₦airaland Forum

Nigerians are increasingly faced with the pain of rising inflation and cost of living as the Iran-United States-Israel war takes ripple effects on Africa’s most populous country.


DAILY POST reports that this is despite President Bola Ahmed Tinubu administration’s reforms.

The latest inflation data released by the National Bureau of Statistics showed that both headline and food inflation in March rose to 15.38 percent and 14.31 percent recently.


The surge comes amid the over 50 percent and 70 percent increase in fuel and automotive gas oil prices since the Iran-US-Israel war escalation on February 28, 2026.

DAILY POST reports that petrol and diesel rose to between N1,290 and N1,350 per liter from N900, while diesel stood at N1,600 to N1,800 per liter in the last 50 days amid crude oil price volatility.


The implication of the above is the significant rise in the cost of transportation nationwide, food prices, and general cost of living in Nigeria.

Although Nigeria is not the only country affected by the global shocks, the country’s situation is dire, with citizens feeling the government is not doing enough.

Nigeria’s situation is more severe due to its import dependency.


It could be recalled that the Federal Government had a rollout import duty review for 127 items, including rice, sugar, vehicles, and numerous others. However, the policy did not roll back inflation’s impact on Nigerians.

The Centre for the Promotion of Private Enterprise, in its policy statement by its Chief Executive Officer, Dr. Muda Yusuf, urged the Federal Government to cut import duty on mass transit buses to 5 percent and grant a Value Added Tax waiver.

The International Monetary Fund, relying on economic realities in Nigeria, reversed the country’s Gross Domestic Product growth rate to 4.1 percent, citing increased pressures due to global economic shocks.


In his words at the World Bank/IMF Spring Meeting in the United States, the director of the African Department at the IMF, Abebe Selassie, said, “The immediate effect will be quite a bit of pressure, including on food security, either through the limited availability of fertilizer, expensive fertilizer, or even more immediately, as transportation costs have gone up, it’s going to raise the cost of food and so quite a bit of dislocation.”

Selassie’s statement validates the realities for the majority of Nigerians grappling with the high cost of living.

While NBS inflation data reflects a slight rise, the former president of the Chartered Institute of Bankers of Nigeria, CIBN, Okechukwu Unegbu, had argued that it does not reflect conditions in local markets.

Meanwhile, Minister of Finance, Wale Edun explained that Nigeria’s inflation is triggered by the Iran-United States-Israel war despite Nigeria’s crude oil blend, Bonny Light, exceeding $110–$120 per barrel.

In exclusive separate interviews with DAILY POST, a professor of accounting and finance at Lead City University, Godwin Oyedokun, and the CEO of SD & D Capital Management, Gbolade Idakolo, gave a comprehensive review of Nigerians’ dilemma.

Tinubu’s reforms appear disconnected from everyday experience of Nigerians – Prof Oyedokun

Oyedokun, while speaking, described Nigeria’s latest inflation figures as a worrisome development that reflects mounting pressure on households already battling weak purchasing power.

He said, “Nigeria’s recent inflation figures present a sobering reality that cannot be ignored or oversimplified.”

“The latest data released by the National Bureau of Statistics, showing a rise in headline inflation to 15.38 percent and food inflation to 14.31 percent, signals a renewed upward pressure on prices at a time when many Nigerians had hoped for sustained moderation.”

Highlighting the severity of the situation, he added, “More troubling is not just the increase itself, but the speed at which essential costs, particularly food and transportation, are rising, placing additional strain on households already grappling with fragile purchasing power.”

Oyedokun acknowledged the Federal Government’s explanation linking inflation to global tensions, stating, “The Federal Government, through the Honorable Minister of Finance, has attributed this resurgence largely to external shocks, particularly the geopolitical tensions involving Iran, the United States, and Israel. There is merit in this position.”

He explained further: “As a largely import-dependent economy with significant exposure to global energy markets, Nigeria is inevitably vulnerable to fluctuations in crude oil prices and international supply chain disruptions.

“Increases in global oil prices often translate directly into higher domestic fuel costs, which then cascade into transportation, production, and ultimately food prices.”

However, he stressed that domestic factors are also at play:

“While external factors provide part of the explanation, they do not tell the full story. The current inflationary trend must also be understood within the context of ongoing domestic economic reforms.”

On policy changes, Oyedokun said, “The removal of fuel subsidies and the liberalization of the foreign exchange market were necessary steps toward fiscal sustainability and economic efficiency.

“Yet, these policies have had immediate inflationary consequences, significantly increasing the cost of energy and weakening the naira, thereby raising the price of imported goods and inputs.”

He described the situation as follows: “What emerges, therefore, is a classic case of cost-push inflation, driven by a combination of global pressures and domestic policy adjustments.”

Raising concerns about implementation, he noted: “The challenge is not whether these reforms are justified—they largely are—but whether they have been adequately sequenced and supported with sufficient social protection measures.”

Oyedokun warned of the burden on citizens, saying: “At present, the evidence suggests that the burden of adjustment is falling disproportionately on ordinary Nigerians, with limited cushioning to mitigate the short-term hardships.”

He also referenced the stance of global financial institutions:

“International institutions such as the IMF and the World Bank have broadly endorsed Nigeria’s reform trajectory, recognizing its potential to restore macroeconomic stability and improve investor confidence.

“Yet, they have also cautioned that these gains are unlikely to translate into immediate improvements in living standards.

“Economic stability at the macro level does not automatically equate to welfare gains at the household level, especially in an environment of rising inflation and stagnant incomes.”

Describing the reality on the ground, Oyedokun said, “For many Nigerians, the reality is stark. Transportation costs have surged, food prices remain elevated, and real incomes continue to erode.”

He added: “The informal sector, which constitutes a significant portion of the economy, is particularly vulnerable, with limited capacity to absorb rising costs.”

The professor concluded with a note of concern: “In this context, the narrative of reform success risks appearing disconnected from everyday experience”, he told DAILY POST.

Reforms only can address hardship in Nigeria – Idakolo

Idakolo, on his part, attributed Nigeria’s latest inflation spike to escalating global tensions and rising logistics costs, warning that more Nigerians are being pushed into poverty.

Speaking in an interview with DAILY POST, he said the increase in headline and food inflation rates to 15.38 percent and 14.31 percent, respectively, is largely driven by external and domestic cost pressures.

“The headline and food inflation surge to 15.38 percent and 14.31 percent can be attributed to the ongoing war between Iran, Israel, and the USA, which has caused an increase in shipping costs and high local logistics costs, as well as transportation costs,” he said.

He explained that the ripple effects of higher shipping and transport costs had worsened the already high cost of living across the country.

“The effect has increased the already high cost of living and has thrown more Nigerians below poverty level,” Idakolo added.

The financial expert stressed that current economic reforms alone were insufficient to cushion the hardship faced by citizens, calling for immediate government intervention.

“These indices have shown that reforms alone cannot ameliorate the hardship Nigerians are currently experiencing, but the federal government needs urgent intervention in areas of transport subsidies and other palliatives that can make an impact before the reforms take root,” he told DAILY POST.

Source: https://dailypost.ng/2026/04/21/economists-react-as-inflation-rise-inflicts-more-pains-on-nigerians

Some of all these news sef

Who be the economist abeg

Technically Nigeria no gets economist

adenigga:
Source: https://dailypost.ng/2026/04/21/economists-react-as-inflation-rise-inflicts-more-pains-on-nigerians

hunger baddddddddddd promaxxxx

Nigeria is goneeeee. Una go suffer

So the best way to determine this is CPI and food inflation which I can confirm is slowly building up, even core inflation is on the rise too because transport fare is shooting through the roof.

At this point, we have to give kudoz and thanks to Dangote refinery and Federal Government because if F.G didn't supply Dangote with more crude.

Or If Dangote refinery wasn't functional now.

Dollar to naira exchange rate would have been 2000/1$ by now, Petro would have been hard to get and inflation would have been through the roof. Our economy would have been overheating.

Tinubu has messed up but for protecting Dangote refinery and implementing the removal of subsidy, Tinubu really saved Nigeria.

Relax,..... Asibackward Gbola Tilumbu is on the driving seat!

A well known strategist in failure!

Haha they want to blame it on US - Iran war? This apc govt is satanic to put it mildly

This is where subsidizing would have matter ,the only benefit the masses derive from the government but the administration where trying to defends themselves over the same things they were stealing g

These are the results of voting an incompetent president into power..it's a pity

My people say weekend wey go good nah on Thursday you go take know.

It's already the twilight of his first tenure yet no succour in sight.

If them tell you RELAX guy nah scam be that ooo.

God. Please come to our aid. This is just too much on Nigerians

My shege machine i used measure it from govt to govt wan catch fire under Yekini.

Well,we are between the Lucifer and the deep blue sea.

The harsh fact is that whatever choices we make now, it would affect us negatively


@TheStoriesofMan

I blocked you because you did not engage my points, and you were abusive to me. And in crying to seun, you are still labelling me a liar. So, enjoy thyself.

Regional government will solve all these.

Nigerians are not asking the right questions.

Forget those who say the country is working. Them dey abroad dey pray make $$$ be ₦2000 while sending funds to their people back home.

You see the people abroad, if naira is ₦50/1, they'll stop supporting a compromised government. They know themselves, they'll probably attack this post. Just sit back and watch.

Even NBS can't defend their own lies any longer. Inflation is killing Nigerians with the bad thought policy of Tinubu and APC. Only those who are not concerned will not be concerned.

TheStoriesOfMan:
Regional government will solve all these.

Nigerians are not asking the right questions.

Forget those who say the country is working. Them dey abroad dey pray make $$$ be ₦2000 while sending funds to their people back home.

You see the people abroad, if naira is ₦50/1, they'll stop supporting a compromised government. They know themselves, they'll probably attack this post. Just sit back and watch.

Regional government would solve nada.

Even induistrialized, developed countries have the same issues that we are having right now, all arising from high oil prices.

Plus you guys should stop romanticising regions ..Most people lived in poverty and had no access to clean water , good roads and electricity under regional system of government. Regions were spending money disproportionately on cities and some projects. If una no dey there, Na on your own you be. And corruption was there live

nairalanda1:
Regional government would solve nada.

Even induistrialized, developed countries have the same issues that we are having right now, all arising from high oil prices.

You person quoting me is one of them. Let's wait for the incoming ones.

Tinubu with his guuutter economist has taken Nigeria 200yrs backwards.

Everyone is seeing and waiting for 2027 to do the needful.

TheStoriesOfMan:
You person quoting me is one of them. Let's wait for the incoming ones.

Lol. You have nothing to say, so you resort to lazy commentary and abuse

Better face facts, man.

b0rn2fuck:
These is where subsidizing would have matter ,the only benefit the masses derive from the government but the administration where trying to defends themselves over the same things they were stealing

The problem with subsidy is that we are not paying enough tax to fund it. And we are not a diversified economy..which is why APC is useless, because they didn't diversify the economy since 2015

Bringing a subsidy would put us in more debt . Therein lies the problem

Note that I didn't deny corruption or say APC is running the country well

Where is tinubu today? Where is tinubu

You can't be active on nairaland 24 hrs and keep blaming tinubu for your misfortune

Get up and get a job to do

Wait ooo. If there is an increase in crude oil price, isn't it suppose to benefit Nigeria as an oil producing state?

Tinubu is making extra $30 for every barrel of crude oil sold and yet he is still borrowing from the living and the dead.

TheStoriesOfMan:
Regional government will solve all these.

Nigerians are not asking the right questions.

Forget those who say the country is working. Them dey abroad dey pray make $$$ be ₦2000 while sending funds to their people back home.

You see the people abroad, if naira is ₦50/1, they'll stop supporting a compromised government. They know themselves, they'll probably attack this post. Just sit back and watch.

One of them quoted my post and when he was exposed for who he is, he quickly blocked himself.

See, you can't continue to lie and think that you are heads and shoulders above others.

Well, if you are a lover of a compromised government, just block me from seeing your posts. It will do you a whole lotta good.

A former admin who is an old man blocked himself from seeing my posts.

I urge others to do the same.

That's why I want seun to out an option where people can block an account forever, and make it irreversible.

Beeron:
So the best way to determine this is CPI and food inflation which I can confirm is slowly building up, even core inflation is on the rise too because transport fare is shooting through the roof.

At this point, we have to give kudoz and thanks to Dangote refinery and Federal Government because if F.G didn't supply Dangote with more crude.

Or If Dangote refinery wasn't functional now.

Dollar to naira exchange rate would have been 2000/1$ by now, Petro would have been hard to get and inflation would have been through the roof. Our economy would have been overheating.

Tinubu has messed up but for protecting Dangote refinery and implementing the removal of subsidy, Tinubu really saved Nigeria.

TInubu has not saved Nigeria.
He didn't even bring the Dangote refinery to Nigeria self...that was a PDP thing under GEJ, and it was GEJ 's ministers who even helped Dangote get loans from the African development bank.
The problem with tinubu is that he was part of a government that in 2015 promised that they would diversify our economy. THEY DID NOT, and as a result funding to mittigate the harsh effects of the oil crisis is non-existent as a result.

Saved Nigeria indeed.

Make una now worry. The master strategist will fix it

TheStoriesOfMan:
One of them quoted my post and when he was exposed for who he is, he quickly blocked himself.

See, you can't continue to lie and think that you are heads and shoulders above others.

Well, if you are a lover of a compromised government, just block me from seeing your posts. It will do you a whole lotta good.

A former admin who is an old man blocked himself from seeing my posts.

I urge others to do the same.

That's why I want seun to out an option where people can block an account forever, and make it irreversible.

@seun, please see to this. Thanks for your attention on the matter.

Beeron:
So the best way to determine this is CPI and food inflation which I can confirm is slowly building up, even core inflation is on the rise too because transport fare is shooting through the roof.

At this point, we have to give kudoz and thanks to Dangote refinery and Federal Government because if F.G didn't supply Dangote with more crude.

Or If Dangote refinery wasn't functional now.

Dollar to naira exchange rate would have been 2000/1$ by now, Petro would have been hard to get and inflation would have been through the roof. Our economy would have been overheating.

Tinubu has messed up but for protecting Dangote refinery and implementing the removal of subsidy, Tinubu really saved Nigeria.

Please let be careful not to misinform people deliberately,

I stand to correct, Nig govt or should i say Tinubu deserve NO credit or thanks becos
1. Nigeria crude production as gone all time low to 1,3m barrel per day according Opec i.e we have far below our obligations there Giving Dangote more crude is not true

2. Dangote produce over 18m crude per barrel, hardly did Nig meet 5m crude to dangote meaning the man import 70% of his crude .. So it very wrong for anyone to come play a mischief nd Thank a useless Govt, most uselezz govt at that

Dangote is struggling to import nd meet is target, and your govt is busy doing nothing except to release propaganda ..if not for opec we wont know we are down to 1.3m per barrel

E lor fokan bale

E lor fokan bale