KEY POINTS

• Finance Minister Taiwo Oyedele says about ₦30 trillion was printed before the current administration’s economic reforms, contributing to inflationary pressures.
• He argues that without the reforms, Nigeria could have experienced inflation running into thousands of per cent.
• The minister says subsidy savings have supported wage increases, student loans and subsidised credit for small businesses.
• ICAN President Queensley Seghosime calls for stronger financial accountability, public trust and policies that outlast political cycles.

MAIN STORY

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has attributed the country’s current high inflation to about ₦30 trillion in naira he said was printed before the current administration’s economic reforms, arguing that the measures prevented a more severe inflation crisis.

Speaking on Tuesday at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, Oyedele said the government had run out of both dollars and naira before the reforms began.

“We printed plenty of Naira. 30 trillion Naira was printed,” he said.

According to the minister, the effects of the money creation are reflected in the rising prices Nigerians face today, including higher grain prices. He said the impact of monetary expansion takes time to appear in the economy.

Oyedele described the reforms as a complete reset of the economy and argued that Nigeria could have faced inflation running into thousands of per cent without them. He cited Zimbabwe, where inflation reached millions of per cent, and Venezuela, where he said people carried money in trucks to purchase food.

The minister acknowledged that transportation, rent and food had become more expensive but said the government’s priority was to raise incomes faster than inflation. He argued that policies designed to suppress prices could distort markets and create shortages, advocating instead responsible regulation and higher incomes.

Recalling the foreign exchange crisis before the reforms, Oyedele said young Nigerians struggled to pay for online applications with their bank cards, manufacturers had difficulty getting letters of credit honoured abroad, and access to dollars was largely restricted to well-connected individuals. He added that airlines such as Emirates questioned the viability of operating in Nigeria when they could not repatriate their earnings.

On the removal of fuel subsidies, the minister said the government had produced scorecards showing the savings and how the funds were shared among the federal, state and local governments. He identified salary increases and wage awards as the largest expenditure category.

Oyedele also cited the Nigerian Education Loan Fund (NELFUND), which he said supports about 1.5 million students, and subsidised credit for small businesses through the Bank of Industry. He urged Nigerians to rely on policy documents and evidence when evaluating government decisions rather than social media commentary and sensational headlines.

The minister challenged accountants to intensify scrutiny of public spending, insisting that citizens were entitled to know how much government collected, how the money was spent and what they received in return.

He said transparent financial reporting, stronger institutions and effective accountability mechanisms were necessary to translate economic reforms into tangible improvements in living standards. His priorities included enforceable rules, better coordination among government agencies, stronger internal controls, investment in technology and skills, and wider access to reliable public information.

Oyedele cited a memorandum of understanding between the Ministry of Finance and the Central Bank of Nigeria as an example of coordination guided by established procedures rather than personal relationships. He said businesses should not face conflicting directives from government agencies and that citizens needed accessible channels for redress.

He urged ICAN to research at least one issue of national importance each year and publish an evidence-based report with practical recommendations. He also called on accountants to build expertise in digital technology and data analysis.

On social protection, Oyedele said the government was using digital systems linked to the National Identification Number, tax records and other verified data to identify vulnerable households. He said millions of households had received support and that the World Bank had acknowledged improvements.

Earlier, ICAN President and Chairman of Council, Hajia Queensley Seghosime, said trust was fundamental to economic development and called for policies that would endure beyond political cycles as Nigeria approaches the 2027 general elections.

Addressing delegates, Seghosime said Nigeria’s economic progress should be measured not only by improved indicators but also by productive employment, thriving businesses, stronger institutions and better living standards. She cited economic growth of about 4.2 per cent in the first half of 2026.

She also argued that national security extended beyond protecting lives and property to safeguarding food systems, energy supplies, digital infrastructure, livelihoods and institutions.

Seghosime said the integrity of chartered accountants was central to public confidence in financial statements, government accounts and the tax system. She also highlighted the need for professional judgement as artificial intelligence becomes more widely used, arguing that technology cannot assume the moral responsibility attached to professional decisions.

The ICAN president said government must create an environment for growth, businesses must invest responsibly, institutions must uphold accountability and citizens must contribute to national development.

The conference, themed “Beyond Numbers: Strengthening the Economy, Securing the Nation,” attracted about 12,000 registered delegates participating physically and virtually. The Institute has more than 72,000 members.

Attendees included the governors of Edo and Lagos states, ministers of education, finance and power, members of the National Assembly, and presidents of the International Federation of Accountants, the Pan-African Federation of Accountants and the Association of Accounting Bodies West Africa.

Seghosime invited the Executive Chairman of the Nigeria Revenue Service, Dr Zacch Adelabu Adedeji, to declare the conference open.

THE ISSUES

Oyedele’s attribution of Nigeria’s inflation to about ₦30 trillion in naira printing raises questions about the scale of monetary expansion before the reforms, how the funds entered circulation and how much they contributed to current price increases. The statements supplied do not include a breakdown of the figure or an independent assessment of its contribution to inflation.

Inflation can be influenced by several factors, including money supply, exchange rate movements, energy and transportation costs, food supply conditions and production expenses. Assessing the effect of monetary expansion requires examining these factors alongside relevant monetary and price data.

The minister’s emphasis on raising incomes faster than inflation also highlights the difference between slowing the rate of price increases and reducing the cost of living. Even if inflation declines, prices can remain high when they do not return to earlier levels. Household purchasing power therefore depends on how wages, employment and other sources of income change relative to prices.

The subsidy savings cited by Oyedele also place public spending and accountability at the centre of the reform debate. Tracking the amounts saved and allocated is important, but assessing the impact requires information on how much each tier of government received, how the funds were spent and what benefits resulted.

For businesses, the cost of financing, imported inputs, energy and transportation affects production and expansion. The minister’s reference to subsidised credit through the Bank of Industry points to one form of support, but the supplied information does not quantify its reach or overall effect on small business performance.

WHAT’S BEING SAID

“We printed plenty of Naira. 30 trillion Naira was printed.” – Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy.

“It doesn’t show up immediately. It takes time.” – Taiwo Oyedele, on the effects of the reported naira printing.

“Citizens are entitled to ask what we collected, what we spent, and what they receive in return.” – Taiwo Oyedele, on public spending and accountability.

“Trust is the true currency of every economy. It cannot be printed, borrowed or decreed. It is earned, report by report, audit by audit, decision by decision.” – Queensley Seghosime, ICAN President and Chairman of Council.

“Our responsibility is not merely to prepare Nigeria for the next election, but to help build a Nigeria that will prosper well beyond it.” – Queensley Seghosime, ICAN President and Chairman of Council.

“Every report we prepare, every audit we sign and every piece of advice we give is a promise to the public that the numbers can be believed.” – Queensley Seghosime, on the accounting profession’s responsibility.

“Machines can process information at extraordinary speed, but they cannot carry the moral responsibility of a signature.” – Queensley Seghosime, on artificial intelligence and professional judgement.

“We are the conscience behind the confidence. We are the profession behind progress. We are ICAN.” – Queensley Seghosime, closing her address.

WHAT’S NEXT

The debate over the economic reforms is likely to remain focused on whether inflation eases sufficiently to improve household purchasing power, whether incomes rise in real terms and whether businesses experience lower operating pressures.

The publication and scrutiny of subsidy savings scorecards could also become important in assessing how funds released by subsidy removal are being distributed and spent. Greater transparency around allocations, expenditure and outcomes would help Nigerians evaluate the government’s claims.

ICAN’s proposed role in producing evidence-based reports on national issues could provide another channel for examining public finance, economic policy and institutional accountability. The extent to which such recommendations influence policy will depend on the issues investigated, the quality of the evidence and the response from relevant authorities.

BOTTOM LINE

Oyedele says the reported printing of about ₦30 trillion contributed to Nigeria’s inflationary pressures before the current administration’s reforms, while arguing that the reforms prevented a more severe crisis. Establishing the scale of that contribution requires supporting monetary and inflation data.

For Nigerians, the central test remains whether economic reforms translate into stronger purchasing power, more affordable business operations and visible improvements in public services. ICAN’s emphasis on accountability reinforces the importance of evidence showing not only what government collects and spends, but also what citizens receive in return.