Oyedele Warns of 1,000% Inflation Risk Without Reforms

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, stated that Nigeria risked inflation as high as 1,000% without the economic reforms implemented by President Bola Tinubu's administration. He made this assertion during the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria in Abuja.

Oyedele defended the government's economic policies, which included the removal of the petrol subsidy and changes to the foreign exchange market, despite the current hardships faced by households and businesses. He noted that Nigeria was nearing a severe economic crisis prior to these reforms, citing issues like foreign exchange shortages and excessive monetary financing.

Oyedele revealed that approximately N30 trillion was printed, contributing to ongoing inflationary pressures. He emphasized the need to increase household incomes rather than suppress prices artificially.

Oyedele also mentioned that the Federal Government had spent twice the amount saved from the petrol subsidy on salary adjustments, although specific figures were not provided.