Rising Cost of Living to Shape 2027 Presidential Election

The sustained rise in the cost of living in Nigeria over the past three years is anticipated to be a central issue in the 2027 presidential election campaigns, significantly affecting the incumbent, President Bola Tinubu, who assumed office on May 29, 2023. The prices of essentials such as food, medication, transportation, rent, and energy have surged, with headline inflation reaching 34.8% and food inflation at 39.84% by December 2024.

The impact on low-income households has been particularly devastating, as they allocate a large portion of their income to basic necessities. Contributing factors to the high prices include external shocks like the war in Ukraine and the COVID-19 pandemic, as well as domestic issues such as border closures and insecurity.

Tinubu's removal of the petrol subsidy and the floating of the Naira have been linked to the price increases. The administration's reforms, while necessary to prevent a financial crisis, have created a challenging environment for the majority of Nigerians.