OVER the past decade, Nigeria’s working class and ordinary citizens have lived through one of the most painful economic periods in the nation’s history. The suffering has been gradual, steady, and relentless, driven by a series of policy decisions that – though often praised in official speeches – have translated into hardship for millions.
From the once-busy markets of Kano to the crowded bus parks in Lagos, and from government offices in Abuja to the homes of teachers, artisans, traders, and unemployed youths across the country, the daily reality has been the same: the cost of living has risen beyond imagination, while incomes have remained stagnant.
While workers and unemployed youths battle hardship every day, the country’s political elite continue to enjoy some of the highest salaries and allowances in Africa. Prof. Jibrin Ibrahim describes Nigeria as a place where leaders live in a completely different economic universe from the people they govern. This widening gap between rulers and the ruled is not just an economic problem – it is a moral crisis.
Nothing captures the scale of Nigeria’s economic collapse more sharply than the dramatic fall of the naira. In early 2015, the exchange rate stood comfortably between ₦165 and ₦170 per dollar, allowing workers to buy essential goods at manageable prices. Today, that same dollar costs between ₦1,580 and ₦1,600 – a tenfold rise that has affected every aspect of life.
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Scholars such as Prof. Charles Soludo have long warned that rapid currency depreciation is the fastest route to mass impoverishment because it pushes up the price of everything in an import-dependent economy. Development experts, including Prof. Soludo, argue that devaluation acts as a regressive tax on the poor, draining their already limited income. Yet while prices multiplied ten times, salaries remained nearly the same.
Workers earned ₦18,000 in 2015, and it bought two bags of 50kg of rice and still have change for other commodities. In 2019, the salary increased to 30,000 naira, and despite further increase 70,000 naira the purchasing value, when compared to the 18,000 naira of 2015, is abysmal, worsened in a scenario where millions are unemployed and have no income at all. Economist, Dr Bismarck Rewane describes this situation as “wage stagnation in the middle of runaway inflation,” a combination that traps entire families in poverty.
The border closure of 2019 further worsened the crisis. Although introduced to curb smuggling and encourage local production, the policy triggered severe food inflation. Food prices doubled, supply chains weakened, and local farmers could not meet national demand. Scholars like Dr Ayo Teriba criticised the decision as “economically disruptive,” and institutions such as the World Bank and African Development Bank warned that it would intensify hunger and scarcity – warnings that proved accurate.
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Naira devaluation and forex restrictions added more pressure. According to Dr Andrew Nevin of PwC Nigeria, devaluation without structural reforms disproportionately harms workers because it transfers wealth from naira earners to those with access to dollars. The IMF repeatedly cautioned that inconsistent Foreign Exchange (FX or FOREX) policies would fuel inflation and weaken households, but these warnings were brushed aside.
After ten years of economic hardship, one truth has become clear: the working class and ordinary citizens have become more politically aware and less willing to endure empty promises. As the 2027 elections approach, they will be the ultimate judges. Their votes will reflect the years of hunger, unemployment, collapsing purchasing power, rising food prices, unaffordable fuel, and political leadership detached from everyday reality. Political scientist, Prof. Okey Ibeanu, observes that when hardship reaches a critical point, elections become referendums on survival. The 2027 polls may become exactly that.
When fuel subsidies were removed, the shock rippled through the entire economy. Transport costs skyrocketed. Businesses struggled. Food prices climbed even higher. Scholars like Prof. Pat Utomi argued that removing subsidies without safety nets or functioning public transport would push millions into hardship – and that prediction came true. Families began skipping meals, withdrawing children from school, and postponing medical care.
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Despite these difficulties, the government announced plans to introduce new taxes in 2026. Economic analysts, including Peter Obi, criticised the move, insisting that no government should “tax poverty” when people are already struggling to survive. The Nigerian Economic Summit Group also warned that excessive taxation during economic decline only deepens poverty and discourages productivity.
While workers and unemployed youths battle hardship every day, the country’s political elite continue to enjoy some of the highest salaries and allowances in Africa. Prof. Jibrin Ibrahim describes Nigeria as a place where leaders live in a completely different economic universe from the people they govern. This widening gap between rulers and the ruled is not just an economic problem – it is a moral crisis.
Across academic institutions, think tanks, and international bodies, there is broad agreement that the policies of the last decade intensified poverty. Scholars point to massive naira depreciation, border closures, inconsistent FOREX policies, subsidy removal without cushioning, and stagnant wages as the main drivers of Nigeria’s worsening living standards. Prof. Ibrahim Gambari has noted that prolonged hardship weakens social cohesion, and Nigeria has witnessed this through rising frustration, hopelessness, and anger.
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After ten years of economic hardship, one truth has become clear: the working class and ordinary citizens have become more politically aware and less willing to endure empty promises. As the 2027 elections approach, they will be the ultimate judges. Their votes will reflect the years of hunger, unemployment, collapsing purchasing power, rising food prices, unaffordable fuel, and political leadership detached from everyday reality. Political scientist, Prof. Okey Ibeanu, observes that when hardship reaches a critical point, elections become referendums on survival. The 2027 polls may become exactly that.
The last decade has shown that Nigeria’s economic pain did not occur by accident; it was the result of policy choices that ignored the struggles of ordinary people. Unless leaders place citizens’ welfare at the centre of governance, the nation risks entering another decade of hardship. The future now rests with the working class and the ordinary Nigerians whose suffering has made them the most powerful judges in the coming political era.
Comrade Danlami popularly known as Baba Lawan writes from Haliru Umar Street, Dorayi Karamar Unguwar Yamma, Gwale LGA, Kano State, Nigeria. He can be reached via email: lawanmusa363@gmail.com
