The Federal Government has announced new measures aimed at mitigating the rising cost of living, as inflation continues to impact households across Nigeria.
The announcement followed an emergency economic meeting on Thursday involving officials from the Ministry of Finance, the Central Bank of Nigeria (CBN), and other key economic agencies. According to government sources, the measures are expected to take effect immediately, with a focus on food prices, transportation costs, and targeted social support.
Briefing journalists after the meeting, officials said the government will intensify efforts to stabilise food supply by supporting local farmers, improving distribution networks, and reducing post-harvest losses. Staple food prices have remained high in major markets, contributing significantly to household expenses and increasing pressure on low-income earners.
The government also disclosed plans to expand cash transfer programmes and transport support for low-income earners, particularly in urban centres where daily commuting costs have increased sharply in recent months. Authorities stated that beneficiary verification and monitoring systems would be strengthened to ensure transparency and prevent leakages.
In addition, economic managers confirmed that discussions are ongoing with relevant agencies to address inflationary pressures linked to foreign exchange volatility. While no immediate policy changes were announced, officials said measures to improve liquidity, boost local production, and strengthen market confidence are under active review.
The government acknowledged that recent reforms, including the removal of fuel subsidies and exchange rate adjustments, have placed pressure on citizens. Officials maintained that the reforms were necessary to correct long-standing economic distortions but admitted that the short-term impact has been challenging for households and businesses.
Reacting to the announcement, some economists welcomed the focus on food supply and targeted interventions but warned that implementation would determine success. An Abuja-based analyst said sustained investment in agriculture and manufacturing is critical to reducing inflation over time.
Small business owners expressed cautious optimism. A Lagos trader said any intervention that lowers food and transport costs would ease pressure on households. “We hope this will reflect quickly in market prices,” she said.
The Federal Government assured Nigerians that progress updates would be provided regularly and urged patience as the measures are rolled out nationwide. Officials added that further actions may be introduced if inflationary pressures persist.
As inflation continues to shape daily life across the country, attention is now on whether the newly announced measures will translate into immediate relief for consumers and businesses nationwide in the coming weeks, as Nigerians closely monitor price movements in markets, transport fares, and basic household expenses. Market reactions are expected to provide early indicators of impact, effectiveness, and public confidence going forward, and trust.
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