Since May 2023, the administration of President Bola Ahmed Tinubu has implemented extensive economic changes that have led to unprecedented government income. Savings amounting to billions of dollars from the elimination of the fuel subsidy, along with a significant increase in non-oil revenue, have enabled the federal government to generate more funds, alongside a range of borrowings reaching into trillions of naira.
Although there has been an increase in government funds, which the authorities claim is being directed towards infrastructure development, the implementation of the new minimum wage, and social programs, important financial responsibilities are still not being fulfilled.
In addition, the 2024 capital spending was prolonged by an entire year because of poor results; the execution of the capital part of the 2025 budget has been put on hold, causing ministries, departments, and agencies to be in a state of uncertainty; contractors are owed approximately N2trn for completed projects; the local projects of federal lawmakers have been reduced, while public servants face unpaid promotion arrears and delayed payment of the 35% salary increase aimed at mitigating the effects of inflation-driven rising living costs.
Economic experts have attributed this financial dilemma to poor use of funds, insufficient openness in government expenditures, and elevated governance expenses. Attempts to obtain a response from the Presidency regarding the issue were unsuccessful, as Bayo Onanuga, the President's Special Adviser on Information and Strategy, could not be contacted via phone. Additionally, Dr. Daniel Bwala, the President's Special Adviser on Policy Communications, was also unreachable. Messages sent to their respective numbers remained unanswered at the time this report was submitted.
Increased income, greater financial emergencies
The central government has managed to save significant sums since ending the fuel subsidy, which previously cost roughly N380bn each month. In the first quarter of 2025 alone, income from petroleum savings rose by more than 500 per cent, going from N154bn to N836bn, and the surplus is expected to surpass N11trn between 2023 and 2025.
The increase in oil revenues has enriched the Federation Account, as federal, state, and local government allocations have nearly doubled compared to what they received prior to the removal of subsidies.
The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, recently informed State House reporters that federal revenue increased significantly over two years, reaching N3.64trn in September 2025 alone, compared to N711bn recorded in May 2023. He highlighted that non-oil revenue expanded from N151bn to N1.06trn, oil taxes climbed to N644bn from N96bn, and Value Added Tax (VAT) surged to N723bn from N218bn during this time.
In May, the Nigeria Customs Service reported generating N1.3trn in the first quarter of 2025, exceeding the N600bn it earned during the same period in 2023 by over 100%. By the end of the first half of the year, the Service had gathered N3.68trn, surpassing its goal by N390bn.
In September, the presidency revealed that Nigeria earned N20.6trn in revenue from January to August 2025, an increase from N14.6trn during the same period in the previous year. It credited this rise to initiatives focused on improving adherence, expanding the tax base, and digitizing collection processes, emphasizing that income from non-oil sectors like manufacturing, telecommunications, tourism, real estate, and banking now make up three out of every four naira the government collects.
At the 10th Nigeria Mining Week 2025 event, which took place in Abuja recently, the President was represented by the Secretary to the Federal Government, Senator George Akume. He stated that income from the mining industry increased by more than 600%, rising from N6 billion in 2023 to N38 billion in 2024. It is also reported that the sector drew in over $800 million in foreign investments during this time.
Income from the blue economy has also experienced substantial growth. In 2023, organizations under the Ministry of Marine and Blue Economy earned approximately N700.79bn, but by the end of 2024, this amount almost doubled to N1.3trn.
It is also significant that foreign exchange reserves have increased from $35 billion in 2023 to $43.17 billion by October 2025, and are expected to continue growing, supported by higher oil export revenues, rising remittances from the diaspora, and a positive trade balance.
Despite the rise in revenue, the government has not fulfilled some of its major financial obligations. For two consecutive days this week, local contractors affiliated with the All Indigenous Contractors Association of Nigeria (AICAN) blocked the main entrance to the National Assembly, compelling lawmakers, staff, and visitors to use alternative routes to reach the building.
The national leader of AICAN, Jackson Ifeanyi Nwosu, stated that the federal government has not compensated contractors for capital projects carried out since 2024, causing several of them to go bankrupt.
"We didn't begin this demonstration just yesterday (Tuesday). We have been doing this for months. This government owes us, and they had pledged to compensate. Since then, it's been nothing but promises and disappointments, promises and disappointments. We can't keep going like this. We can no longer provide for our families," Nwosu said, mentioning that the contractors carried out various infrastructure projects, such as schools, roads, boreholes, markets, and ICT centers throughout the country.
In a similar manner, funding for federal lawmakers' constituency initiatives has been reduced by half to N500m. During a town hall meeting with his constituents, Yusuf Gagdi, a member of the House of Representatives representing the Pankshin/Kanke/Kanam Federal Constituency in Plateau State, voiced worries about the government's inability to disburse money for capital projects in the 2025 financial year.
He stated that while President Tinubu had initially authorized a N1bn constituency project allocation for each member of the House of Representatives, the amount was recently reduced by half because of financial difficulties.
"I have never received constituency projects exceeding N125m before this year, when the President raised the intervention amount from N125m to N1bn per House member. It was only last week that the President contacted the Speaker of the House of Representatives, stating that the 2025 budget cannot be supported. Following this, the President cut our constituency intervention project from N1bn to N500m," Gagdi stated.
Two weeks ago, government employees, through the Federal Workers Forum (FWF), requested the administration to settle their three-month unpaid wage award. The organization, in a statement signed by its National Coordinator, Comrade Andrew Emelieze, expressed concerns that the payments had been irregular and urged the government to resolve the accumulated promotion arrears.
The federal government's refusal to settle the remaining portion of the three-month wage award, as promised by the Accountant-General of the Federation, has clearly demonstrated how the government is handling its employees. This situation is similarly true for the accumulation of unpaid arrears owed to federal workers, particularly promotion-related arrears; in certain instances, these arrears have been outstanding for over ten years for federal workers in Nigeria.
"A cost-of-living allowance was mandated by the government following workers' demands, after the elimination of the fuel subsidy and the intentional, aggressive devaluation of our national currency," the statement partially stated.
In a recent interview, Foreign Minister Yusuf Maitama Tuggar hinted at financial factors as one of the reasons behind the postponement in appointing ambassadors. He also mentioned other issues, including the President's focus on economic reforms, fluctuations in currency, and difficulties with currency conversion experienced by diplomatic missions overseas.
"This (variation) added to the challenge of financing missions and also supporting the deployment of envoys," the minister stated.
Partial foundation of MDAs based on non-release of funds
Employees in federal Ministries, Departments, and Agencies (MDAs) have expressed concerns over the failure to release capital expenditure for the year 2025.
They also claimed that the release of recurring expenses has been irregular, pointing out that since January 2025, there has been little progress in meeting their responsibilities.
They also informed the Weekend Trust that key government departments have experienced a lack of funding for capital investments, with the exception of agencies not supported by treasury funds, which are only occasionally carrying out such projects.
Experts are questioning where the borrowed funds have been directed, especially as several ministries have not implemented significant projects, while hundreds of local contractors, who allege the federal government owes them more than two trillion naira, have been demonstrating in recent days.
However, the Federation's Budget Office, headed by Dr. Tanimu Yakubu, had mentioned in August that the federal government was utilizing 2025 revenue to support the 2024 budget, as the National Assembly extended the 2024 budget cycle until December 2025.
At a stakeholders' meeting with MDAs in Abuja, Yakubu mentioned that of the N34 trillion set aside in the 2024 budget, N19 trillion was designated for capital spending.
He stated, "The federal government has allocated funds from the 2025 budget's revenue to cover the capital portion of the 2024 budget. Likewise, the revenue forecasts for 2025 in the budget have not met expectations because we have fallen short of our oil production targets."
Nevertheless, he mentioned that the federal government has finalized plans to start implementing the 2025 budget's capital expenditures shortly.
Later, the DG budget also stated that the implementation of the 2025 national budget will begin by the end of September, as the execution of the 2024 budget is coming to an end.
He mentioned that the N54.99tn 2025 budget aims to boost economic development, improve public facilities, and encourage funding in vital industries.
Yakubu highlighted that successful execution and careful financial management would be essential in meeting the budget's goals.
He said, "The implementation of the 2025 budget will start by the end of September. The 2025 budget, known as the 'Budget of Restoration,' is designed to tackle important areas, stimulate economic development, and enhance public services. Successful execution and financial responsibility will be essential for the success of this budget."
Yakubu highlighted the significance of public participation, stating that Nigerians are 'the true custodians of public assets.'
He referred to efforts like translating financial reports into regional languages, making budget information easier to understand, and encouraging communities to ensure the government is answerable.
Similarly, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also stated that from now on, government agencies will not be permitted to issue contracts without sufficient financial support.
He mentioned that the directive aligns with the federal government's adoption of the Cash Management and Bottom-Up Cash Planning Policy, which outlines procedures and recommendations for planning and managing financial resources to ensure efficient and effective service delivery in carrying out the 2024 capital budget.
"From now on, Warrants/AIEs will be issued to MDAs prior to any legal commitment, acting as proof of available funds for contract awards or payments for ongoing and completed projects. No award letter, contract signing, or financial obligation should take place without the relevant Warrants/AIEs covering the full or committed part of the contract amount," Edun stated.
He called on MDAs to carefully handle scarce resources, maximize income gathering, and implement measures to stop arbitrary expenditures.
He also instructed the Accountant General of the Federation (AGF) to create a new procedure enabling MDAs to download and submit Warrants/AIEs as evidence of funds during tender board meetings.
He stated that the distribution of funds will stay under the Treasury's control, focusing on supporting the 2024 and 2025 capital budgets, especially key initiatives.
'Our activities grounded'
A source from the Office of the Head of Service of the Federal, speaking to Weekend Trust under the condition of anonymity, confirmed that no funds have been released by the federal government to MDAs since the first quarter of this year.
He stated: "Yes, there has been no disbursement of funds by the FG through the Accountant General's Office since February/March, particularly for 2025; the funds that were released were meant for the 2024 work plan expenses. The reasons might be due to insufficient funds or lack of political commitment, or both. Recurrent spending is also inconsistent."
Regarding salary payments, he stated: "Salaries are being distributed to MDAs, but not all at once. I mean not at the same time, but rather in stages or in a sequential manner across different offices. For instance, some receive their salary by the end of the month, while others get it during the following week or the second week of the new month."
Recurring expenses are utilized to cover the operational costs of the offices. For instance, office supplies, fueling the office vehicles, and settling electricity bills, among other things.
Regarding the effects of the development, he stated: 'The consequence of not releasing the funds is that all capital projects or programs might not be carried out, and, as he mentioned, this could endanger the socio-economic growth of the population because of the absence of money flowing into the markets.'
Secondly, it also impacts the workers' performance, as seen in their difficulty in meeting the desired level of efficiency and delivering cost-effective services. Employees are unable to keep up if there is no welfare, supervision allowance, or training programs that enhance their income to support their families, as their salary is not impressive enough.
"MDAs are informed about the circumstances. There was also a demonstration organized by the labor union some time back at the entrance of the federal ministry of finance, calling for the release of funds," he stated.
When asked if he was aware of the source of the issue, he responded: "The issue is that there isn't sufficient funds in the federal government account to cover all structural and service-related expenses at once. Additionally, the money is collected from sectors such as NNPC, Nigeria Customs and Excise, Federal Inland Revenue Service, and others, after which the distribution takes place."
He further mentioned that the issue impacts all MDAs except those fundraising parastatals that possess sufficient resources to cover their obligations and ensure the well-being of their employees.
We are unaware of the actual issue - a source from the Ministry of Science
The Ministry of Science, Technology and Innovation has not received any funding allocations since the start of the year, according to multiple sources within the ministry, as reported by Weekend Trust.
A senior official from the ministry mentioned to one of our journalists that he was unable to clarify why no financial resources had been allocated to the department.
"This ministry plays a vital role in Nigeria's economy. We have been nearly stagnant since the start of the year. How many times have you seen us placing advertisements in the newspapers for projects? This is to demonstrate that we are facing a lack of funding," the staff mentioned.
Another source within the ministry mentioned that they initially believed the shortage of capital and operational funds was a result of the investigation into the previous minister. 'However, we later discovered that it was a widespread issue.'
When asked about how the ministry is managing, spokesperson Mrs. Pauline Sule stated she would not comment on the issue. "What do you want me to say?" she questioned, and requested to be left in peace.
'We're getting necessary funding'
At the same time, officials from both the Ministry of Communications and Digital Economy and the National Communications Commission (NCC) mentioned that they are receiving 'required financial support from the government.'
Upon being contacted, the spokesperson of the National Information and Technology Development Agency (NITDA), Hajia Hadeeza Umar, stated that she did not have an answer to our reporter's query but mentioned she would consult the finance director at the agency.
She subsequently transmitted a message that was claimed to be from the director, stating: "This is not accurate."
'We've resorted to shift'
Within the Ministry of Works, employees are said to have started working in shifts due to the non-implementation of the 2025 budget, resulting in limited operations.
A ministry employee, who spoke with Weekend Trust while remaining anonymous because he was not permitted to speak with the media, stated that operations have been delayed due to the absence of funds being provided to contractors. He mentioned that when matters were progressing smoothly, staff members were helpful in managing contractor-related documents.
As he stated, "The contractors no longer return to advocate for the release of funds for their projects. As we are all aware, the government is no longer providing funds for projects; this is different from the past when they used to flood our offices."
The circumstances have also impacted other benefits we receive. For instance, we have not yet received the year-end package for 2024. This is due to the capital spending following the completion of the financial statements, allowing staff to benefit from any unused funds.
When asked about how the Ministry of Works is handling the situation, the ministry's Press Director, Mohamed A. Ahmed, stated that the reporter should contact the ministry directly to find out who the appropriate person to discuss the issue would be.
A representative from the aviation ministry also mentioned that they are encountering financial difficulties. "We have not received any capital funding since January. It is truly disappointing," he stated.
The source mentioned that they do not have issues with their salaries, even though they occasionally face challenges with overhead costs.
Within the Ministry of Petroleum Resources, a personnel who spoke with our reporter mentioned that their operations have not been significantly impacted, as the majority of the necessary infrastructure in the sector is managed by private investors and the Nigerian National Petroleum Company Limited (NNPCL).
We only set policy guidelines, so it doesn't impact us, while the minister occasionally handles commissioning. Even the NNPCL is self-funded through profits generated from selling crude oil on behalf of the federation.
From his side, the acting director, who represents the Ministry of Petroleum Resources, stated that he had nothing to add regarding the issue.
No update since October 2024
The Federal Ministry of Women's Affairs is reportedly experiencing a major financial shortage, with no money allocated for its activities since October 2024, as reported by insiders within the ministry.
A senior official, who requested to remain unnamed, stated that the current circumstances have severely impacted the ministry's initiatives, causing employees and assistants to face difficulties in performing their responsibilities.
"It's been difficult, no Kobo since October of last year," the source mentioned.
"There is no funding available for project implementation. The ministry's programs are being maintained solely through self-effort and collaborations with donor organizations," the source stated.
He stated that the well-being of workers and political assistants has dropped to a 'zero level,' leading to a recent demonstration by ministry staff. 'All the programs allocated funds are categorized as capital expenditure, and not even a single Kobo has been distributed for a year,' he expressed sadness.
Another source mentioned that employees and assistants have been using their own funds to manage official tasks without being compensated.
"No employees from the ministry have received any Duty Tour Allowance (DTA) since October last year, even though they have undertaken official travel. The minister herself is fed up with using her own money," he said.
Although civil servants within the ministry continue to get their wages directly from the federal government, a source stated that political appointees have not received any payment or assistance.
The press officer of the National Sports Commission, Mrs Kehinde Ajayi, stated that the ministry is functioning under the 2024 budget.
"That information is inaccurate; they have been receiving it, but it's only last year's capital and recurrent funding," she said.
At the Federal Ministry of Environment, Alhaji Haruna Ibrahim, the official representative, told Weekend Trust that the ministry is no longer in charge of funding for capital projects. This duty has now been transferred to the Office of the Accountant-General of the Federation.
He mentioned that although the ministry is responsible for the administrative procedures related to these projects, the actual payments are managed by the Accountant General's office.
He stated that the current funds arriving at the ministry are solely for administrative expenses.
In the same way, the Chief Information Officer of the Federal Ministry of Agriculture and Food Security, Mr. Ezeaja Ikemefuna, chose not to respond to the issue.
Nevertheless, insiders in the ministry disclosed that money has been mostly restricted during the year, significantly affecting many of its activities.
A director within the civil litigations division of the Federal Ministry of Justice, who requested to remain anonymous as he was not permitted to comment on the issue, stated that the situation is not as severe as it is being depicted because of the effective management by the permanent secretary.
"The method she is using to handle the ministry is acceptable, as we continue to receive our logistics and benefits for work," he stated.
A member of the information department, speaking anonymously, stated that she is not informed about the circumstances.
Kamarudeen Ogundele, the spokesperson for the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), stated that he was unaware of the absence of capital allocation for the ministry.
Agencies within the Ministry of Marine and Blue Economy are self-financed as they earn income from multiple operations and services. This income is deposited into the Federal Government's Treasury Single Account (TSA).
The self-financing organizations include the Nigerian Maritime Administration and Safety Agency, NIMASA, the Nigerian Ports Authority, NPA, and the Nigerian Shippers Council, NSC.
Nevertheless, the Nigerian Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, MAN, and the Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, receive their financial support from the federal government's annual budget as well as Internal Revenue Generation (IGR).
Sources claimed that due to their advantages, they conduct their operations discreetly.
Borrowing spree, less impact
As per the latest figures from the Debt Management Office, Nigeria's overall public debt increased to N152.40trn by June 30, 2025, compared to the N87.38trn that Tinubu took over from his predecessor, the late President Muhammadu Buhari, who managed a fuel subsidy system.
The study mentioned that over a period of 21 months, from June 2023 to March 2025, the federal government obtained loans totaling N13.21trn ($8bn) from the World Bank exclusively, without including the $800 million assistance provided by the bank to mitigate the effects of increased fuel costs after the elimination of the fuel subsidy. According to DMO data, the total amount over the years reaches $18.04bn.
On June 9, 2023, the world's leading central bank sanctioned a $750 million loan aimed at enhancing Nigeria's energy infrastructure. This loan, identified by project number P174622, is classified as extra funding for the Power Sector Recovery Performance-Based Operation, which was initially approved on June 23, 2020.
On June 23 of the same month, the World Bank approved $500 million for the Nigeria for Women Program Scale Up (NFWP-SU) to assist the Nigerian government in enhancing the living conditions of women across the country.
In September 2023, the bank gave approval for an extra $700 million to support the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project, aimed at enhancing the educational achievements of young females. This funding brought in 11 more states - Adamawa, Bauchi, Gombe, Jigawa, Kogi, Kwara, Nasarawa, Niger, Sokoto, Yobe, and Zamfara - that have now joined the original seven pilot states.
In December 2023, the World Bank gave approval to the Nigeria Distributed Access via Renewable Energy Expansion (DARES) initiative, which is funded by a $750 million International Development Association (IDA) loan.
In June 2024, the World Bank issued a $1.5 billion loan to Nigeria to assist with the country's Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Program (DPF). An additional $750 million was approved for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).
The $2.25bn combined package, as stated by the World Bank, "offers immediate financial and technical assistance to Nigeria's critical initiatives to stabilize the economy and increase aid to the poor and those most vulnerable economically."
On September 26, 2024, the international organization also gave approval to three projects amounting to $1.57 billion to assist the Nigerian government in enhancing human capital by improving healthcare for women, children, and adolescents, and in increasing resilience against climate change impacts like floods and droughts through enhanced dam safety and irrigation systems.
Additionally, in October 2024, the World Bank authorized a $500 million loan to assist the Sustainable Power and Irrigation for Nigeria (SPIN) initiative, which seeks to address climate-related issues.
The year concluded with additional approval of $500 million in preferential funding for the Rural Access Agricultural Marketing Project-Scale Up (RAAMP-SU) in Nigeria, as reported by the Washington DC-based organization.
The central government previously stated this year that it anticipated new loans from the World Bank, amounting to $2.2 billion.
In March 2025, the World Bank approved a $500 million loan for Nigeria to assist with its Community Action for Resilience and Economic Stimulus (CARES) Program, which is designed to offer essential support to vulnerable families and small businesses facing challenges due to inflation and related economic difficulties. During the same month, Nigeria received additional loans of $500 million and $80 million from the bank to improve education standards and enhance nutrition for disadvantaged populations, respectively, increasing Nigeria's total external debt to the bank to $17.32 billion (approximately N26.5 trillion).
Speaking about the CARES loan, Dr. Chinyere Almona, Director General of the Lagos Chamber of Commerce and Industry (LCCI), mentioned in a statement that Nigeria's increasing debt level is becoming a major issue, especially considering the sluggish rate at which previously approved loans are being distributed and executed.
He called on the government to implement a clear and effective distribution system to make sure the money gets to those who need it, and mentioned that a strong monitoring and assessment structure should be put in place to measure the effect of these funds and avoid misuse.
From a business standpoint, although targeted stimulus initiatives may provide short-term support, underlying economic issues like poor infrastructure and various taxes continue to be overlooked. Companies need a consistent operational setting, and although social welfare programs are important, they should be supported by measures that enhance efficiency, encourage investment, and generate employment.
There is also worry regarding the effectiveness of how funds are allocated and used, considering that only 16% of the World Bank loans approved previously under the current administration have been released. This leads to doubts about the ability of relevant organizations to absorb these resources and the possibility of funds remaining unused or being handled improperly. According to Dr. Almona, the LCCI believes that a more effective boost for economic growth would be for the government to address the long-standing issue of unreliable electricity supply and high energy costs, while establishing a favorable business environment where small enterprises can flourish, thus generating employment and increasing government revenue.
In July, President Tinubu obtained the Senate's endorsement for a new external loan strategy for the 2025-2026 financial period. The loan package consists of $21.19bn in direct international loans, £4bn, ¥15bn, a $65m grant, and domestic borrowing via government bonds along with a mechanism to generate $2bn through a foreign currency-based instrument within the local market.
The president's letter requesting approval for a new N1.15 trillion domestic loan to cover the 2025 budget shortfall was presented in the Senate on Tuesday, six days following the National Assembly's endorsement of Tinubu's bid to obtain a $2.3 billion external loan for the same objective.
Concerned about the government's extensive borrowing, Kayode Omosebi, the Chief Executive Officer of Seeder and Ash Capital, a private investment and financial advisory company, asked: 'Is Nigeria Secretly Disclosing Its Future Budget?'
Omosebi, in a post on his X account on July 31, claimed that the federal government was secretly taking out billions in loans and linking the repayment to upcoming budgets, which he referred to as 'budget securitisation.'
"This is not an ordinary debt. It is far more serious. It implies that Nigeria borrows funds now and commits to repaying them directly through future oil exports or federal government allocations," he stated, highlighting three such loans as the $3.3 billion crude oil loan, the N1 trillion Lagos-Calabar highway loan, and the N757 billion Pension Arrears Bond.
That's N7.1trn (combined) - exceeding Nigeria's total 2025 capital budget.
"…This isn't exaggeration. These are facts. You can't take N7trn from the books, link it to crude oil and pensions, and then act like everything is okay, particularly when you're already allocating N11.2trn for debt repayment from a N28.7tn (2025) budget. That's 39%," he said.
In a subsequent explanation, Omosebi mentioned that the Afreximbank loan of $3.3 billion necessitates a repayment schedule of 90,000 per barrel of crude oil daily over approximately six years, and according to 2025 oil prices, this would amount to N1.2trn annually.
"This funds never reaches FAAC. Countries suffer losses. Citizens remain unaffected. Yet we are indebted," he sighed.
On the Lagos-Calabar Coastal Highway N1trn Phase I loan, which is supported by yearly federal government funding for more than a decade, the financial specialist expressed concern that there was no plan for toll collection or a revenue strategy to settle the debt.
"That's more than N100bn disappearing from future budgets annually. N757bn Pension Arrears Bond: the government had a debt to pensioners. Rather than settling it, they took loans from PFAs, resulting in a 20-year obligation. Now, retirees and employees are financing their own unpaid benefits. The payment amount is between N75bn and N90bn per year," Omoseni mentioned.
How are Nigerians faring?
At the same time, there are broad worries that the rise in income and multi-billion-dollar loans have not significantly improved the lives of ordinary Nigerians, who face daily challenges such as high unemployment, a cost-of-living crisis, and increasing poverty.
A 2024 report from the World Bank indicated that 129 million Nigerians, which is 56% of the population, are living below the poverty threshold, an increase from 83 million, or 40%, in 2018. A 2025 survey conducted by Afrobarometer, a pan-African research group that carries out public opinion studies on democracy, governance, economy, and social issues, showed that most Nigerians felt the economy had deteriorated following the removal of subsidies and urged their return.
As per the research, over 93% of Nigerians believe the nation is heading in the "wrong direction," with 6% holding a different view. Almost 88% of the population described the country's economic situation as "fairly bad" or "very bad," and 74% expressed dissatisfaction with their personal living conditions.
Over 95% of Nigerians state that they or a member of their household lacked cash income at least once in the past year. Many also mention experiencing shortages of food (82%), medical care (82%), water (74%), and cooking fuel (79%). The proportion of Nigerians facing moderate or severe poverty has risen by 41 percentage points since 2017.
The rising cost of living is the issue that Nigerians most often mention as needing government attention. Economic challenges such as poverty, joblessness, and economic management are also among the top five concerns, alongside crime and security. Public assessments of the government's economic performance are largely unfavorable.
Less than 10% of Nigerians view the government favorably in terms of enhancing the living conditions of the poor (8%), handling the economy (7%), generating employment (6%), reducing the wealth gap (5%), and maintaining stable prices (3%). Nearly six out of ten (58%) believe the government should bring back the fuel subsidy, even if it requires cutting other crucial spending areas like health or education. Over a third (35%) hold a different opinion, according to the report.
In an interview with Channels TV in August, renowned Nigerian writer Chimamanda Ngozi Adichie expressed concern that the situation in the country had deteriorated significantly, to the point where the middle class, which ought to enjoy a reasonably comfortable lifestyle, now found themselves in a state of poverty.
Provided by SyndiGate Media Inc. (Syndigate.info).