insecurity remain serious concerns.

The challenge now is to ensure that the burden of reform does not fall disproportionately on those who can least afford it.

Nigeria cannot build a prosperous future if millions of citizens feel that economic growth exists only in government statistics while their own lives continue to become harder.

The approaching election therefore presents an opportunity.

Not merely to choose another president.

Not merely to change political parties.

But to demand a new standard of political accountability.

Nigerians should ask every candidate a simple question:

"How will your policies make ordinary people's lives better—and how will we know that you succeeded?"

Because democracy should not only be about choosing leaders.

It should also be about holding them accountable.

And economic reform should not only be about rescuing government finances.

It should ultimately be about improving the lives of the people who make up the country.

The Final Question

Perhaps the most uncomfortable question Nigeria should be asking before 2027 is not whether politicians are deliberately making citizens poor.

It is this:

If citizens are struggling to survive, who benefits from their vulnerability—and what can Nigerians do to ensure that economic hardship never becomes a substitute for political accountability?

The answer will not come from one political party.

It will come from an informed electorate that refuses to exchange its long-term future for short-term promises.

What do you think? Are Nigeria's current economic hardships an unavoidable consequence of necessary reforms, poor policy execution, global economic pressures—or do political incentives also play a role in allowing citizens to remain economically vulnerable? Share your view respectfully in the comments.

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