Market News

 by Nse Anthony-Uko

…Says Nigeria was headed for Zimbabwe-style crisis

The minister of finance and coordinating minister of the economy, Taiwo Oyedele, on Tuesday attributed Nigeria’s current high inflation to the printing of about N30 trillion in naira. He said that without the Tinubu administration’s reforms, the country would be facing inflation in the thousands of per cent, as happened in Zimbabwe.

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

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

He said the inflation Nigerians face today, including higher grain prices, is that N30 trillion “showing up.” “It doesn’t show up immediately. It takes time,” he said.

Oyedele described the reforms as a complete reset of the economy. Without them, he argued, Nigeria would be dealing with inflation in the thousands of per cent. He cited Zimbabwe, where inflation was measured in millions of per cent, and Venezuela, where, he said, people carried money in trucks to buy food.

He acknowledged that prices of transport, rent and food have risen, but said the government’s focus is to raise incomes faster than inflation. He argued that policies that suppress prices distort markets and cause shortages, and that government should instead regulate markets responsibly and raise incomes.

Recalling the pre-reform foreign exchange crisis, he said young people could not pay for online apps with their cards, manufacturers’ letters of credit were not honoured abroad, and only the highly connected could access dollars. He said airlines such as Emirates questioned the point of flying to Nigeria when they could not repatriate their earnings.

Subsidy savings

Oyedele said the government had produced scorecards tracking subsidy-removal savings and how they were shared among the three tiers of government. The biggest expense line, he said, was salary increases and wage awards. He 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, not social media commentary and sensational headlines.

Accountants urged to scrutinise spending

Oyedele challenged accountants to intensify scrutiny of government spending. “Citizens are entitled to ask what we collected, what we spent, and what they receive in return,” he said.

He said stronger institutions, transparent financial reporting and effective accountability mechanisms were critical to turning reforms into tangible improvements in people’s lives. His priorities included clear and enforceable rules, better coordination among agencies, stronger internal controls, investment in technology and skills, and wider access to reliable public information.

He cited a memorandum of understanding between the Ministry of Finance and the Central Bank of Nigeria as an example of coordination guided by procedure, not personal relationships. He also said businesses should not face conflicting directives from agencies, and citizens should have channels for redress.

The minister 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, he said the government was using digital systems linked to the National Identification Number (NIN), along with tax records and other verified data, to identify vulnerable households. He said millions of households had been supported and that the World Bank had acknowledged improvements.

Earlier, the president and chairman of Council of ICAN, Hajia Queensley Seghosime, said trust is the foundation of every economy and called for policies that outlive political cycles as Nigeria heads toward the 2027 general elections.

Delivering the opening address, she welcomed delegates on behalf of the Governing Council and the Institute’s more than 72,000 members. About 12,000 delegates registered physically and virtually, making it one of the largest gatherings of professional accountants in Africa. The conference theme is “Beyond Numbers: Strengthening the Economy, Securing the Nation.” 

“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,” she said. 

Seghosime noted that reforms are under way and that the economy recorded growth of about 4.2 per cent in the first half of 2026. She said ambition must go beyond improved indicators to productive employment, thriving enterprises, stronger institutions and better living standards. 

“Our responsibility is not merely to prepare Nigeria for the next election, but to help build a Nigeria that will prosper well beyond it,” she said.

She said national security now extends beyond protecting lives and property to the security of food systems, energy supplies, digital infrastructure, livelihoods and institutions.

On the profession’s role, she said public confidence in financial statements, public accounts and the tax system rests largely on the integrity of chartered accountants. “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,” she said.

On artificial intelligence, she said: “Machines can process information at extraordinary speed, but they cannot carry the moral responsibility of a signature.” She added that the profession’s greatest value would lie in sound judgement and in asking the right questions.

Stressing that no profession can transform a nation alone, Seghosime said government must strengthen the environment for growth, businesses must invest responsibly, institutions must uphold accountability, and citizens must contribute. She asked participants to reflect on what must be done differently, better and together.

She said the conference expresses the Institute’s Presidential Strategic Doctrine, “WE ARE ICAN,” and commended the speakers and the Conference Planning Committee, chaired by Dr Tobi Ayodele Abiola, as well as partners and sponsors.

Seghosime then invited the Special Guest of Honour, Dr Zacch Adelabu Adedeji, Executive Chairman of the Nigeria Revenue Service, to declare the conference open. She closed with: “We are the conscience behind the confidence. We are the profession behind progress. We are ICAN.”

Attendees included the Governors of Edo and Lagos states, the Ministers of Education, Finance and Power, members of the National Assembly, and the presidents of the International Federation of Accountants (IFAC), the Pan-African Federation of Accountants (PAFA) and the Association of Accounting Bodies West Africa (ABWA).