Nigeria’s president has released a re-election manifesto promising 6% annual economic growth by 2031 and the construction of 200,000 affordable homes.
Economic reforms raise living costs
The administration’s decision to remove fuel subsidies and align foreign exchange rates has changed household finances.
Removing fuel subsidies freed up more than one trillion ($740m; £550m) naira in government resources during the first two months. But many citizens face higher spending on basic goods.
Inflation has been a central challenge since the president took office in 2023. According to the National Bureau of Statistics, headline inflation was 14% in September 2026. This is a decrease from a 34% high recorded in 2024.
The gap between official and parallel foreign exchange rates has also narrowed. The World Bank and the International Monetary Fund (IMF) praised the effectiveness of these reforms.
Staple food costs remain high despite the downward trend. Analysis by the International Centre for Investigative Reporting (ICIR) found that the price of imported rice rose by 184% between May 2023 and October 2025.
Other essential items like bread, garri (cassava flour), and beans also saw price increases.
“Most Nigerian families are saying they cannot survive on 10,000 naira [$7.40; £5.50] a day,” Joshua Osiyemi, who heads Tracka, told the BBC.
Osiyemi leads the platform for the BudgIT Foundation non-profit. He said fuel price hikes caused the cost of all Nigerian consumer goods to skyrocket.
SBM Intelligence reported that the cost of preparing a pot of jollof rice fell by 11.5% between June and September 2026. This was the sharpest decline in the firm’s 10-year Jollof Index.
Ikenna Okonkwo, the head of research at SBM Intelligence, said this has not resulted in relief for most households. Nigerians are dedicating more of their income to basic necessities.
Security and infrastructure goals for 2031
The new manifesto focuses on national stability and infrastructure. The plan aims to add 78,000 additional security personnel to the workforce.
Ikenna Okonkwo said managing security threats is a tall order.
Political rivals face economic realities
Political competition will intensify as the January 2027 election approaches. Peter Obi and former Vice-Atiku Abubakar remain the primary challengers to the incumbent.
In the 2023 presidential election, Tinubu was declared the winner with 8.79 million votes. He finished ahead of both Obi and Atiku.
The opposition remains critical of the current economic path. Peter Obi, who placed third in the 2023 presidential election, unveiled his “2027 Governance Agenda” on 10 November.
Obi uses the slogan “A New Nigeria is Possible,” and has made national unity a primary priority.