Nigeria risked 1,000% inflation without reforms – Oyedele

Nigeria's Minister of Finance, Taiwo Oyedele, warned that the country could have experienced inflation as high as 1,000 per cent without the economic reforms implemented by President Bola Tinubu's administration. These reforms include the removal of the petrol subsidy and changes to the foreign exchange market. Oyedele made these claims during the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria, where he defended the government's policies despite the hardships faced by households and businesses.

He cited foreign exchange shortages, extensive monetary financing, and the printing of about N30tn as factors contributing to the inflationary pressures currently affecting Nigerians.

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