Why ₦1 Million No Longer Goes Far in Nigeria

₦1 million is still a substantial amount of money, but inflation has changed what it can buy. After rent, food, transport, electricity, school fees, healthcare and unexpected bills, the money can disappear far faster than many Nigerians expect. Official data from the National Bureau of Statistics puts headline inflation at 15.43 per cent and food inflation at 20.31 per cent under the rebased Consumer Price Index. While prices may not rise at the same rate in every location, many households are still dealing with a high cost of living. The central problem is the gap between income and expenses. When salaries rise more slowly than food, housing, fuel and transport costs, people become poorer in real terms even if they earn more on paper. This is especially difficult for young workers and entrepreneurs trying to save, support family, build businesses or plan for marriage and housing. ₦1 million can still settle urgent bills, support a small business or provide an emergency cushion. But for many Nigerians, the real question is no longer whether it is a lot of money, but how long it can sustain a normal life.

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