By Oluwakemi Kindness
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has acknowledged that poverty reduction and improved household welfare remain “unfinished business” for the Federal Government despite what he describes as significant gains from its economic reforms.
Oyedele made the remarks on Wednesday while presenting the government’s economic scorecard, where he argued that improvements in key macroeconomic indicators must ultimately translate into better living conditions for Nigerians.
According to the minister, food inflation has eased from 24.82 per cent to 17.52 per cent as of June 2026, while headline inflation stood at 15.91 per cent.
He also highlighted growth in Nigeria’s foreign reserves, stock market capitalisation and real GDP as evidence that the economy is moving in the right direction.
But Oyedele cautioned against interpreting those figures as proof that the economic recovery is complete.
“Poverty and household welfare recovery is still classified in our own scorecard as unfinished business, not a victory lap,” he said.
He said the government’s next priority would be to translate macroeconomic stability into improvements that Nigerians can actually feel in their daily lives.
Oyedele identified expanded cash transfers to vulnerable Nigerians, deeper agricultural interventions to reduce food prices, and greater collaboration with state and local governments as part of the next phase of the reform programme.
He said the government would continue with fiscal reforms, including implementation of the Nigeria Tax Act, while working to improve budgeting, reporting and accountability.
On inflation, Oyedele said the medium-term objective was to push headline inflation towards single digits without returning to what he described as the “distortionary subsidy” system that contributed to the country’s fiscal challenges.
The minister also urged Nigerians to play a role in the reform process, outlining three requests: support positive government policies, criticize government constructively and seek facts rather than rely on populist views or sensational headlines.
“We invite you to engage with the scorecard in good faith and with an open mind,” Oyedele said.
He said the full data behind the government’s assessment would be made available through the Federal Ministry of Finance, encouraging Nigerians to examine the figures, ask questions and seek clarification.
