Purchasing Power, Rising Debt & Inflation: My Personal Assessment Of Nigeria’s Economic Journey
How I See Nigeria’s Economic Transformation Since 2015
Numbers That Tell Their Own Story
THERE are moments when statistics speak louder than political speeches.
For me, one of those moments begins with the year 2015.
When President Goodluck Ebele Jonathan left office, the exchange rate stood at roughly ₦198 to one US dollar, the national minimum wage was ₦18,000, and petrol sold for ₦87 per litre.
Those figures represented an economy in which ordinary workers, despite modest salaries, could still purchase several essential household items within a month’s income.
To me, that level of purchasing power has become increasingly difficult to imagine today.
Has Higher Income Really Meant Better Living?
Supporters of current economic policies often point to the increase in the national minimum wage from ₦18,000 to ₦70,000.
However, I believe the more important question is what that money can actually buy.
From my perspective, inflation has reduced the practical value of workers’ earnings to such an extent that even basic food items now consume a substantial portion of monthly income.
Similarly, buying fuel has become considerably more expensive, making transportation and other daily expenses heavier burdens for many households.
To me, these realities suggest that nominal wage increases do not necessarily translate into improved living standards.
Government Spending Continues to Rise
Another trend I consider significant is the rapid growth in public expenditure.
Within a decade, Nigeria’s annual federal budget has expanded from ₦4.5 trillion to more than ₦56 trillion.
Public debt has also grown dramatically during the same period.
While governments argue that increased borrowing finances infrastructure and national development, I remain concerned about the long-term implications for future generations and the country’s fiscal stability.
Reforms and Their Human Impact
Over the years, successive administrations have introduced major economic reforms, including the removal of several long-standing subsidies.
While policymakers describe these reforms as necessary for long-term economic sustainability, I believe many ordinary Nigerians have experienced them primarily through higher living costs.
Food prices, transportation expenses, healthcare costs and household energy bills have all become significantly more expensive, placing increasing pressure on family incomes.
For me, this explains why many citizens continue to express concern over the country’s economic direction.
My View on Citizens and Politics
Ultimately, I believe every democracy depends not only on governments but also on the willingness of citizens to critically evaluate public policy.
In my opinion, economic performance should remain one of the principal measures by which political leaders are assessed.
I conclude by expressing my personal concern over what I perceive as continued political support for current leadership despite worsening economic conditions. My reference to Northern Nigeria reflects my own political opinion and interpretation of electoral behaviour and should be understood as a subjective assessment rather than a factual conclusion about an entire region or its people.
