Oyedele Warns of 1,000% Inflation Without Tinubu's Reforms

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, claimed that Nigeria could have faced inflation as high as 1,000 percent without the economic reforms implemented by President Bola Tinubu's administration. Speaking at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria in Abuja, Oyedele defended the removal of the petrol subsidy and changes to the foreign exchange market, acknowledging their impact on household and business costs.

He attributed much of the inflationary pressure to the excessive creation of money, stating that approximately ₦30 trillion had been printed, contributing to the rising costs of goods and services. Oyedele did not provide calculations or data to support his claim regarding the potential inflation figure.

He emphasized the need to focus on increasing incomes rather than suppressing prices artificially and noted that the Federal Government had spent twice the amount saved from the petrol subsidy removal on salary adjustments and wage awards, although he did not specify the figures or time frame.