FG targets single-digit inflation by 2027, says Oyedele

The federal government has set a target of reducing inflation to single digits by the end of 2027, or earlier, as it intensifies efforts to tackle rising food prices and ease the cost-of-living burden on Nigerians.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

Oyedele said headline inflation had declined to 14.63 per cent in September from 20.98 per cent in the corresponding period of the previous year, following an earlier peak of approximately 34 per cent.

He expressed confidence that the government’s economic reforms were beginning to yield results, saying the administration was determined to sustain the downward trend in inflation.

According to the minister, the government is working towards bringing inflation to single digits by December 2027, if not earlier.

He said the Federal Executive Council had agreed to strengthen measures to contain inflationary pressures, particularly those affecting food prices, while sustaining investments in infrastructure, human capital development and job creation.

Oyedele said the government would continue to pursue policies aimed at stabilising the economy, boosting production and expanding economic opportunities.

He added that the administration was also working to improve the country’s fiscal position to create more resources for development spending.

The minister disclosed that Nigeria’s tax-to-GDP ratio had risen from approximately seven per cent in 2023 to 12.5 per cent by the end of 2025, attributing the increase to ongoing fiscal and tax reforms.