Beyond Nostalgia: Why Yesterday’s Prices Cannot Build Tomorrow’s Prosperity.
It is often said that memory is selective. In politics, nostalgia can be even more deceptive.
Every election season, viral messages emerge reminding Nigerians that fuel sold for ₦87 per litre, cooking gas was ₦150, a bag of rice cost ₦8,000 and the dollar exchanged for about ₦90 under previous administrations. The intention is usually to suggest that life was easier and that today’s economic realities represent unprecedented failure.
Yet such comparisons ignore one fundamental truth: no economy remains frozen in time.
By the same logic, Nigerians could travel further back and recall when fuel sold for about ₦20 per litre, food prices were significantly lower and the naira appeared stronger.
Why then did successive governments after that period fail to preserve those prices? The answer is simple. Nothing in economics remains constant.
The OECD defines inflation as the persistent increase in prices over time, a reality experienced by virtually every nation.
Over the last two decades, even advanced economies such as the United States, Britain, Germany and Canada have witnessed rising costs of food, housing, energy and transportation.
The COVID-19 pandemic and geopolitical conflicts triggered the highest inflation rates experienced in several developed countries in over four decades.
Americans no longer buy fuel, bread or housing at 2005 prices. Britons do not enjoy the same cost of living they had in 2010. Japan, long associated with low inflation, has also experienced rising prices.
Therefore, comparing the prices of essential commodities fifteen years ago with today’s costs without considering inflation, exchange rates, population growth and changing economic realities presents only part of the story.
The more important question is whether an economy rests on sustainable foundations.
For decades, Nigeria operated an economy heavily dependent on subsidies.
Petroleum products, electricity, foreign exchange and imports were supported directly or indirectly by government spending. This arrangement kept prices relatively low but imposed enormous costs on the country.
The World Bank repeatedly warned that fuel subsidies consumed resources that could have been invested in infrastructure, education, healthcare and social protection.
In effect, Nigerians enjoyed cheaper prices while roads deteriorated, hospitals remained inadequate, rail infrastructure lagged behind and social welfare systems remained weak.
Nigeria relied overwhelmingly on crude oil exports as its major source of revenue. Agriculture declined. Manufacturing weakened. Tax compliance remained poor. Many wealthy individuals and corporations exploited loopholes while government revenues struggled to keep pace with a rapidly growing population.
Unlike developed countries that finance social services largely through taxation, Nigeria attempted to subsidize almost everything. Electricity tariffs were suppressed. Fuel prices were controlled. Foreign exchange was managed artificially. Imports were encouraged.
Yet the country lacked the world-class hospitals, efficient public transportation systems, rail infrastructure and social security programmes common in advanced economies.
Countries such as Germany, Sweden, Canada and Britain rely on tax revenues to support healthcare, education, pensions and welfare systems. Sustainable development depends on strong institutions and revenue generation rather than dependence on one commodity.
President Bola Tinubu’s reforms emerged against this background. Upon assuming office in 2023, his administration removed fuel subsidies and liberalized the foreign exchange market. The decisions were painful and triggered inflationary pressures, but government officials maintained that the previous system had become financially unsustainable.
The International Monetary Fund acknowledged that Nigeria embarked on major structural reforms designed to restore macroeconomic stability and strengthen domestic revenues. The IMF equally emphasized the need for stronger social protection programmes to cushion the effects on vulnerable citizens.
The hardship Nigerians are experiencing today is real and should not be dismissed. Rising food prices, transportation costs and declining purchasing power have increased economic pressure on households. Economic reforms often involve short-term pain before long-term gains become evident. The challenge lies in ensuring that ordinary citizens experience visible relief.
One of the major expectations following subsidy removal was that increased revenues would empower states and local governments to provide stronger safety nets and development programmes. Federal allocations to states increased substantially, while local governments were expected to benefit from financial autonomy following the Supreme Court judgment affirming direct allocations.
Yet many Nigerians complain that the benefits remain invisible.
The disconnect between higher revenues and the absence of visible improvements in people’s daily lives has contributed significantly to public frustration. Citizens see hardship but often do not see corresponding interventions.
Questions continue to surround local government finances. Across the country, communities still struggle with poor roads, inadequate healthcare centres, weak educational facilities and limited agricultural support. Allegations persist that many local governments receive only fractions of their statutory allocations despite constitutional provisions and judicial pronouncements supporting autonomy.
If local governments cannot access their lawful allocations directly, grassroots development inevitably suffers. Palliatives become ineffective. Rural infrastructure remains poor. The people naturally direct their anger at political leaders.
Opposition parties are expected to criticize government policies. That is the essence of democracy. However, reducing complex economic realities to nostalgic references about ₦87 fuel or ₦90 to the dollar oversimplifies issues that require deeper understanding.
No serious economy in the world preserves the prices of decades ago.
The real measure of governance is not whether fuel remains at yesterday’s price but whether resources are invested wisely, institutions are strengthened, jobs are created and citizens experience better living standards.
President Tinubu has repeatedly argued that the reforms are designed to build a more sustainable economy and prevent future generations from inheriting an unsustainable system based on subsidies and artificial exchange rates. History will ultimately judge these policies not by economic theories alone but by whether ordinary Nigerians experience tangible improvements in their lives.
Economic reforms cannot succeed only on spreadsheets while citizens struggle without visible relief. States and local governments must be held accountable for the resources they receive. Local government autonomy must become reality rather than rhetoric. Citizens deserve transparency regarding how public funds are utilized.
Political actors, whether in government or opposition, owe Nigerians more than selective nostalgia.
Yesterday’s prices belong to history. The real challenge before Nigeria today is far bigger than the price of fuel fifteen years ago.
It is whether today’s sacrifices can build an economy strong enough to guarantee tomorrow’s prosperity.
Because nations do not become prosperous by preserving yesterday’s prices.
They become prosperous by building institutions that can sustain tomorrow.
The National Patriots urge Nigerians to avoid selective nostalgia and simplistic comparisons of prices across decades. Rising living costs are a global reality. The real issue is whether public resources are translated into infrastructure, jobs and social safety nets. We call on federal, state and local governments to be accountable for increased revenues and ensure that economic reforms deliver tangible benefits to the people, especially the most vulnerable.
Princess Gloria Adebajo-Fraser MFR.
President, The National Patriots.
