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

Nigeria's Minister of Finance, Taiwo Oyedele, has claimed that the country could have faced inflation rates of up to 1,000% without the implementation of economic reforms, including the removal of the petrol subsidy and changes to the foreign exchange market. Speaking at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria, Oyedele highlighted the severe economic challenges the nation faced before reforms, such as foreign exchange shortages and monetary financing.

He argued that the printing of approximately N30tn contributed to current inflationary pressures and defended the government's policies, emphasizing the need to increase household incomes rather than suppress prices.

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