Nigeria would’ve faced 1,000% inflation without reforms – Oyedele

Minister of Finance Taiwo Oyedele claimed that Nigeria could have faced inflation rates of up to 1,000% if President Tinubu's administration had not implemented significant economic reforms, including removing the petrol subsidy and altering the foreign exchange market. Speaking at the 56th Annual Accountants' Conference of the Institute of Chartered Accountants of Nigeria, Oyedele defended the government's policies, despite the hardships households and businesses are facing.

He emphasized that if the reforms had not occurred, current inflation figures would be discussed as "inflation in a thousand per cent." Oyedele pointed out that Nigeria was already on the verge of a severe economic crisis before the reforms, citing foreign exchange shortages, excessive monetary financing, and the use of future crude oil production to fund petrol subsidies.

He also highlighted the inflationary consequences of printing about N30tn, explaining that the current inflationary pressures were due to this large amount of money in circulation.