Minister: Tinubu’s economic reforms behind decline in April inflation

The Minister of Information and National Orientation, Mohammed Idris, on Friday said the hard economic decisions taken by President Bola Tinubu are beginning to yield results, following a fresh decline in the country’s inflation rate.

 

Idris stated this during the eighth edition of the 2025 Ministerial Press Briefing Series held at the National Press Centre in Abuja.

 

Idris was reacting to the latest report by the National Bureau of Statistics, which showed that Nigeria’s headline inflation rate dropped to 23.71 per cent in April 2025, down from 24.23 per cent recorded in March.

 

The minister said, “Today, I am pleased to announce encouraging news from the National Bureau of Statistics, which released the Consumer Price Index for April 2025 yesterday.

 

“This has not happened by chance. The President’s focused interventions are paying off. The benefits of reform, though gradual, are real and measurable.

 

“The President is focused and is determined, and his determination and his interventions are seen as the benefits of reform, though gradually, are real and measurable.”

 

He added that the month-on-month inflation rate also declined significantly to 1.86 per cent in April, compared to 3.90 per cent in March.

 

“This has not happened by chance. It shows that the hard decisions are beginning to bear fruit, and as inflation eases, we expect to see corresponding improvements in consumer purchasing power and living conditions,” he said.

 

On food inflation, which remains a key concern for many households, Idris disclosed that the year-on-year food inflation rate eased to 21.26 per cent in April, with a slight month-on-month drop to 2.06 per cent, down from 2.18 per cent in March.

 

According to him, the slowdown in food prices was driven by reductions in the cost of staples such as maize flour, wheat grain, yam flour, okra, soya beans, rice, and beans.

 

He said strategic interventions in agriculture, transportation, and other service sectors were helping to address inflationary pressures, especially in food, accommodation, and transport, the key drivers of inflation.

 

“We acknowledge that we are not yet where we desire to be. But these latest figures give us every reason to be hopeful,” the minister added.

 

He assured that the Federal Government would sustain the current reform momentum to achieve economic stability and shared prosperity for Nigerians.

 

“Our focus remains on implementing people-centred policies that guarantee relief and restore economic stability,” he said.

 

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