Bismark Rewane, Chief Executive of Financial Derivatives and a well-known economist, has criticized President Bola Ahmed Tinubu’s 15% inflation target for 2025, calling it unrealistic and merely aspirational.

During an appearance on Channels Television’s program on Thursday, Rewane pointed out that while the President’s optimism is commendable, the target is unlikely to be achieved. President Tinubu had stated during his budget presentation on December 18, 2024, that Nigeria’s inflation rate, which currently stands at 34.6%, would drop to 15% in 2025 as part of his economic reforms.

Rewane, however, noted that a more realistic figure would see inflation decline to somewhere between 25% and 27%. He stated, Well, the target is an aspiration; the reality that we think is inflation could reduce from approximately 35% to somewhere like 27% or 25%. A 15% rate on inflation is very bullish and aspirational, but we are free to have our aspirations.

He went on to explain that inflation rates had already surged drastically from 22.41% in May 2023 to 34.6% by November 2024, a development attributed to Tinubu’s policies of removing the petrol subsidy and unifying the foreign exchange rate.