Nigerians are still grappling with the effects of three major economic reforms introduced by President Bola Tinubu, according to a new report by Agora Policy.

The reforms include the removal of the petrol subsidy, the floating of the naira and the adjustment of electricity tariffs.

Findings of the study were presented at a stakeholder dialogue titled “Sustaining and Deepening Economic Reforms in Nigeria,” held in Abuja.

Dr. Mohammed Shuaibu of the University of Abuja, who presented the report, said the measures strengthened government finances but also placed heavy pressure on households and businesses.

“The report found that while these reforms strengthened government finances, they have made life much harder for the average citizen,” Shuaibu said.

Rising prices deepen household hardship

According to the report, petrol prices climbed from an average of ₦161 per litre before the reforms to more than ₦1,200.

At the same time, the naira weakened sharply against the U.S. dollar, pushing up the cost of imports and everyday goods.

Electricity tariffs also rose significantly for some consumers, increasing from about ₦68 per unit to ₦225.

The study estimated that the cost of a healthy meal increased from ₦515 in mid-2023 to about ₦1,611 by July 2025.

Researchers said these changes forced many households to adopt difficult coping strategies. Some families now walk long distances because transport fares have become too expensive. Others reduce meal portions or limit electricity use to cut costs.

The report noted that vulnerable groups such as children, women, elderly citizens and rural residents were hit the hardest.

Businesses face rising operating costs

Small businesses and farmers have also struggled to cope with the new economic environment.

Many business owners cited higher fuel and electricity costs as major challenges. Some responded by raising prices, laying off workers or shutting down entirely.

The report added that government support measures, including new minimum wages and conditional cash transfers, arrived late, leaving many households exposed during the most difficult period of the transition.

Experts call for targeted support

The study recommended a phased approach to future reforms, along with timely social protection programs.

It also suggested targeted tax relief for sectors such as transportation and agriculture to help lower food prices and reduce mobility costs.

Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, called for deeper reforms in the power sector.

She said privatizing the electricity transmission segment could improve efficiency and service delivery.

Dr. Samer Matta, senior economist at the World Bank in Nigeria, said government policies should focus on reducing inflation and boosting growth in key sectors such as agriculture and manufacturing.

Government acknowledges communication gaps

Dr. Muhammad Abdullahi, Deputy Governor of the Central Bank of Nigeria for Policy, stressed the need for broad-based economic growth and job creation.

He said ongoing bank recapitalization efforts are expected to strengthen financial institutions and support large-scale investments.

Meanwhile, the Special Adviser to the President on Finance and Economy, Sanyade Okoli, acknowledged that the government could have communicated the reforms more effectively.

She said better communication would help Nigerians understand the goals and expected benefits of the policies.