BUDGIT URGES FG TO TURN ECONOMIC REFORMS INTO TANGIBLE RELIEF FOR NIGERIANS

BudgIT Nigeria has called on the Federal Government to ensure that the benefits of its ongoing economic reforms are reflected in the daily lives of Nigerians, arguing that improvements in fiscal and economic indicators should translate into better living conditions for households.

The civic technology organisation made the call while responding to the Federal Ministry of Finance’s recent presentation of Nigeria’s 4.43 per cent Gross Domestic Product growth recorded in the second quarter of 2026 and the government’s progress towards its ambition of building a $1 trillion economy. BudgIT said stronger economic figures would have limited meaning if citizens continued to struggle with high food, transportation and business costs.

According to the organisation, the real test of the government’s reforms should be whether ordinary Nigerians are able to experience improvements in their purchasing power and access to essential goods and services. It pointed to July’s food inflation rate of 20.31 per cent as an indication that households are still under significant financial pressure.

BudgIT also highlighted the sharp increase in petrol prices since 2023. It noted that petrol, which sold for about ₦617 per litre in July 2023, had risen to approximately ₦1,345 per litre in parts of the country. The organisation argued that such increases have consequences that extend beyond fuel stations, affecting transportation fares, food prices, production expenses and the amount of money families have available for other needs.

The group further examined the increase in revenues available to state governments, noting that state revenues rose from ₦4.8 trillion in 2022 to ₦15.5 trillion in 2025. However, BudgIT cautioned that a larger nominal revenue figure does not necessarily mean that governments or citizens have gained equivalent purchasing power.

It attributed part of the challenge to the effects of inflation, exchange-rate depreciation and increasing debt obligations. According to the organisation, these factors can reduce the real value of additional revenue and increase the cost of providing government services, while simultaneously placing more pressure on households.

BudgIT therefore argued that Nigeria’s reform outcomes should not be assessed solely through GDP growth, government revenue or other fiscal statistics. Instead, it said policymakers should pay closer attention to whether reforms are making food more affordable, lowering transportation and business costs, reducing poverty risks and improving household financial security.

The organisation stressed that economic growth becomes meaningful when people’s incomes are able to cover more of their needs and when public services reduce expenses that households would otherwise have to shoulder themselves. It also argued that citizens should be less vulnerable to falling into poverty whenever they encounter unexpected financial difficulties.

BudgIT’s intervention comes as the Federal Government continues to defend its economic reform programme and point to improvements in key macroeconomic indicators. While acknowledging the significance of stronger fiscal numbers, the civic group maintained that the ultimate measure of success should be the impact of those reforms on Nigerians’ everyday experiences.

The organisation has urged the government to focus on converting macroeconomic improvements into concrete welfare gains, saying the success of economic reforms should ultimately be visible in the homes, businesses and communities of Nigerians rather than existing only in official statistics.