A devastating new report reveals that 50.1 percent of Nigerians now spend virtually their entire monthly income just to put food on the table, highlighting the crushing economic hardship facing ordinary citizens under President Bola Tinubu's administration. The Nigerian Consumer Outlook Report, which surveyed over 7,000 Nigerians across all six geo-political zones, paints a grim picture of a population struggling to survive amid soaring inflation and punishing economic reforms.
The report, conducted by Lagos-based SEID, exposes the harsh reality that more than half of Nigerians earn less than N100,000 monthly, revealing the severe income inequality and financial strain that has intensified since Tinubu's government implemented a series of controversial economic policies, including the removal of fuel subsidies and the floating of the naira.
The economic downturn has forced a significant shift in survival strategies, with nearly one-third (31.7%) of Nigerians now depending on self-employment as their primary income source. Meanwhile, skyrocketing electricity costs under the current administration have pushed 18.5% of households to invest in solar energy solutions as they seek alternatives to the increasingly unaffordable national grid.
Education no longer guarantees financial security in today's Nigeria, with the report highlighting that even educated workers struggle with underemployment. Those with advanced degrees earn more but face severely limited access to well-paying jobs in an economy battered by policy-induced inflation and instability.
Survival mode has become the new normal for most Nigerians, with families drastically cutting spending on non-essentials. Luxury and lifestyle categories such as fashion, travel, dining out, premium gadgets, and high-end beauty products have seen sales plummet as middle-income earners adjust to the harsh economic realities created by the administration's policies.
Managing Partner at SEID, Tubosun Akeju, noted that the average Nigerian consumer today faces a fundamentally different landscape than just a decade ago, with recent government policy changes dramatically altering how citizens navigate their economic realities.
Partner at Dentons ACAS-LAW, Afolabi Caxton-Martins, described the report as capturing "the lived realities of Nigerians" as they struggle to adapt to the country's rapidly deteriorating economic environment under the current administration.
As the economic crisis deepens, the report serves as a stark reminder of the growing hardship faced by ordinary Nigerians who continue to bear the brunt of the Tinubu government's harsh economic policies with little relief in sight.
