The Federal Government has revealed that President Bola Tinubu’s twin reforms fuel subsidy removal and foreign exchange market liberalisation generated N15.8 trillion in additional revenue for the federation between June 2023 and December 2025.
Taiwo Oyedele, Minister of finance, disclosed this while presenting the Nigeria Reform Scorecard in Abuja. He stated that the savings accrued to the Federation Account and were distributed among the three tiers of government, with the Federal Government receiving N5.43 trillion.
Oyedele explained that the savings came from higher revenue collections driven by both policy changes, noting that the government had previously been subsidising not just petrol but also the exchange rate. He warned that without these reforms, Nigeria’s subsidy bill could have ballooned to approximately N53 trillion, while the naira might have weakened to N3,500 per dollar.
He credited Tinubu’s bold decisions for preventing a deeper fiscal and economic crisis, even as he acknowledged the short-term hardships on households and businesses. The reforms, he argued, were essential to stabilising the economy and securing the country’s long-term fiscal health, despite the immediate pain felt by citizens.