Inflation eases as Tinubu’s reforms show early gains - Minister confirms

The Federal Government has announced that President Bola Tinubu’s economic reforms are beginning to yield results, with Nigeria’s inflation rate showing a notable decline, according to the latest figures from the National Bureau of Statistics (NBS).

At the 2025 ministerial briefing held Friday at the National Press Centre in Abuja, the Minister of Information and National Orientation, Mohammed Idris, said the President’s tough economic decisions were paying off.

This follows the release of the April Consumer Price Index by the NBS, which showed a drop in Nigeria’s inflation rate to 23.7% in April, down from 24.23% in March.

“One of the key indicators of relief is the food inflation rate. While food prices remain an important concern for many Nigerians, the year-on-year food inflation rate has eased to 21.26% in April. On a month-on-month basis, it slowed to 2.06%, down from 2.18% in March,” Idris stated.

The Minister attributed the improvements to government interventions in agriculture, transport, and services, saying these efforts are “yielding results and helping to ease pressure on household incomes.”

He said items like maize flour, wheat, yam flour, okra, soya beans, rice, and beans—major drivers of headline inflation—have seen price reductions.

While acknowledging that the economy is not yet where the administration wants it to be, Idris stressed that the latest data offers cause for optimism.

“They show that hard decisions are beginning to bear fruit,” he said, adding that as inflation continues to ease, “we expect to see corresponding improvements in consumer purchasing power and living conditions for all Nigerians.”

Idris reaffirmed the government’s commitment to “implementing people-centred policies that guarantee relief, restore economic stability, and ensure shared prosperity.”