NIGERIA’S inflation rate eased slightly in September, falling to 14.63 per cent year-on-year from 15.39 per cent in August, according to data released by the National Bureau of Statistics (NBS) on Thursday, October 15.
The latest figures show that food inflation remained high, edging up to 19.59 per cent in September from 19.57 per cent in August.
The figures suggest that although the pace of overall price increases has slowed, the cost of essential goods remains a major concern for millions of Nigerians, particularly low-income households.
Despite the decline, rising food prices, fuel costs and other living expenses continue to put pressure on households, leaving many Nigerians struggling to cope with the cost of living ahead of the 2027 general elections.
The persistent pressure on household budgets presents an economic challenge for President Bola Tinubu as he prepares to seek re-election in 2027.
The ICIR reported that Nigerians, including a faction of the pan-Yoruba socio-political organisation, Afenifere, led by Oba Oladipo Olaitan, called on the Federal Government to drastically reduce petrol price. High petrol prices are widely believed to be a major driver of rising food prices and the cost of other essential commodities.
The Afenifere faction specifically urged Tinubu to reduce the price of petrol to between N350 and N400 per litre and review the N70,000 national minimum wage to reflect rising inflation.
The demand follows the government’s proposed petrol price stabilisation mechanism, which seeks to cap the ex-gantry or landing cost of petrol at N1,350 per litre, which critics said fell short of Nigerians’ expectations amid rising living costs.
Tinubu, who assumed office in May 2023, introduced major economic reforms, including the removal of petrol subsidies and the unification of foreign exchange markets, as part of efforts to improve public finances, attract investment and stimulate economic growth.
However, the reforms contributed to sharp increases in living costs, as higher petrol prices and currency depreciation pushed up the cost of transportation, imported goods and essential commodities.
The resulting cost-of-living crisis has remained a major concern for households, even as the government argues that its reforms are laying the foundation for long-term economic stability.
Opposition parties, including the African Democratic Congress (ADC) and Nigeria Democratic Congress (NDC) have stepped up their campaigns for the 2027 polls, using the hardship faced by Nigerians as a major campaign weapon against Tinubu’s All Progressives’ Congress (APC)
At its September 21–22, 2026 meeting, the CBN cut its benchmark Monetary Policy Rate (MPR) by 350 basis points, from 26.5 per cent to 23 per cent. The bank said the adjustment was an operational realignment intended to bring its benchmark closer to prevailing market rates and improve monetary policy transmission, rather than a change in its overall monetary policy stance.
The bank said market interest rates had diverged from its benchmark rate and that previous monetary tightening measures had proved effective.
The decision marked a shift in monetary policy as authorities assessed the impact of earlier measures to contain inflation.
However, the extent to which the rate cut will ease financial pressures on households and businesses remains uncertain, particularly while food prices and other essential expenses remain elevated.
Nigeria’s economy has shown signs of improvement, with gross domestic product expanding by 4.4 per cent year-on-year in the second quarter of 2026, according to the NBS.
Despite the growth, the economy remains below Tinubu’s target of achieving an annual growth rate of seven per cent by 2027.
As the country approaches the 2027 elections, the government’s ability to translate economic growth and moderating inflation into tangible improvements in living standards is likely to remain a key issue for voters.
Nanji is an investigative journalist with the ICIR. She has years of experience in reporting and broadcasting human angle stories, gender inequalities, minority stories, and human rights issues. She has documented sexual war crimes in armed conflict, sex for grades in Nigerian Universities, harmful traditional practices and human trafficking.