Nigeria’s Inflation Risk Without Reforms

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, warned that Nigeria could have faced 1,000% inflation without recent economic reforms. These reforms included removing the petrol subsidy and restructuring the foreign exchange market.

Oyedele made the claim during the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria in Abuja. He defended the government’s economic policies despite the challenges faced by households and businesses.

He stated that the current inflation, which has led to higher bread prices, is linked to the N30tn showing up in the economy. Oyedele emphasized the necessity of these reforms to prevent a much worse economic scenario.