ABUJA: Nigeria is now in a period of economic consolidation after two years of major reforms that helped lower inflation, stabilize the naira, and increase investor confidence, according to Finance Minister Wale Edun on Thursday.
Since President Bola Tinubu took office in 2023, his government has carried out one of Nigeria’s biggest economic changes in years. Major steps included ending fuel and electricity subsidies, devaluing the naira twice, and changing the tax system to improve public finances.
These reforms led to Nigeria’s worst cost-of-living crisis in a generation, as inflation reduced household incomes and unions warned of widespread hardship. However, Edun said that the difficult period has now led to more stable economic indicators.
At the launch of the 2026 national economic outlook report, Edun said inflation dropped to 14.45% in November from 33.18% a year before, and the naira strengthened to below ₦1,500 per dollar. He also pointed out that GDP grew by an average of 3.78% in the first nine months of 2025, foreign reserves rose to $45.5 billion, and the stock market jumped nearly 60% compared to last year.
“Nigeria cannot afford to pause or go backward. Now, the goal is to turn stability into lasting, inclusive, and job-rich growth,” Edun said.
Looking ahead, he predicted 4.68% growth in 2026, with inflation averaging 16.5% and the naira staying close to ₦1,400 per dollar.
Edun also spoke about Nigeria’s ₦152 trillion public debt, saying the rise was due to greater transparency and changes in exchange rates, not new borrowing. He said ₦30 trillion came from previously unrecorded central bank “Ways and Means” financing, and ₦49 trillion was from foreign-exchange revaluation. He added that Nigeria’s debt-to-GDP ratio is 36.1%, which is still below regional and global limits.
In 2026, the government plans to continue reforms by digitalizing revenue collection, strengthening treasury controls, and introducing tax measures to help low-income households.
