Most Nigerians remain under financial strain despite easing inflation and signs of macroeconomic stability, a new nationwide savings survey has shown.

The 2025 PiggyVest Savings Report, based on responses from more than 26,000 people across the six geopolitical zones of the country, found that over half of Nigerians start each month unsure if their income will cover basic needs, while only six per cent feel financially secure.

Inflation and Income Challenges

Although headline inflation dropped to 15.06 per cent in February 2026, prices remain significantly higher than pre-reform levels, limiting relief for households.

The report revealed that one in two Nigerians does not save at all, while only four in ten have emergency funds. Income levels also remain low, with three in ten adults earning below N100,000 monthly.

“For many households, spending is dominated by essentials, leaving little room for discretionary expenditure or long-term wealth accumulation,” it said.

Food remains the biggest expense for most households, with food inflation rising to 12.12 per cent year-on-year in February, up from 8.89 per cent in January.

Government Reforms and Public Sentiment

President Bola Tinubu has defended ongoing economic reforms, saying “The worst is over,” while pointing to improved foreign exchange stability and investor confidence. Central Bank Governor Olayemi Cardoso has also said the FX market is becoming more efficient.

However, the report suggests these improvements have yet to translate to household financial confidence, with many Nigerians still facing unstable incomes and rising costs.

Vulnerability Among Youth and Families

It also found that more than half of income earners support extended family members, reducing their ability to save, while younger Nigerians remain more vulnerable due to reliance on single income sources.

Despite the pressure, many respondents said they continue to budget, save in small amounts, and pursue personal or business goals.