Reforms Averted 1,000 Percent Inflation, Says Oyedele

Finance Minister Taiwo Oyedele stated on Tuesday that Nigeria could have faced inflation as high as 1,000 per cent without President Bola Tinubu’s sweeping economic reforms.

Speaking at the Institute of Chartered Accountants of Nigeria conference in Abuja, Oyedele defended the removal of petrol subsidies and foreign exchange adjustments, attributing current price increases to the previous printing of roughly 30 trillion naira.

The minister acknowledged the rising cost of living but emphasised that the Nigerian government aims to boost public earnings rather than artificially suppress market prices.

Reforms averted 1,000 per cent inflation, says Oyedele (News Central TV) — Reforms averted 1,000 per cent inflation, says Oyedele. Credit: Business Post Nigeria

“We’re putting all our effort towards raising the income of the Nigerian people faster than inflation,” Oyedele stated, adding that the Nigerian government spent double the subsidy savings on salary adjustments.

Lagos State Governor Babajide Sanwo-Olu backed the policies, noting that gross external reserves reached $54.93 billion by late September while economic growth expanded 4.43 percent in the second quarter of 2026.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.