The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has blamed about N30 trillion in monetary financing for inflationary pressures affecting Nigerians, arguing that financial reforms launched by President Bola Tinubu’s administration helped avert a deeper disaster.
Mr Oyedele mentioned Nigeria might have skilled inflation of up to 1,000 per cent with out the reforms, together with the removing of the petrol subsidy and modifications to the international alternate market.
“If this reform had not happened, ladies and gentlemen, today, you would be talking about inflation in a thousand per cent,” he mentioned on Tuesday in Abuja.
He spoke on the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria, the place he defended the federal government’s financial insurance policies amid continued issues about the price of dwelling.
According to the minister, international alternate shortages, extreme monetary financing and the usage of future crude oil manufacturing to fund petrol subsidies had weakened the financial system earlier than the reforms.
“We printed plenty of naira. Plenty trillion naira was printed. The inflation we are dealing with today, the reason why your bread is more expensive, is the N30tn showing up,” he mentioned.
He argued that the inflationary results of extreme cash creation might take time to emerge, including that the federal government’s insurance policies have been supposed to deal with longstanding weaknesses within the financial system.
He didn’t, nevertheless, present calculations to help the 1,000 per cent inflation situation or clarify how the N30 trillion determine was calculated.
Cost of dwelling stays a priority
Mr Oyedele acknowledged the strain on households however mentioned the federal government was specializing in elevating incomes relatively than artificially suppressing costs.
“We’re putting all our effort towards how to raise the income of the Nigerian people faster than inflation,” he mentioned.
The remarks got here as Nigeria’s annual inflation price continued to ease. Data from the National Bureau of Statistics (NBS) confirmed that headline inflation fell to 14.63 per cent in September, from 15.39 per cent in August and 20.98 per cent in September 2025.
Annual meals inflation, nevertheless, edged up barely to 19.59 per cent in September from 19.57 per cent in August, displaying that meals costs remained a priority for households.
PREMIUM TIMES had reported that the minister had described the financial shocks following petrol subsidy removing and international alternate reforms as unavoidable, arguing that the modifications have been supposed to right longstanding distortions within the financial system.
The reforms, launched in 2023, contributed to larger petrol costs and elevated transport and logistics prices, including to the monetary strain on households and companies.
Mr Oyedele additionally disclosed that the Federal Government had spent twice the quantity saved from petrol subsidy removing on wage changes and wage awards. He didn’t present the figures to help the comparability.
He listed scholar loans, help for susceptible households and subsidised credit score for small companies among the many interventions supposed to cushion the consequences of the reforms.
Cash transfers, public accounts
On issues about transparency in money transfers, Mr Oyedele mentioned the federal government had improved beneficiary identification by way of the National Identification Number system.
READ ALSO: Subsidy Return: International investors, markets have written off Nigerian opposition politicians as unserious, says Oyedele
He mentioned the World Bank had acknowledged progress in reaching susceptible households however rejected calls to publish beneficiaries’ private particulars, arguing that disclosure might undermine their dignity.
He additionally mentioned that the Federal Government had accomplished the audit of its 2022 monetary statements and pledged to convey excellent accounts up to date by the primary quarter of 2027.
He added that subsequent audited accounts can be printed inside six months of the top of every monetary 12 months.
The minister additional introduced plans for a nationwide financial coverage framework to enhance session and coordination in authorities selections, including that the ministry of finance had signed a memorandum of understanding with the Central Bank of Nigeria to strengthen cooperation between the establishments.
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