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Nigerian Workers Lose ?2.79 Trillion Amid Inflation Surge

1/27/2026

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Summary

Story summary

Nigerian workers lost about ?2.79 trillion ($1.97 billion) in purchasing power as inflation surged.
The government revised its inflation calculation, lowering the rate from 34.8% (Dec 2024) to 14.45% in 2025.
Despite nominal salary increases, the real value of wages fell 9.85% in 2024, according to Professor Segun Ajibola, who cited currency depreciation.
The minimum wage rose to ?70,000 in July 2024, while inflation reduced its real value to ?55,379.

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Story summary

Nigerian workers lost about ?2.79 trillion ($1.97 billion) in purchasing power as inflation surged.
The government revised its inflation calculation, lowering the rate from 34.8% (Dec 2024) to 14.45% in 2025.
Despite nominal salary increases, the real value of wages fell 9.85% in 2024, according to Professor Segun Ajibola, who cited currency depreciation.
The minimum wage rose to ?70,000 in July 2024, while inflation reduced its real value to ?55,379.