Petrol prices have increased across several filling stations in the Federal Capital Territory following a fresh price adjustment by Dangote Petroleum Refinery.

The refinery raised its gantry price by ₦85, moving it from ₦1,265 to ₦1,350 per litre.

The increase represents a 6.7 per cent rise and pushes Dangote’s wholesale price above the current petrol landing cost of ₦1,311 per litre.

The latest adjustment comes amid a rise in global crude oil prices. Brent crude, Nigeria’s benchmark, was trading at about $108.21 per barrel, up from $107.92.

The development has intensified pressure on downstream operators, with some filling stations in Abuja already increasing their pump prices.

Abuja Filling Stations Increase Pump Prices

Checks by the News Agency of Nigeria on Sunday showed that several outlets had begun selling petrol at higher prices.

MRS retail outlets increased their pump price from ₦1,350 to ₦1,395 per litre.

NIPCO outlets also raised their price from ₦1,350 to ₦1,430 per litre, while Mobil outlets increased theirs to ₦1,400 per litre.

A petrol attendant at an MRS station said motorists could face another increase when newly purchased stock arrives.

“We are currently selling our old stock at N1,395 per litre, but from tomorrow, once the new stock arrives, the price will be higher,” she said.

Economists Warn of Higher Inflation

Economist and development expert Aliyu Ilias warned that the latest petrol price increase could worsen inflation and deepen economic hardship.

He said higher petrol prices would likely increase transportation and production costs, particularly for food and other essential commodities.

“This kind of change is not good for the economy at all, and people are going to face more hardship as a result,” Ilias said.

Expert Calls for Stronger Regulation

Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, called for stronger measures to protect consumers from global oil price fluctuations.

Lakemfa argued that Nigeria should strengthen economic planning and its regulatory framework to prevent sudden increases in domestic petrol prices.

He said Nigeria’s position as an oil-producing country should provide an advantage through domestic refining.

The former labour leader also warned about the structure of Nigeria’s downstream petroleum market, which he said contained elements of oligopoly and monopoly.

He urged regulatory agencies to prevent excessive influence over the pricing of petrol.

Marketers Explain Frequent Price Changes

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had reviewed their pump prices following repeated adjustments by Dangote Refinery.

Ukadike said the frequent price changes were creating uncertainty for marketers and consumers because replacement costs could change rapidly.

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Economic experts have expressed different opinions about President Bola Ahmed Tinubu’s reform programme. While some believe the policies are improving Nigeria’s economy, others say many citizens are yet to feel the benefits.

The debate comes as Nigerians continue to grapple with inflation, high transport costs and reduced purchasing power. Government officials say the reforms will strengthen the economy over time. Critics, however, argue that households need immediate relief.

Government Defends Economic Reforms

The Federal Government says its policies are restoring economic stability. Key reforms include the removal of the petrol subsidy, foreign exchange liberalisation and fiscal adjustments.

According to the government, these measures have improved Gross Domestic Product (GDP), increased revenue shared among the three tiers of government and reduced the debt service-to-revenue ratio. Officials believe these improvements will support long-term economic growth.

Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar disagrees with that assessment. He argues that many Nigerians continue to struggle despite the positive economic figures.

Economists Differ on Policy Outcomes

Professor Godwin Oyedokun of Lead City University believes the reforms deserve a balanced assessment. He said the policies address long-standing structural challenges in the economy.

However, he noted that many Nigerians now face higher living costs, rising inflation and weaker purchasing power. He explained that macroeconomic indicators may be improving, but ordinary citizens have yet to experience those gains.

Oyedokun added that the reforms will only succeed if they create jobs, increase incomes and improve living standards before the next general election.

Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Okechukwu Unegbu, offered a different view. He acknowledged that some reforms are sound. However, he argued that poor implementation has limited their impact.

According to Unegbu, improvements in GDP have not translated into better conditions for consumers or businesses. He believes implementation remains the administration’s biggest challenge.

Financial analyst Kalu Aja has also supported some of the government’s policy decisions. He previously described fuel subsidy removal and exchange rate liberalisation as appropriate reforms. However, he also stressed the need for stronger implementation.

Economic Indicators Show Mixed Signals

Recent economic figures present a mixed picture.

The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate stood at 15.91 percent in June 2026. Inflation continues to put pressure on household budgets and business operations.

Meanwhile, the naira traded at ₦1,364.83 per US dollar at the official foreign exchange market on August 3. Petrol prices in Abuja ranged between ₦1,265 and ₦1,310 per litre.

These factors continue to influence transport costs, food prices, construction expenses and business activities across the country.

Why the Reforms Matter to Housing and Real Estate

Economic reforms have direct implications for Nigeria’s housing sector. Inflation and exchange rate fluctuations increase the cost of cement, steel, roofing materials and other construction inputs.

Higher fuel prices also raise transportation and logistics costs for developers. As construction costs increase, affordable housing projects become more difficult to deliver.

Mortgage financing is also affected. High living costs reduce household incomes, making it harder for many Nigerians to qualify for home loans or purchase property.

If inflation slows and economic stability improves, developers and investors may gain greater confidence. Lower borrowing costs could also encourage more housing projects and infrastructure investment.

Outlook

The debate over Tinubu’s economic reforms is likely to continue. Supporters believe the policies will deliver long-term benefits. Critics argue that ordinary Nigerians need to see tangible improvements sooner rather than later.

For the housing and real estate sector, the success of these reforms will depend on whether economic growth leads to lower construction costs, stronger household incomes and greater access to affordable housing.

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Residents of the Federal Capital Territory (FCT) are beginning to enjoy some relief as the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has declined after months of sustained increases.

A market survey showed that LPG now sells for between N1,498 and N1,650 per kilogram across Abuja, depending on location and retail outlet, compared to recent highs of about N2,000 per kilogram recorded in several parts of the country.

The price reduction means that refilling a 5kg cylinder now costs between N7,490 and N8,250, while a 12.5kg cylinder costs between N18,725 and N20,625. At the peak of the recent price surge, the same cylinders cost approximately N10,000 and N25,000 respectively.

Despite the decline, some roadside vendors still sell cooking gas at prices as high as N1,850 per kilogram.

Industry experts attributed the price drop to improved product availability and easing wholesale costs but warned that long-term stability depends on addressing structural challenges in Nigeria’s LPG market.

Energy economist, Dr. Dayo Abegunde, said the reduction reflects improved supply conditions but noted that Nigeria remains vulnerable to global market shocks because a significant portion of domestic LPG consumption still depends on imports.

“The recent decline is encouraging for consumers, but Nigeria must deepen domestic production and strengthen its supply chain to avoid recurring price spikes whenever there are disruptions in the global market,” he said.

Oil and gas analyst, Edward Bulus, also stressed the need for increased domestic refining and retention of locally produced LPG within the Nigerian market to guarantee sustainable price stability.

LPG marketers confirmed that improved supply at coastal depots and a gradual decline in wholesale prices have contributed to the moderation in retail prices.

An Abuja-based LPG marketer, Bassey Etanem, said increased product availability is gradually filtering through the distribution chain, resulting in lower prices for consumers.

Retail operators in Abuja also attributed the decline to growing competition among filling plants as supply conditions improve.

However, marketers warned that transportation and logistics costs remain high, particularly for operators supplying inland locations, adding that investments in storage and distribution infrastructure are necessary to sustain lower prices.

Many consumers welcomed the reduction but argued that cooking gas remains expensive compared to previous years.

Some residents said they were forced to switch to charcoal and firewood when LPG prices approached N2,000 per kilogram.

A trader, Grace Bade, called on the government to implement measures that would further reduce the cost of cooking gas and ease the economic burden on households.

The recent price moderation follows intervention measures announced by the Federal Government to address supply shortages and market manipulation.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), regulators and security agencies to intensify surveillance of the LPG market, investigate hoarding and diversion, and sanction operators found manipulating prices.

The minister said the government remains committed to increasing domestic LPG supply, reducing dependence on imports and ensuring that locally produced gas is prioritised for domestic consumption.

He also disclosed plans for a local LPG blending initiative involving Nigeria LNG Limited (NLNG), indigenous producers and operators of the Port Harcourt LPG plant to improve supply reliability and reduce logistics costs.

The NMDPRA had earlier linked the spike in cooking gas prices to global supply disruptions, exchange rate pressures, logistics bottlenecks and market inefficiencies.

Industry stakeholders, however, maintain that sustained affordability will depend on expanding domestic production, improving infrastructure and strengthening distribution networks across the country.

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Recent comments by former Zenith Bank Chairman, Jim Ovia, suggesting that real estate delivers better returns than banking have sparked widespread debate among Nigerians, with investment experts weighing in on the merits of property ownership versus traditional savings.

The discussion gained momentum on social media after Ovia’s remarks, with supporters arguing that real estate offers superior long-term returns, while others maintained that banking investments provide greater security and liquidity.

Analysts, however, say rising inflation has significantly eroded the purchasing power of savings, prompting many Nigerians to seek alternative investment options capable of preserving and growing wealth.

Speaking on the issue, real estate and investment expert Joseph Momoh said the comparison between real estate and banking depends largely on investment objectives and economic conditions.

According to him, inflation remains one of the biggest threats to wealth preservation, making property investment increasingly attractive to investors.

“If you buy land in a strategic location and carry out proper due diligence, its value could appreciate significantly over five to ten years, often surpassing returns from traditional savings products,” he said.

Momoh explained that while savings accounts and fixed deposits generally provide modest annual returns, property investments can generate substantial gains through both appreciation and rental income.

He noted that investors who acquire residential properties and lease them out often recover their initial investment over time while continuing to earn income from the asset.

Also commenting, realtor Bawa Musa described real estate as one of the most effective wealth-building tools available to Nigerians.

He argued that money kept in savings accounts is typically deployed by financial institutions for lending and other investments, while property owners retain the full benefit of capital appreciation.

“When you invest in real estate, the increase in value belongs entirely to you. That is why many investors see property as a stronger pathway to long-term wealth creation,” he said.

Musa further noted that investing in property reduces the temptation to spend funds that might otherwise remain accessible in savings accounts.

Investment analyst Mohammed Mustapha also highlighted the multiple income streams available through real estate investments, including rental earnings, capital appreciation and protection against inflation.

He said property investments have historically served as a hedge against economic uncertainty, particularly during periods of inflation and external economic shocks.

“Unlike ordinary savings accounts, a well-selected property can appreciate in value, generate rental income and help preserve wealth during periods of economic instability,” Mustapha explained.

However, he cautioned against the assumption that every property automatically yields high returns.

According to him, the success of a real estate investment depends on critical factors such as location, infrastructure, security, demand and overall market conditions.

“Some properties appreciate rapidly, while others remain stagnant for years. Asset selection is key, and investors must conduct thorough research before committing funds,” he said.

The experts agreed that although real estate can outperform traditional banking investments over the long term, investors must carefully evaluate opportunities and understand the risks associated with property ownership before making investment decisions.

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The International Monetary Fund (IMF) has reported that poverty in Nigeria has risen to 63 per cent of the population despite improvements in macroeconomic stability driven by ongoing economic reforms.

The disclosure was contained in the IMF’s 2026 Article IV Consultation Report, which acknowledged progress made under the administration of President Bola Ahmed Tinubu while highlighting persistent challenges facing millions of Nigerians.

According to the report, an estimated 27 million Nigerians experienced food insecurity in the latter part of 2025, underscoring the social impact of rising living costs and economic adjustments.

The IMF noted that reforms including the removal of fuel subsidies, foreign exchange market liberalisation, fiscal discipline measures and the end of deficit monetisation have strengthened Nigeria’s macroeconomic position and improved investor confidence.

The report showed that Nigeria’s gross international reserves increased to $46 billion in 2025 from $40 billion recorded at the end of 2024, while net reserves rose significantly from $23 billion to $35 billion within the same period.

The Fund also observed that the foreign exchange market has become more stable, with the parallel market premium remaining below five per cent, while sovereign bond spreads have remained broadly stable despite global economic uncertainties.

The IMF projected that Nigeria’s economy would grow by 4.0 per cent in 2025 and 4.1 per cent in 2026, citing improvements in the banking sector, ongoing bank recapitalisation efforts and the country’s removal from the Financial Action Task Force (FATF) grey list.

Despite these gains, the Fund warned that inflationary pressures remain a concern. Inflation, which had declined for over a year, rose to 15.4 per cent year-on-year in March 2026, driven largely by increases in global fuel, food and fertiliser prices.

The report also revealed that Nigeria’s consolidated fiscal deficit widened to 4.4 per cent of Gross Domestic Product (GDP) in 2025 as oil revenues fell below government projections.

“Higher global prices of fuel, food and fertilisers continue to exert pressure on households and could worsen poverty and food insecurity,” the IMF stated.

The Fund identified volatility in global commodity markets and domestic security challenges as major risks to Nigeria’s economic outlook.

Executive Directors of the IMF commended Nigerian authorities for maintaining macroeconomic stability but urged the government to expand social protection programmes and strengthen support for vulnerable households.

The IMF also recommended a neutral fiscal stance in 2026, improved fiscal transparency, expanded cash transfer programmes and continued reforms in public financial management.

Additionally, the Fund advised the Central Bank of Nigeria to maintain a tight monetary policy stance until inflation is brought under control and to continue efforts toward an inflation-targeting framework.

Responding to the report, the Federal Government welcomed the IMF assessment, describing it as independent validation of its reform agenda and economic management strategy.

The government highlighted a nearly 10 per cent growth in per capita income in 2025 and pointed to ongoing interventions such as cash transfer programmes, student loans, consumer credit initiatives, healthcare investments and agricultural development schemes.

Special Adviser to the President on Revenue, Taiwo Oyedele, said the administration was implementing measures to strengthen fiscal reporting, improve budget transparency and enhance public financial management systems.

The Federal Government also expressed optimism that improved crude oil production, domestic refining capacity and expanded gas exports would boost revenue generation and strengthen foreign exchange earnings.

While acknowledging the progress recorded in macroeconomic indicators, analysts said the report highlights a major policy challenge for the government: ensuring that economic reforms translate into tangible improvements in living standards and reduced poverty for millions of Nigerians.

The IMF maintained that sustained reforms, stronger social protection measures and inclusive growth policies would be essential to ensuring that economic gains are widely shared across the population.

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Millions of people in the United Kingdom are expected to benefit as the government begins consultations on suspending tariffs on more than 120 everyday essential items.

The UK government announced on Wednesday that the products covered under the proposed policy have been published, building on the tariff suspension initiative first introduced in April.

The list of 125 items includes garlic, avocados, mangoes, nectarines, vegetable oil, chocolate, sauces, soft drinks, fresh fruits and vegetables, olive oil and baked beans.

Authorities said the government would engage businesses and other stakeholders before implementing the plan, while also increasing mileage rates for about three million people who use their personal vehicles for work purposes.

The government is equally seeking public and industry input on whether suspending tariffs on certain fertilisers could help farmers manage rising production costs linked to the ongoing conflict in the Middle East.

Chancellor of the Exchequer, Rachel Reeves, said the administration was introducing measures to cushion the impact of global economic pressures and keep household prices under control.

According to Reeves, the fuel duty freeze, increase in mileage rate — the first adjustment in 15 years — and temporary VAT reductions form part of broader efforts to ease financial pressure on residents and businesses.

She noted that the relief measures recognise the exposure of farmers and transport operators to high fuel costs and their critical role in maintaining supply chains across the country.

“We are a government firmly on the side of drivers, and that means acting when hardworking people are being left out of pocket,” Transport Secretary Heidi Alexander said.

The government said the proposed tariff suspension is expected to lower import costs, reduce pressure on food prices and support economic stability amid global inflation concerns.

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Nigeria’s retail sector is undergoing a quiet but significant structural shift as rising economic pressures, changing consumer behaviour, and increasing operational costs force investors and developers to reassess the future of shopping malls across the country.

In major cities such as Lagos and Abuja, several retail assets and shopping plazas are now being quietly offered for sale. While this has raised concerns about the stability of Nigeria’s once-booming mall culture, industry stakeholders say the trend reflects restructuring rather than a collapse.

Rising Costs and Weak Consumer Spending Pressure Retail Market

For over a decade, modern shopping malls symbolised Nigeria’s expanding urban middle class, with major developments concentrated in Lekki, Victoria Island, Ikeja, Ajah, and Abuja.

However, the economic environment has changed sharply. Inflation, currency depreciation, and rising living costs have reduced disposable income, forcing households to prioritise essentials such as food, transport, school fees, and utilities over lifestyle and discretionary spending.

This shift has significantly reduced foot traffic and sales in many retail centres.

Retailers and Mall Operators Under Financial Strain

Industry analysts say retailers are struggling to maintain profitability amid declining consumer purchasing power. Many brands are scaling back operations, renegotiating rent agreements, or closing underperforming outlets.

The situation is more severe for malls reliant on imported goods and high-end tenants. At the same time, operational costs have surged, particularly due to Nigeria’s unstable electricity supply, which forces malls to depend heavily on diesel generators.

As energy costs rise, facility management expenses have become increasingly difficult to sustain, putting pressure on both landlords and tenants.

Anchor Tenant Risks and Vacancy Pressures

A growing concern in the sector is the overreliance on anchor tenants such as supermarkets to drive mall traffic.

The uncertainty surrounding major retail chains like Shoprite in previous years exposed this vulnerability, as fears of store closures often led to reduced investor confidence and tenant instability.

When anchor tenants exit, smaller retailers typically experience reduced traffic, leading to higher vacancy rates and lower rental income for mall owners.

Oversupply and Changing Retail Dynamics

Experts also point to oversupply in some retail corridors, particularly in Lagos, where rapid mall development has outpaced consumer demand growth.

As a result, secondary malls are now struggling with low occupancy levels, while investors are shifting focus toward prime locations with stronger demographics and higher spending power.

Despite these challenges, analysts insist the retail sector is not disappearing but evolving.

Shift Toward Neighbourhood and Mixed-Use Retail

Consumer behaviour is changing rapidly, with increasing demand for convenience retail formats such as neighbourhood shopping centres, mini marts, and mixed-use developments closer to residential areas.

Digital commerce, social media-driven sales, and WhatsApp-based businesses are also reducing dependence on traditional malls for everyday shopping.

At the premium end of the market, developers are repositioning malls into lifestyle and entertainment hubs, integrating cinemas, restaurants, co-working spaces, and hospitality facilities to attract experience-driven consumers.

Asset Sales Reflect Market Repositioning, Not Collapse

Recent activity, including the offering of the Maryland Mall asset for sale, highlights financial pressures within parts of the sector.

The development has been linked to liquidity challenges and debt restructuring efforts involving stakeholders in the property.

Industry experts say such transactions reflect broader repositioning trends rather than a total market exit.

Foreign Exchange Pressure and Investor Confidence

Estate surveyor and valuer Rogba Orimalade noted that foreign exchange volatility remains one of the biggest risks facing Nigeria’s retail real estate market.

He explained that difficulties in repatriating funds and naira depreciation have weakened investor confidence, especially among foreign developers who previously dominated Grade A mall developments.

He also highlighted challenges around poor tenant mix and unrealistic rental pricing strategies, which have contributed to vacancy issues and declining mall performance.

Local Investors Drive Market Continuity

Despite challenges, some experts believe the retail sector remains active, with local investors increasingly taking over assets previously dominated by foreign operators.

According to industry observers, retail activity is gradually shifting toward smaller, community-focused developments, while established malls are being repurposed or repositioned for new consumer trends.

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The Central Bank of Nigeria has defended its recent policy decisions, stating that ongoing reforms have helped cushion the impact of global economic shocks on Nigerians.

CBN Governor Olayemi Cardoso made this known during the Spring Meetings of the World Bank and International Monetary Fund in Washington DC, where he emphasised that the apex bank’s Monetary Policy Committee decisions are guided strictly by data.

According to Cardoso, timely reforms prevented what could have been a far more severe economic outcome for the country.

“If we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful,” he said.

Nigeria’s inflation rate climbed to 15.38 percent in March 2026, reversing a prolonged period of gradual decline. The CBN governor attributed the increase to global pressures, particularly disruptions linked to tensions between the United States and Iran, which drove up energy, transportation, and food costs.

He noted that the central bank had deliberately resisted calls to ease monetary policy prematurely, anticipating external shocks that could destabilise the economy.

“This underscores an important point: members of the MPC have access to data and insights not always visible to the public,” Cardoso added.

Despite the inflationary pressures, the CBN reiterated its commitment to reducing inflation to single-digit levels, expressing confidence that economic stability is gradually taking hold.

“We remain focused on resilience because it directly addresses the concerns of Nigerians,” he said.

Also speaking, Minister of Finance Wale Edun said the country’s reform agenda is proving durable and self-sustaining, helping Nigeria navigate global economic uncertainties.

He highlighted key measures such as the adoption of a market-reflective foreign exchange regime and market-driven petroleum pricing, describing them as critical steps toward stabilising the economy.

Edun added that Nigeria’s reform programme has received positive feedback from international partners, noting that it is strengthening economic fundamentals and restoring investor confidence.

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The International Monetary Fund has warned that Nigerians may face more difficult economic conditions in the coming months as rising food and transport costs continue to strain household incomes.

The warning was issued by the IMF’s African Department Director, Abebe Selassie, during a briefing at the ongoing Spring Meetings of the World Bank and IMF in Washington, D.C.

Selassie said global shocks, including geopolitical tensions and supply chain disruptions, are already driving up the cost of living across Sub-Saharan Africa, with Nigeria among the hardest hit.

According to him, transportation costs have surged significantly, affecting both urban and rural populations and pushing food prices even higher.

“The immediate effect will be pressure on food security and transportation, which will ultimately raise the cost of food,” he said, noting that many households are already feeling the impact.

He added that the rising cost of living is making daily survival increasingly difficult for Nigerians, as inflation continues to erode purchasing power.

Despite these challenges, the IMF noted that Nigeria could benefit from rising crude oil prices, with key grades such as Brass River and Qua Iboe trading above $113 per barrel—well above the $60 benchmark in the 2026 budget.

Analysts say the surge in oil prices, driven by tensions in the Middle East and uncertainties around U.S.-Iran relations, could boost government revenue in the short term.

However, the IMF cautioned that the potential windfall may not translate into broad economic relief, as structural challenges and debt obligations remain significant.

The Fund projected that Nigeria’s debt-to-GDP ratio will rise to 33.1 percent by 2027, highlighting concerns about fiscal sustainability despite a slight downward revision from earlier estimates.

Data from the Debt Management Office shows that the country’s total public debt rose to ₦159.27 trillion as of the fourth quarter of 2025.

On policy direction, the IMF advised the government to maintain ongoing economic reforms, improve revenue generation, and prioritise critical spending.

Selassie stressed that abandoning reforms could worsen the situation, warning that inconsistent policies may derail long-term economic stability.

He also emphasised the need for stronger domestic revenue mobilisation, improved tax efficiency, and better public spending management.

In addition, the IMF warned against broad-based subsidies, describing them as costly and difficult to sustain, while urging policymakers to adopt targeted interventions that protect vulnerable populations.

Experts have also raised concerns about Nigeria’s fiscal outlook, noting that while the debt-to-GDP ratio appears moderate, the country’s limited revenue base poses a bigger risk.

They argue that a large informal economy and weak tax collection reduce the government’s capacity to service debt effectively.

Economic analysts further warned that higher oil prices could lead to increased fuel costs domestically, especially as the government maintains its stance against fuel subsidies.

This, they say, could worsen inflation and deepen economic hardship for millions of Nigerians already grappling with rising living costs.

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Residents of Abuja are increasingly struggling to cope with rising living costs, as a monthly income of ₦300,000—once considered comfortable—loses its purchasing power.

Amid persistent inflation and rising fuel prices, many workers in the Federal Capital Territory say their salaries are now barely sufficient to cover basic needs, leaving little or nothing for savings.

For civil servants and private sector employees alike, monthly earnings are largely consumed by fixed expenses such as rent, transportation, and food, forcing households into a cycle of financial strain.

“We don’t really eat like before. Meat is now occasional. You plan meals like a budget document,” said Grace Utaru, a civil servant in Abuja.

Another resident, Abdulrasak Babandede, who commutes from Suleja, described the situation as overwhelming. According to him, by the time rent and transport costs are settled, little remains from his income.

The rising cost of housing remains one of the biggest financial pressures. In areas such as Lugbe, Kubwa, and Gwarinpa, annual rent for a modest one-bedroom apartment ranges between ₦800,000 and ₦1.5 million.

When broken down monthly, rent alone can take up as much as 40 percent of a worker’s salary, excluding additional charges like agency fees and service costs. This is further complicated by Nigeria’s upfront rent payment structure, which places heavy financial demands on tenants.

Experts say the widening gap between income levels and housing costs is driven by limited supply, high construction costs, and inflationary pressures.

Transportation is another major burden. Workers commuting daily from satellite towns to business districts report spending between ₦40,000 and ₦60,000 monthly on transport, largely due to rising fuel prices.

Energy costs also continue to climb. With unreliable public power supply, many households now spend between ₦30,000 and ₦70,000 monthly on electricity and generator fuel.

Food inflation has added to the pressure. A family of four now spends between ₦120,000 and ₦180,000 monthly on food, forcing many households to cut back on protein and adopt cheaper meal options.

Development economists warn that when essential expenses—housing, food, transport, and energy—consume the bulk of income, households are left with little capacity to save or withstand financial shocks.

This comes despite recent government efforts to improve wages. In 2024, President Bola Ahmed Tinubu approved a ₦70,000 minimum wage, with a promise of periodic review.

However, data from the National Bureau of Statistics shows that inflation remains elevated, eroding real income and weakening purchasing power across the country.

Analysts say unless inflation slows significantly and wages adjust accordingly, more urban households could slip deeper into financial vulnerability.

The situation highlights a growing reality in Nigeria’s cities: earning what was once considered a stable income is no longer enough to guarantee financial security.

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