Finance Minister Taiwo Oyedele warned that Nigeria could have seen inflation soar to 1,000% if President Bola Tinubu’s economic reforms had not been implemented. The minister cited the removal of fuel and electricity subsidies as key measures that helped curb the country’s runaway price pressures.
“Without these reforms, inflation could have reached 1,000%,” Oyedele said, highlighting the severity of the potential crisis. The statement was made in a statement released by the Ministry of Finance and echoed in a recent interview with Punch Nigeria.
Subsidy removal has been a cornerstone of Tinubu’s economic agenda, aimed at reducing fiscal deficits and encouraging market‑driven pricing. The move was also intended to discourage the black‑market trade that had previously inflated commodity costs.
While Nigeria’s inflation has remained high, the reforms are credited with stabilising prices and restoring confidence in the economy. The finance minister stressed that continued policy discipline is essential to keep inflation under control.
<small>Source: Punch Nigeria — read the original story there.</small>