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Economic Reforms Prevented Deeper Hardship in Nigeria, Says Finance Minister Oyedele
Economic Reforms Prevented Deeper Hardship in Nigeria, Says Finance Minister Oyedele
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has acknowledged that many Nigerians are yet to feel the benefits of the Federal Government’s economic reforms.
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He said the impact of macroeconomic stability must be reflected in household living conditions.
Oyedele stated this on Wednesday while speaking at Chatham House in London, where he defended the removal of the petrol subsidy and the unification of the foreign exchange market, while admitting that food prices and the cost of living remained major challenges.
“Macroeconomic stability means little to a mother who still cannot afford food. And to be candid, food inflation remains too high,” he said.
The minister said the government recognised that falling headline inflation did not necessarily mean that households were experiencing relief from rising prices, particularly the cost of food.
He explained that food inflation remained a concern because of low agricultural yields, seasonal farming, post-harvest losses, inadequate storage and transportation, as well as insecurity in farming communities.
“We wait for the rain before we plant. Post-harvest losses that waste a large share of what our farmers produce,” Oyedele said, identifying some of the challenges affecting food production and supply.
He added that Nigeria lost a significant proportion of its tomato output after harvest, partly because of weak storage and logistics.
“For tomatoes, we lose up to 60 per cent of what we produce,” he said.
According to the minister, the government’s response would focus on improving food supply by investing in agricultural technology, irrigation, storage facilities and rural roads, while strengthening security in farming communities.
He also said the government was expanding access to finance for smallholder farmers and small businesses, which he described as important sources of employment.
Oyedele said the administration was also providing direct support to vulnerable households while longer-term investments were being implemented.
“Our cash transfer programme has now reached over 10 million households, paid digitally and verified by national identity number, so that support reaches the people who need it, not the middlemen,” he said.
The minister’s remarks came as he defended the economic reforms introduced by President Bola Tinubu’s administration, including the removal of petrol subsidy and the unification of the foreign exchange market.
He acknowledged that the reforms had imposed significant pressure on households, noting that inflation peaked at 34.6 per cent in November 2024.
Oyedele argued that the government had inherited an unsustainable economic situation in 2023, when petrol subsidy spending exceeded combined expenditure on health and education and the country operated multiple foreign exchange windows.
He said the reforms were intended to address those distortions and restore economic stability, insisting that reversing them would have exposed the country to deeper economic difficulties.
“Reform did not create the hardship. It prevented a deeper one that was building in silence,” he said.
The minister added that the government’s assessment of its economic policies should go beyond improvements in macroeconomic indicators to whether Nigerians were experiencing better living conditions.
“Our test is clear. Reform must be felt in the kitchen, not only in the reserve numbers. We will judge ourselves by the test, by that test, and we invite you to judge us by it too,” he said.
He said the next phase of the government’s economic programme would focus on translating stability into faster and more inclusive growth through private investment, infrastructure development and increased domestic production.
“The task now is to turn stability into accelerated, inclusive growth,” Oyedele said.
He explained that the government was seeking to move away from reliance on public borrowing towards private capital, while directing investment into power, transport, agriculture and agro-processing.
On the political implications of the reforms ahead of the 2027 general elections, Oyedele expressed confidence that the government would maintain its economic policy direction.
Taiwo Oyedele
He said the administration was strengthening institutions and laws to make the reforms sustainable, while improving budget preparation and execution to ensure that public spending followed established plans.
“The best economic policy in an election year is the same as in any other year. That is the point of credibility,” he said.
Oyedele added that the government would continue publishing information on revenue, borrowing, debt servicing and spending to strengthen transparency.
He maintained that the ultimate test of the reforms would be whether economic improvements translated into tangible benefits for households and businesses.
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IGP Disu Receives (LASU) Alumni Association Delegation, Conferred With Emeritus Membership
The Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, today, Thursday, 22nd October 2026, received a delegation of the Lagos State University (LASU) Alumni Association led by its President, Mr Morisson Quakers, SAN, at the Force Headquarters, Abuja. During the visit, the Association conferred emeritus membership on the IGP in recognition of his achievements and contributions to public service.
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Speaking on behalf of the delegation, the Association’s President commended the IGP’s leadership and commitment to people-centred policing, personnel welfare and inter-agency collaboration. He noted that the policy direction and priorities of his administration would shape the legacy of his tenure and assured him of the Association’s continued support.
The Chairman of the Association’s Board of Trustees, Mr Lekan Ogunbanwo, described the IGP as a worthy representative of the University and commended his accessibility and dedication to service.
In his remarks, the IGP expressed appreciation for the honour bestowed on him by the alumni and acknowledged the University’s contribution to his personal and professional development and the encouragement he had received from fellow alumni throughout his career.
Police
The IGP also highlighted ongoing efforts to strengthen professionalism and improve personnel welfare through institutional initiatives and partnerships. He called for greater public understanding and cooperation with police officers in the discharge of their duties, acknowledging the demands and sacrifices associated with policing.
The Inspector-General of Police thanked the Association for its goodwill and reaffirmed his commitment to sustaining ties with his alma mater while advancing the Force’s mandate to protect lives and property and serve the public.
CSP ANI INIEDU, anipr
Force Public Relations Officer
Force Headquarters, Abuja
22nd October, 2026
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Nigerian Navy, NDLEA Recover Drugs in Joint Operations, Arrest 10 Suspects in Warri
The Nigerian Navy, in collaboration with the National Drug Law Enforcement Agency (NDLEA), has arrested 10 suspects and recovered assorted substances suspected to be illicit drugs during a joint operation in the Warri general area of Delta State.
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The operation, conducted by Nigerian Navy Ship (NNS) DELTA and NDLEA from 19 to 20 October 2026, targeted locations suspected of being used for the storage, sale and distribution of illicit drugs. Items recovered included five cards of tramadol, 20 litres of Monkey Tail, 20 kilogrammes of cannabis, 10 kilogrammes of Colorado and other related exhibits.
The suspects and recovered exhibits were handed over to the NDLEA Warri Area Command for further investigation and necessary legal action.
NDLEA
The operation reflects the Nigerian Navy’s contribution to tackling drug-related criminality through intelligence-led collaboration with relevant law enforcement agencies. The Navy will continue to support coordinated efforts to disrupt illicit drug distribution networks and strengthen security within its area of responsibility.
Signed AA FOLORUNSHO
Navy Captain
Director Naval Information.
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Nigeria Customs, TMPL Test Cutting-Edge Cargo Scanners in China Ahead of Deployment
A high-powered delegation of experts from the Nigeria Customs Service (NCS) and Trade Modernisation Project Limited (TMPL) recently completed a Factory Acceptance Test (FAT) for the newly acquired Non-Intrusive Inspection (NII) equipment and Electronic Cargo Tracking System (ECTS) in China.
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The two-week exercise, led by the Deputy Comptroller-General of Customs (DCG) in charge of the Information Communication and Technology/Modernisation Department, Oluyomi Adebakin, took place from 9 to 20 October 2026 at Nuctech Company Limited’s facility in China, the manufacturer of the advanced systems. The delegation conducted comprehensive technical verification of the high-tech scanners and the Electronic Cargo Tracking System, designed to work in synergy to enhance cargo examination and real-time monitoring from port to destination.
During the test, DCG Adebakin reaffirmed Comptroller-General of Customs Adewale Adeniyi’s commitment to using technology as a catalyst for trade facilitation, revenue optimisation, and national security. She said the FAT is a crucial quality-assurance process to ensure the scanners and tracking system meet contractual specifications and global operational standards before shipment to Nigeria.
“The Nigeria Customs Service, under the leadership of CGC Adeniyi, is committed to ensuring that we deploy only cutting-edge, fit-for-purpose technology that will fast-track cargo examination, reduce dwell time, and enhance our ability to detect concealments and prohibited items, improve revenue generation, as well as facilitate legitimate trade”, CG Adebakin said.
For his part, the Acting Comptroller, Non-Intrusive Inspection (NII), Deputy Comptroller of Customs Umar Madugu, noted that deploying the new scanners and ECTS will significantly reduce the need for 100% physical examination, minimise human contact, curb cargo diversion, and improve efficiency across Customs formations.
Speaking on behalf of Trade Modernisation Project Limited, the company’s General Manager, Bamidele Chinedu, described the FAT as a milestone in implementing the TMP, stressing that integrating NII scanners and the Electronic Cargo Tracking System is central to achieving a transparent, technology-driven Customs system.
TMPL
Also speaking, Niu Chao, Project Manager, Nuctech Company Limited, China, expressed the company’s commitment to delivering world-class equipment, technical support, capacity building, and after-sales services.
During the exercise, technical experts from both NCS and TMPL were also trained to handle, operate, and maintain the scanners and the ECTS to ensure seamless deployment and sustainability in Nigeria.
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