President Bola Ahmed Tinubu’s sweeping economic reforms have produced measurable improvements in some of Nigeria’s macroeconomic indicators, but persistent hardship at household level is putting the administration’s public standing under increasing pressure.
Since assuming office in 2023, Tinubu has removed the petrol subsidy, liberalised the foreign-exchange market and pursued fiscal and monetary reforms aimed at stabilising the economy.
The International Monetary Fund (IMF) said in June 2026 that the reforms had strengthened macroeconomic stability, rebuilt external buffers and improved the functioning of the foreign-exchange market.
However, the IMF also warned that conditions remained difficult for many Nigerians. It estimated that poverty had reached 63 per cent under the cited national poverty line, while about 27 million Nigerians were estimated to have experienced food insecurity in late 2025.
Household hardship drives dissatisfaction
The disconnect between improving macroeconomic indicators and household experiences has become a major issue for the administration.
A nationwide survey put Tinubu’s approval rating at 30.2 per cent, while 47.5 per cent disapproved of his performance. The survey also found that 62 per cent of respondents considered themselves worse off than three years earlier, compared with 23.3 per cent who said they were better off.
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The survey was conducted through telephone interviews using proportionate stratified random sampling across Nigeria’s six geopolitical zones. Its findings should therefore be read as a measurement from that particular survey period rather than a definitive assessment of every Nigerian.
For ordinary citizens, the economic debate is often framed around food prices, transport fares, electricity bills, rent, school fees and the difficulty of maintaining businesses.
Reuters reported in August that Nigerians were continuing to experience severe cost-of-living pressures despite investor optimism over the reforms. The report cited Nigerians struggling with higher food and petrol costs and reduced household purchasing power.
One Lagos-based health worker quoted by Reuters, Grace Adama, said she was struggling to make ends meet despite earning twice the minimum wage, illustrating the gap between income levels and rapidly rising living expenses.
Businesses face their own pressures
Businesses are also navigating high borrowing costs, insecurity, multiple taxes and elevated energy expenses. The CBN’s May 2026 Business Expectations Survey nevertheless recorded an improvement in business confidence, with the Business Confidence Index rising from 3.9 points in April to 7.9 points in May.
The broader economy has also continued to expand. Nigeria’s GDP grew by 4.43 per cent year-on-year in the second quarter of 2026, up from 3.89 per cent in the first quarter, according to the National Bureau of Statistics data reported by Reuters.
Yet growth alone has not eliminated the affordability crisis.
Government faces pressure to translate reforms into living standards
The administration has argued that its reforms were necessary to correct longstanding structural weaknesses and create conditions for sustainable growth. Finance Minister Taiwo Oyedele has also maintained that the reforms helped avert a deeper economic crisis, while acknowledging the short-term hardship they created.
The central challenge now is whether improving economic stability can translate into higher real incomes, lower living costs, more employment and greater economic security for households.
For many Nigerians, the answer will depend less on headline GDP figures and more on whether they can afford food, transportation, housing, healthcare and education.
As the country moves towards the 2027 election period, economic conditions and perceptions of household welfare are therefore likely to remain important issues in public debate.