Oyedele says FG targets single-digit inflation before end of 2027

Di Federal Government dey aim to bring Nigeria inflation down to single digits before di end of 2027, di Minister of Finance and Coordinating Minister of di Economy, Taiwo Oyedele, talk on Monday.

He talk at di 32nd Nigerian Economic Summit at di Transcorp Hilton in Abuja, where he defend di government economic reforms and talk say cheaper borrowing na di prize.

"Before di end of next year, we want to low, single digit. So that it can create di condition for single-digit interest rate," Oyedele talk.

He put di gap in stark terms: di economy dey grow at about 4.43 per cent while di government dey borrow at close to 30 per cent.

Why e matter for ordinary Nigerians

If interest rates fall, di cost of borrowing suppose ease for businesses and for government. That fit mean cheaper credit for small businesses and lower debt-service costs, free money for other spending.

Oyedele talk say cheaper credit go mean say people no go need to save for decades just to buy car.

He talk say savings from di foreign exchange and petrol subsidy reforms don go into salary increases and wage adjustments, payment of pension arrears and subsidised loans for small businesses.

He also talk say di reforms don make am easier for young Nigerians to pay for online applications wey dem need to earn income, citing fees as low as $20 in May 2023.

Di minister urge Nigerians, especially those wey get means, to pay their taxes. He talk say to refuse to pay "in an organised manner" dey lead to economic chaos, wey dey show as inflation, high interest rates and loss in di value of people wealth.

Nigeria headline inflation stand at 14.63 per cent in September 2026, down from 15.39 per cent in August, according to di National Bureau of Statistics. E be di fourth consecutive monthly decline, and well below di 20.98 per cent wey dem record in September 2025.

Food inflation, however, remain high at 19.59 per cent year on year, according to di NBS.

Other voices at di summit

Anambra State Governor Charles Soludo talk say states must align their spending with federal economic goals. He talk say growth of about 4 per cent na improvement but e no enough to cut poverty and create jobs quickly.

He talk say Nigeria must grow at no more, no less than 12 per cent a year to reach $1 trillion economy by 2030 or 2040, and urge Nigerians to buy locally made goods.

Chema Triki, co-founder of Growth Teams, talk say more than 85 per cent of Nigeria exports na crude oil and related products. She talk say di country don add only nine new export products since 2007.

Di government never talk exactly how e go take get inflation below 10 per cent, or which milestones e go track. Di target go depend on prices continuing to cool, stable exchange rate and slower food inflation.