Nigeria's Government Targets Single-Digit Inflation Amid Reforms

The Federal Government of Nigeria has set a target of achieving single-digit inflation, with ongoing structural reforms under President Bola Ahmed Tinubu aimed at strengthening the economy and prioritizing public welfare. During a media briefing in Abuja, Alhaji Mohammed Idris, the Minister of Information and National Orientation, announced that inflation has decreased from approximately 27 percent in January 2025 to around 15 percent.

He stated that the government is focused on further reducing price levels. Idris reported that Nigeria's external reserves surpassed $54 billion in September, the highest in nearly two decades, and that the country recorded a current account surplus of $12 billion in the first half of 2026, an increase from $8.6 billion in the same period in 2025.

He acknowledged the need for these macroeconomic improvements to benefit citizens directly, particularly regarding food prices and transportation costs. Idris also clarified that the NNPCL's decision to absorb part of its profit margin to cushion pump prices does not indicate a return to petrol subsidies.