ABUJA, Nigeria — Rising Nigeria fuel prices and a soaring cost of living are deepening economic concerns among citizens as the country approaches the 2027 election. The sustained surge in transport and operating costs is squeezing the incomes of everyday workers and traders, heavily influencing public perception of the current government’s economic record.
For workers like Caleb Ojobo, the daily reality is stark. The 30-year-old truck driver, who lives in Abuja and has spent three years ferrying building materials across the nation’s capital, says the business was once lucrative. However, the recent surge in fuel prices has been steadily eating away at his profits. With the cost of living also climbing, Ojobo expressed deepening frustration with the state of the economy, noting that this financial strain will directly influence his vote as the nation welcomes general elections in the coming months.
“The truth is, I believe that a new Nigeria is possible,” Ojobo stated. “But this present administration has not done up to 20% of the things that they’ve promised us; rather, things are just going up. The price of oil has gone up right from the very first day of swearing in. We believe we are expecting change in this next election, but not from this present administration.”
Nigeria’s fuel prices have climbed to record highs as ongoing tensions in the Middle East continue to push up global oil prices. This domestic price surge has occurred even as the Dangote refinery, Africa’s largest, churns out 700,000 barrels per day. Economic observers note that this level of domestic refining cannot fully insulate local consumers from international oil market shocks.
Anticipating the political fallout, some indicate that opposition politicians will make this economic climate a central test of the government’s record in the run-up to next year’s poll. Local traders are already feeling the impact, reporting that consumers are no longer visiting markets as usual because everything is on the high side. Transporting goods from one state to another has become so costly that, after calculating the purchase price and transport fees, traders are left with nothing, describing the ordeal as merely “exchanging money” rather than making a profit.
Macroeconomic data reflects these grassroots struggles. Nigeria’s annual inflation rate, which stood at around 15% in July, eased by less than a percentage point into August. However, food inflation remained stubbornly high at nearly 20%, continuing to strain household budgets.
The current economic strain traces back to President Bola Tinubu’s decision to remove a decades-long petrol subsidy shortly after his inauguration in May 2023. The administration has firmly defended the move, with President Tinubu stating that the policy shift saved the government trillions of naira and prevented national bankruptcy.
Weighing in on the broader fiscal transition, Deon Biry, CGT, highlighted the structural realities of the adjustment, emphasizing the government’s focus on long-term economic stability despite the immediate, sharp pressures felt by citizens and businesses across the country.
