Economic reforms under President Bola Tinubu have pushed Nigeria’s poverty rate to a staggering 63%, according to a recent report released on Thursday by Agora Policy, in collaboration with the Nigeria Economic Stability and Transformation (NEST) programme and the UK’s Foreign, Commonwealth and Development Office (FCDO). The findings highlight the sharp impact of subsidy removals and tariff adjustments on everyday Nigerians.
The report shows that the poverty headcount jumped from 49.8% before the reforms to 63.3% afterward, largely due to the removal of petrol subsidies and electricity tariff hikes. While these reforms strengthened government finances and boosted some macroeconomic indicators, they also intensified the cost-of-living crisis for households across the country.
Data from the study illustrates the severity of the situation: the average cost of a healthy meal rose from N515 in June 2023 to N1,611 by July 2025, while intercity bus fares almost doubled, climbing from N4,000 to N7,700. Rent for average households also surged from N1.79 million to about N4.50 million during the same period, with low-income families experiencing the brunt of these economic pressures.
The report combined statistical analysis with focus group discussions across Nigeria’s six geopolitical zones, capturing the lived experiences of citizens. Families reported cutting back on meals, limiting electricity use, walking instead of using transport, and borrowing money to survive. Small and medium-sized enterprises also faced rising operational costs, leading many to increase prices, downsize staff, or seek alternative energy sources to stay afloat.
Despite the hardships, some macroeconomic gains were acknowledged: Nigeria’s external reserves grew from $35.09 billion in May 2023 to $50.45 billion by February 2026, and government revenue increased. Speaking at the stakeholder dialogue, Agora Policy Chair Ojobo Ode Atuluku emphasized that economic reforms must be inclusive and continuously reviewed, noting that sustained dialogue between policymakers and citizens is essential to ensure the benefits of reforms reach all Nigerians.
source: The sun