President Bola Tinubu says Nigeria’s inflation rate declined to 14.45 per cent in November from 24.23 per cent in March.
Tinubu stated this during the presentation of the 2026 Appropriation Bill before the joint session of the National Assembly on Friday.
The budget was tagged: “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
Tinubu said that he was encouraged that his administration’s reform efforts were already yielding measurable results.
He said: “Our economy grew by 3.98 per in Q3 2025, higher than the 3.86 per cent recorded in Q3 2024.
“Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45 per cent in November 2025, from 24.23 per cent in March 2025.
“With stabilising food and energy prices, tighter monetary conditions and improving supply responses, we expect the dis-inflationary trend to persist so that inflation continues to decline further over the 2026 horizon, barring major supply shocks.”
The president also said that oil production had improved, supported by enhanced security, technology deployment and sector reforms.
“Non‑oil revenues have expanded significantly through better tax administration —not excessive taxation.
“Investor confidence is returning, as reflected in capital inflows, renewed project financing and stronger private‑sector participation,” he said.
Tinubu stated that external reserves rose to a seven-year high of about 47 billion dollars as at Nov. 14, providing more than 10 months of import cover and a stronger buffer against shocks.
“These outcomes are not accidental. They reflect difficult but deliberate policy choices.
“Our task now is to consolidate these gains—so that stability becomes prosperity and prosperity becomes shared prosperity,” he said.
