This study investigates the relationship between income policy and price stability in Nigeria from 1985 to 2024 by utilizing the Autoregressive Distributed Lag (ARDL) model. Annual time-series data on minimum wage adjustments (MWA), inflation rates (CPI), broad money supply (M2), exchange rates (EXR), and international oil prices (Brent crude) were sourced from the Central Bank of Nigeria (CBN) bulletin, National Bureau of Statistics (NBS) and Organization of Petroleum Exporting Countries (OPEC). The findings revealed that, minimum wage adjustments have a negligible and insignificant long-run effect on inflation, challenging the wage-price spiral hypothesis, though short-run lagged effects indicate temporary cost-push pressures. Broad money supply (M2) emerges as a significant driver of inflation, consistent with monetarist theory, while exchange rates and oil prices exhibit negative long-run relationships with price stability. The model is robust, with no autocorrelation and a 66% annual adjustment to long-run equilibrium. Thus, the study concluded by highlighting the limited efficacy of reactive income policies in Nigeria’s oil-dependent, structurally rigid economy, where monetary expansion predominantly fuels inflation. The study recommends stricter control of M2 growth, productivity-linked wage adjustments, a managed exchange rate regime, and diversified fiscal revenues to achieve sustainable price stability