As I sit here contemplating the upcoming 2027 election year in Nigeria, one thought that constantly crosses my mind is the state of inflation in the country. Inflation is a key economic indicator that affects every aspect of a nation’s economy, from consumer spending to investment decisions. In Nigeria, inflation has been a growing concern since the inception of the Bola Tinubu administration, with prices rising at an alarming rate.
By Abdul-Azeez Suleiman
Hunger is stalking millions of homes daily. Inflation is making life difficult by the day. People are losing jobs. Businesses are closing down. Infrastructure is decaying. Young Nigerians are losing hope of being employed. Our hospitals are full of people who suffer mysterious illnesses, and they cannot afford the fees.
However, what is truly alarming is the fact that the rate of inflation seems to be increasing daily, with no sign of slowing down. The Nigerian inflation rate is currently hovering at an undefined percentage daily, a figure that is causing great concern among economists and policymakers. The constant rise in prices is causing real hardship for the average Nigerian, who is finding it increasingly difficult to make ends meet. With wages failing to keep up with the rising cost of living, many people are finding themselves in a precarious financial situation, struggling to afford even the most necessities.
One of the main drivers of inflation in Nigeria is the constant devaluation of the country’s currency, the Naira. The Naira has been losing value against major international currencies, making imports more expensive and driving up prices across the board. In addition, the country’s reliance on imported goods has made it particularly vulnerable to fluctuations in global commodity prices, further exacerbating the inflation problem.
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Another factor contributing to the high inflation rate in Nigeria is the government’s persistent deficit spending. The government’s habit of borrowing money to finance its budget deficits has led to an increase in the money supply, which in turn has fueled inflation. This cycle of deficit spending and inflation has created a vicious cycle that is proving difficult to break.
Looking ahead to the 2027 election year, it is clear that Nigerian politicians will face a challenging environment as they seek election or additional terms in office. The issue of inflation will likely be a hot topic of debate, with voters demanding solutions to the rising cost of living. It will be essential for politicians to address the root causes of inflation and implement effective policies to combat this economic challenge before going into contests in 2027.
If the trend persists into 2027, Nigerian voters are likely to turn their backs on leaders who have acquired the reputation of being the worst in the history of our nation in terms of any capacity to generate confidence in achieving credible national goals.
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The build-up to 2027 would represent the high point in activities that would lay the foundations of the collapse of the current citadel of poor governance, indifference, insensitivity, and unprecedented plunder. Nigerian voters would reject the tradition of lining up to receive handouts to abandon their future and choose instead to install leadership that will make them more secure and provide their children with a productive future.
2027 would be about the possibility that we could look to a future without inflationary pressures; that our young will get a good education, acquire skills, and get jobs; and that corruption will be arrested, contained, and eliminated. It will be about the celebration of an end of poor governance; to leadership that runs away from threats, and to leaders who remember the people only when they need votes.
The issue of inflation in Nigeria is a pressing concern that must be addressed by politicians seeking votes as the negative impact it has on the economy and the livelihood of the Nigerian people cannot be underestimated.
