What Nigerians Could Afford Five Years Ago That Now Strains Household Budgets

Five years may not sound like a long time, but household budgets in Nigeria tell a different story. The same income now buys far less than it did in 2021, leaving many people working harder just to maintain a basic standard of living. Petrol is one major example. Filling a tank was once a routine expense, but higher pump prices after the 2023 subsidy removal have made every trip a calculation. Higher fuel costs have also pushed up transport fares, food prices and the cost of running generator-dependent businesses. Renting a decent apartment has also become harder for many workers. Rents, maintenance costs, agency fees and agreement fees have risen sharply, while salaries have not kept pace. For many young Nigerians, moving into a one-bedroom apartment on a single income now feels much less achievable than it did a few years ago.

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