Nigeria risked 1,000% inflation without reforms – Oyedele

Nigeria's Minister of Finance, Taiwo Oyedele, warned that the country could have experienced hyperinflation of up to 1,000% if President Bola Tinubu's administration hadn't implemented significant economic reforms. These measures included the removal of the petrol subsidy and altering the foreign exchange market. Oyedele defended these reforms during the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria in Abuja, despite the hardships faced by households and businesses.

He argued that Nigeria was on the brink of a severe economic crisis before the reforms, citing challenges such as foreign exchange shortages, excessive monetary financing, and the use of future crude oil production to fund petrol subsidies.

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