Nigeria's inflation could have reached 120% without reforms, says Revenue Service Chairman
via Punch Nigeria17 hours ago5 min read
Zacch Adedeji, the Executive Chairman of the Nigeria Revenue Service, stated that Nigeria's inflation could have surged to between 75% and 120% without the economic reforms implemented by the Federal Government. He made these remarks in Abuja during the commissioning of the NRS headquarters. Adedeji highlighted that the reforms, including fuel subsidy removal, exchange rate unification, and the naira-for-crude initiative, were crucial in stabilizing prices and restoring macroeconomic balance. He noted that the country was at a critical economic turning point with rising inflation and fiscal imbalances before these changes. The NRS chairman indicated that retaining the fuel subsidy could have led to payments of N38tn to N52tn annually, consuming up to 76% of the Federal Government's N68tn budget. He also mentioned that the unification of exchange rates eliminated distortions, and net reserves have risen significantly to about $34bn from below $2bn. Domestic revenue collections have increased from approximately N6.8 trillion five years ago to N28.7 trillion in 2025, and over 60 fragmented tax laws have been streamlined. President Bola Tinubu, in his address, affirmed that the reforms were deliberate steps to restore stability, strengthen institutions, and rebuild public confidence. He emphasized that strong institutions are vital for national development. Dr. Taiwo Oyedele, Minister of State for Finance, added that the fiscal reforms are repositioning Nigeria's revenue system f
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Original source
This summary was AI-generated from a story originally published by Punch Nigeria.
