By Eshioromeh Sebastian
The Federal Government has set an ambitious target to bring Nigeria’s inflation rate down to single digits before the end of 2027, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele disclosed this on Monday at the 32nd Nigerian Economic Summit held at the Transcorp Hilton in Abuja, where he defended the economic reforms of the Tinubu administration and outlined the government’s plan to ease borrowing costs and stimulate growth.
“Before the end of next year, we want low single digit. So that it can create the condition for single digit interest rate,” Oyedele said. “If we are growing at 4.43 per cent, borrowing at close to 30 per cent, imagine what is possible when you borrow at single digit?”
The minister’s remarks come against the backdrop of recent progress on the inflation front. According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate fell to 14.63 per cent in September 2026, down from 15.39 per cent in August, marking the fourth consecutive monthly decline and the lowest level since October 2020.
The slowdown was driven partly by a monthly decline in food prices, though food inflation remains stubbornly high at 19.59 per cent year on year. Core inflation, which excludes volatile agricultural produce and energy, stood at 12.95 per cent.
Oyedele argued that savings from the government’s foreign exchange and petrol subsidy reforms have been redirected into measures aimed at cushioning the impact on ordinary Nigerians, including salary increases, pension arrears payments, and subsidised credit for small businesses.
“The reform is already benefiting everyday Nigerians. Our task is to accelerate it so they can see rising income faster than rising prices,” he said.
The minister also stressed the importance of tax compliance, warning that defaults often result in economic instability that manifests as high inflation and interest rates. “Whenever we refuse to pay our taxes in an organised manner, we pay for it in economic chaos,” he said.
Achieving the single digit target would require headline inflation to fall from the current 14.63 per cent to below 10 per cent within roughly 14 months. The government has not yet detailed the specific measures or milestones it will use to reach the target, leaving the commitment dependent on continued disinflation, exchange rate stability, and food price moderation.
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