The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, met on Monday at the CBN headquarters in Abuja to strengthen coordination between fiscal and monetary policies and consolidate recent macroeconomic gains.
The meeting followed the release of the May 2025 Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), which showed that the headline inflation rate fell for the second consecutive month, dropping to 22.97 percent in May from 23.71 percent in April. In February 2025, inflation stood at 24.23 percent.
Economic analysts attributed the decline in inflation to a combination of stabilised foreign exchange rates, reduced energy costs, and improved agricultural output, which contributed to the slowing pace of price increases across key sectors.
According to a statement issued after the meeting, both officials reviewed current reform measures and discussed how improved alignment between fiscal and monetary tools can help sustain price stability, boost investor confidence, and drive private-sector-led growth. They also explored ways to ensure that the benefits of ongoing economic reforms are felt more broadly across the country.
The NBS report noted a general decline in consumer prices, with food inflation easing slightly to 21.14 percent in May from 21.26 percent in April. Core inflation—which excludes the prices of volatile items such as food and energy—fell more significantly to 22.28 percent from 23.39 percent.
On a month-to-month basis, the inflation rate was 1.53 percent in May, down from 1.86 percent in April. Major contributors to the headline inflation included food and non-alcoholic beverages (9.20 percent), restaurants and accommodation services (2.97 percent), and transport (2.45 percent). Sectors with the lowest contributions were recreation, sport, and culture (0.07 percent), alcoholic beverages, tobacco and narcotics (0.09 percent), and insurance and financial services (0.11 percent).
Nigeria Rejects U.S. Push To Accept Venezuelan Deportees
FG Secures $747m Loan For Lagos-Calabar Coastal Highway
Supreme Court Upholds Okpebholo’s Victory, Dismisses Ighodalo’s Appeal
Keyamo Unveils Ganduje As FAAN Board Chairman, Urges Commitment To Reform