Nigerians Yet to Feel Benefits of Reforms – Oyedele

Many Nigerians are yet to feel the benefits of the government’s economic reforms, Finance Minister Taiwo Oyedele stated on Wednesday, saying macroeconomic stability must translate into better household living conditions.

Speaking at Chatham House in London, Oyedele defended the removal of the petrol subsidy and the unification of the foreign exchange market while admitting that food prices and the cost of living remained major challenges.

“Macroeconomic stability means little to a mother who still cannot afford food. And to be candid, food inflation remains too high,” Oyedele said.

The minister said the government recognised that falling headline inflation did not necessarily mean households were experiencing relief, particularly on food.

He attributed high food inflation to low agricultural yields, seasonal farming, post-harvest losses, inadequate storage and transportation, and insecurity in farming communities.

“We wait for the rain before we plant. Post-harvest losses that waste a large share of what our farmers produce,” he said, adding that Nigeria loses up to 60 per cent of its tomato output after harvest due to weak storage and logistics.

Oyedele said the government’s response would focus on improving food supply through investment in agricultural technology, irrigation, storage facilities and rural roads, while strengthening security in farming communities.

He said it was also expanding access to finance for smallholder farmers and small businesses.

He said the administration was providing direct support to vulnerable households.

“Our cash transfer programme has now reached over 10 million households, paid digitally and verified by national identity number, so that support reaches the people who need it, not the middlemen,” he said.

Oyedele noted that the reforms had imposed significant pressure on households, noting inflation peaked at 34.6 per cent in November 2024.

“Families felt it at the markets, at the dining table, and at the pump. That pain was real and we owe Nigerians an honest account of what it has bought,” he said.

He argued the government inherited an unsustainable situation in 2023, when petrol subsidy spending exceeded combined expenditure on health and education and the country operated multiple foreign exchange windows.

“Reform did not create the hardship. It prevented a deeper one that was building in silence,” he said.

Oyedele said the government’s test of its policies would go beyond macroeconomic indicators.

“Reform must be felt in the kitchen, not only in the reserve numbers. We will judge ourselves by the test, by that test, and we invite you to judge us by it too,” he said.

He said the next phase would focus on translating stability into faster, inclusive growth through private investment, infrastructure and domestic production.

On the 2027 elections, he expressed confidence the government would maintain its policy direction, saying it was strengthening institutions and laws to make the reforms sustainable.

“The best economic policy in an election year is the same as in any other year. That is the point of credibility,” he said.