Every time we talk about the cost of living, we’re also talking about inflation, or rising prices. We seem to live with it every day and should be used to it. But the damage that inflation causes to a nation, businesses, and individuals makes it difficult to ignore. It negatively affects production, productivity, income and revenue, living standards, and economic growth. It therefore promotes poverty and corruption, hastens nutrition-related diseases, disrupts schooling, and promotes insecurity.To a central bank, inflation is a monetary phenomenon, but to fiscal policymakers, it is more of a shortage of products or structural issues. These institutions’ views shape policy initiatives, formulation, and implementation. But there are no consistent or static factors causing inflation. The factors vary, and so do the policies to tackle the phenomenon. It is important to revisit this recurring problem now that we are witnessing rising prices again, causing renewed damage to living conditions with adverse implications in this period of the campaign for the 2027 elections. Since people in government hardly feel inflation because they live publicly subsidized lives, it is important that we bring it to their attention for necessary action before it erodes our joy.The current renewed rise in prices is being influenced by the incidence of the US-Israel-Iran war. The price of oil is rising globally and affecting the domestic price of refined products. The retail price of fuel has moved from around N1,100 to N1,200 and is now between N1,350 and N1,400. The price of fuel is one of the major drivers of inflation in Nigeria. It affects production in the absence of an efficient electricity supply and affects the transportation of goods and people.Since we cannot stop the war, our government should moderate the prices. This is a country where market forces, or the invisible hand, cannot work. It is not a perfect environment for the workings of economic theories that work in a perfect market. This is an environment where prices are adjusted upward whenever there is a rumor of a price increase, but prices remain sticky upward even when prices have actually fallen in the market. In many countries with characteristics of Nigeria, some price fixing takes place to protect consumers.Globally, governments generally intervene in energy markets to keep basic utilities affordable for citizens or to cushion the economy against severe international energy shocks, as we have presently. Countries like Iran, Venezuela, Saudi Arabia, Libya, Angola, UAE, Qatar, India, Indonesia, et cetera use different methods in moderating energy prices. Even advanced economies like France, the United Kingdom, Spain, and Portugal use energy price caps to regulate energy prices. Our policymakers must stop being dogmatic about the free price mechanism and learn from real-world events. The inflation we are witnessing today is energy price-induced.The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! To a central bank, inflation is a monetary phenomenon, but to fiscal policymakers, it is more of a shortage of products or structural issues. These institutions’ views shape policy initiatives, formulation, and implementation. But there are no consistent or static factors causing inflation. The factors vary, and so do the policies to tackle the phenomenon. It is important to revisit this recurring problem now that we are witnessing rising prices again, causing renewed damage to living conditions with adverse implications in this period of the campaign for the 2027 elections. Since people in government hardly feel inflation because they live publicly subsidized lives, it is important that we bring it to their attention for necessary action before it erodes our joy.The current renewed rise in prices is being influenced by the incidence of the US-Israel-Iran war. The price of oil is rising globally and affecting the domestic price of refined products. The retail price of fuel has moved from around N1,100 to N1,200 and is now between N1,350 and N1,400. The price of fuel is one of the major drivers of inflation in Nigeria. It affects production in the absence of an efficient electricity supply and affects the transportation of goods and people.Since we cannot stop the war, our government should moderate the prices. This is a country where market forces, or the invisible hand, cannot work. It is not a perfect environment for the workings of economic theories that work in a perfect market. This is an environment where prices are adjusted upward whenever there is a rumor of a price increase, but prices remain sticky upward even when prices have actually fallen in the market. In many countries with characteristics of Nigeria, some price fixing takes place to protect consumers.Globally, governments generally intervene in energy markets to keep basic utilities affordable for citizens or to cushion the economy against severe international energy shocks, as we have presently. Countries like Iran, Venezuela, Saudi Arabia, Libya, Angola, UAE, Qatar, India, Indonesia, et cetera use different methods in moderating energy prices. Even advanced economies like France, the United Kingdom, Spain, and Portugal use energy price caps to regulate energy prices. Our policymakers must stop being dogmatic about the free price mechanism and learn from real-world events. The inflation we are witnessing today is energy price-induced.The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! The current renewed rise in prices is being influenced by the incidence of the US-Israel-Iran war. The price of oil is rising globally and affecting the domestic price of refined products. The retail price of fuel has moved from around N1,100 to N1,200 and is now between N1,350 and N1,400. The price of fuel is one of the major drivers of inflation in Nigeria. It affects production in the absence of an efficient electricity supply and affects the transportation of goods and people.Since we cannot stop the war, our government should moderate the prices. This is a country where market forces, or the invisible hand, cannot work. It is not a perfect environment for the workings of economic theories that work in a perfect market. This is an environment where prices are adjusted upward whenever there is a rumor of a price increase, but prices remain sticky upward even when prices have actually fallen in the market. In many countries with characteristics of Nigeria, some price fixing takes place to protect consumers.Globally, governments generally intervene in energy markets to keep basic utilities affordable for citizens or to cushion the economy against severe international energy shocks, as we have presently. Countries like Iran, Venezuela, Saudi Arabia, Libya, Angola, UAE, Qatar, India, Indonesia, et cetera use different methods in moderating energy prices. Even advanced economies like France, the United Kingdom, Spain, and Portugal use energy price caps to regulate energy prices. Our policymakers must stop being dogmatic about the free price mechanism and learn from real-world events. The inflation we are witnessing today is energy price-induced.The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! Since we cannot stop the war, our government should moderate the prices. This is a country where market forces, or the invisible hand, cannot work. It is not a perfect environment for the workings of economic theories that work in a perfect market. This is an environment where prices are adjusted upward whenever there is a rumor of a price increase, but prices remain sticky upward even when prices have actually fallen in the market. In many countries with characteristics of Nigeria, some price fixing takes place to protect consumers.Globally, governments generally intervene in energy markets to keep basic utilities affordable for citizens or to cushion the economy against severe international energy shocks, as we have presently. Countries like Iran, Venezuela, Saudi Arabia, Libya, Angola, UAE, Qatar, India, Indonesia, et cetera use different methods in moderating energy prices. Even advanced economies like France, the United Kingdom, Spain, and Portugal use energy price caps to regulate energy prices. Our policymakers must stop being dogmatic about the free price mechanism and learn from real-world events. The inflation we are witnessing today is energy price-induced.The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! Globally, governments generally intervene in energy markets to keep basic utilities affordable for citizens or to cushion the economy against severe international energy shocks, as we have presently. Countries like Iran, Venezuela, Saudi Arabia, Libya, Angola, UAE, Qatar, India, Indonesia, et cetera use different methods in moderating energy prices. Even advanced economies like France, the United Kingdom, Spain, and Portugal use energy price caps to regulate energy prices. Our policymakers must stop being dogmatic about the free price mechanism and learn from real-world events. The inflation we are witnessing today is energy price-induced.The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! The factors that fuelled inflation during the Muhammadu Buhari era are clearly different from those of today. Even when there was a shortage of money in circulation at that time, inflation was very high due to many local and global factors. Relying on information from the CBN, the World Bank, and the Debt Management Office on the Buhari years, the economic picture was gloomy. The inflation rate during the Buhari era rose from 9.01 per cent at assumption of office in May 2015 to 11.4 per cent at the end of his first tenure in 2019 and to 22.41 per cent in May 2023 when he left office. It was reported as the highest in 17 years. Nigeria witnessed two economic recessions during the eight years. That was in 2016 and 2020,Related NewsCrisis reveals the quality of your preparation2027 budget: FG gives MDAs September 18 deadlineBanks shut 476 branches in three years – CBNThe causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! The causes were more structural and policy issues. There was the issue of border closure when domestic production was low and the global shock from COVID-19, which brought production almost to a standstill and in which people rely on informal sector production activities for survival in terms of consumption. The GDP plummeted to negative at about -1.8 percent; imports rose faster than exports, and inflation rose steadily from 11.4 per cent in 2019 to 17 per cent in 2021.Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! Also, heavy borrowing from the central bank, mainly for consumption, and the start of the Russia-Ukraine war pushed inflation to 22.1 per cent in early 2023. Even the exchange rate depreciated by over 235 per cent between 2015 and 2023, ending at N645.2 to US$1. Total debt, which was N12.6tn in 2015, rose to N87.4tn in 2023. Virtually all the statistics were negative.The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! The headline inflation at the time President Bola Tinubu picked up the mantle of leadership was 24.66 per cent, but it rose sharply to 33.24 per cent in 2024! This shift stemmed from major changes in economic fundamentals, particularly the removal of the fuel subsidy on Premium Motor Spirit and the float/unification of the foreign exchange market, which led to currency devaluation. In fact, food inflation within that period soared above 40 per cent. Following the rebasing of the consumer price index by the National Bureau of Statistics, reports show that from late 2025 to 2026, the inflation rate declined to the 14-15 per cent range. Success was anchored in the CBN’s tight-money policy, improved food production, a fall in fuel prices, and exchange-rate stabilisation.To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! To see how inflation has affected the cost of living and citizens’ declining living standards, we have to look at prices. As of May 29, 2023, when President Tinubu took over, the exchange rate was $1 to N460; one liter of fuel was N197; one kg of gas was N570; one crate of eggs was N2,500; and one bag of pure water was N150. Three years down the line, after subsidy removal, naira devaluation, higher rates on utilities like NEPA and telecommunications, and tax reform, the naira rate is $1 to N1,400; one liter of fuel is N1,130 (now N1,350 to N1,400); one kg of gas is N1,600; one crate of eggs is N6000 and one bag of pure water is N400 minimum.We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! We should note that the minimum wage was adjusted from N30,000 to N70,000 per month, as signed into law in July 2024. It is also noteworthy that some ten states have not paid the minimum wage to their workers! A callous trajectory! Prices have risen far faster than the minimum wage, implying that even those working and earning wages are worse off. Many people have lost their jobs and joined the masses of unemployed over the years, resulting in an increase in poverty in Nigeria from 61 per cent in 2024 to 63 per cent, or 133 million people living below the global poverty line in 2025.Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers! Allowing prices to rise without checks or policies to moderate them subjects citizens to hardship in the cost of living. It lowers the standard of living, taking some of the citizens into a poverty trap where they become helpless and require costly government intervention to live a valuable life. At that level, people exist, but they do not live. Nigerians deserve better treatment, given the resources and revenue available. When savings rise, external reserves rise, and political spending increases, citizens’ living standards should improve. That is not our case in Nigeria. Can the Nigerian government, particularly at the state level, evaluate itself based on achievement of the SDGs? I pray that we can pass, but it is not about prayers!