Nigeria’s Minister of Finance and Coordinating Minister of the Economy, , has assured Nigerians that the federal government is committed to maintaining stable food prices despite growing global economic uncertainties.

Edun gave the assurance during an appearance on Politics Today, a programme aired on , where he discussed the potential economic impact of global geopolitical tensions and ongoing domestic reforms.

Government Focused on Food Price Stability

According to the minister, recent economic indicators suggest that government policies are beginning to yield results, particularly with declining food prices and easing inflation.

Edun acknowledged that managing an economy involves uncertainties but stressed that the administration remains focused on policies aimed at stabilising food prices and reducing pressure on households.

“There are no guarantees,” he said, noting that economic management often requires responding to unpredictable global developments. However, he added that the government is working towards sustaining price stability and improving economic conditions.

Boosting Domestic Food Production

The finance minister emphasised that the government’s strategy prioritises strengthening local agricultural production to ensure a stable food supply.

He explained that Nigeria must maximise its large domestic market by supporting investors and farmers to increase food production locally rather than relying heavily on imports.

Edun said the economic management team recently reviewed developments in the agricultural sector and is considering additional initiatives to expand domestic food output.

Reforms Aimed at Economic Stability

Edun also defended recent economic reforms introduced by President , including the removal of petrol subsidy and the adoption of a market-driven foreign exchange system.

The reforms initially triggered sharp increases in fuel prices and inflation, which rose above 30 percent in 2024.

However, Edun argued that the policies were necessary to correct structural distortions in the economy.

According to him, previous systems that allowed fuel to be sold below international market prices and foreign exchange to be allocated at artificially low rates encouraged inefficiency and cross-border fuel smuggling.

Inflation Showing Signs of Decline

Edun noted that inflation has dropped significantly from about 34 percent at its peak to around 15 percent, although the government aims to reduce it further to single digits.

He credited the improvement to the combined impact of economic reforms and tighter monetary policies implemented by the .

The minister expressed confidence that continued reforms and stronger domestic production will help shield Nigerian households from global economic shocks while maintaining stable food prices.

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Nigeria has surpassed its annual revenue target months ahead of schedule and will no longer depend on domestic borrowing, President Bola Tinubu announced on Tuesday.

Speaking at the Presidential Villa while hosting members of The Buhari Organization (TBO)—a delegation of former Congress for Progressive Change (CPC) leaders led by ex-Nasarawa governor Senator Tanko Al-Makura—Tinubu said the achievement was driven largely by improved non-oil revenue.

Tinubu revealed that government revenue targets for the entire year were met as early as August, a milestone he described as proof that reforms were yielding results.

“We have met our revenue targets for the whole year, and we did it in August. Non-oil revenue is performing strongly. With this, Nigeria is no longer borrowing a dime from local banks,” the President said.

He added that the focus had now shifted to job creation, agricultural mechanization, and boosting exports. “If we remove hunger, we defeat poverty. That is our path to food security and sovereignty,” he noted.

Tinubu used the occasion to reassure supporters ahead of the 2027 elections, urging them not to be intimidated by political opponents.

Al-Makura, who led the delegation, pledged the CPC bloc’s loyalty to the President, recalling the historic merger that birthed the All Progressives Congress (APC). “You and President Muhammadu Buhari shared a vision of justice, sovereignty, and good governance. We remain firmly behind you,” he said.

House of Representatives Speaker, Tajudeen Abbas, also pledged the bloc’s support, stressing that “over 90 percent of CPC’s pioneer leaders remain loyal” and would mobilise nationwide to ensure Tinubu’s re-election.

Tinubu paid tribute to the late President Muhammadu Buhari, promising to sustain his legacy of honesty, transparency, and justice. He also commended CPC members who had remained loyal to the APC despite not receiving appointments, promising to accommodate them in upcoming ambassadorial postings.

The President further announced a nationwide mechanization program, with regional agricultural training centers aimed at driving food production and tackling poverty.

The delegation included former governors, ministers, lawmakers, party executives, and Buhari Support Organisation leaders. Their visit, Tinubu said, rekindled memories of the early days of political alliances that shaped the APC.

“Our path to Nigeria’s recovery is clear. The economy is stabilised, and we are moving upward. At the end of this journey, Nigerians will have joy,” the President assured.

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