Index to Nigerian Newspapers

Speaking at an economic outlook event in Lagos, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, projected that Nigeria’s average inflation rate could fall dramatically from 34.80% in 2024 down to 15% in 2025. He explained that while the base effect alone would naturally pull inflation down to 25%, ongoing structural reforms will drive it even lower by curbing the main historical drivers of price hikes, which were foreign exchange volatility, fuel subsidy removals, and high interest rates. Oyedele noted that foreign exchange liquidity is improving due to daily government savings and upcoming tax reforms, while crude oil production has risen to one point eight million barrels per day. Although he acknowledged the severe financial hardship Nigerians are currently facing due to these necessary market-driven changes, he expressed firm optimism that strict fiscal discipline and a pause on money printing will stabilize the economy and eventually strengthen the undervalued naira.