BREAKING: Tinubu govt finally gives breakdown of fuel subsidy removal savings
The government said the reforms also produced N20.4 trillion in incremental resources and N30.64 trillion in spending across wages, debt service and infrastructure.
- The Minister of Finance, Taiwo Oyedele, disclosed to DAILY POST on Wednesday a detailed breakdown of President Tinubu's fuel subsidy removal reforms and savings accumulated over three years.
- Recall that President Tinubu announced Subsidy removal in May and June 2023, which triggered significant fuel price increases and currency fluctuations as part of broader economic liberalization reforms.
- According to The Minister, N15.8 trillion in savings accrued to the Federation Account, with The Federal Government receiving N5.43 trillion, states N6.52 trillion, and local governments N3.88 trillion.
- The Federal Government incurred N30.64 trillion in additional expenditures, allocating N9.39 trillion for wage adjustments, N9.37 trillion for external debt servicing, N6.47 trillion for infrastructure, and N3.14 trillion for electricity subsidies.
- Over the period, incremental resources totaled N20.4 trillion alongside N3.12 trillion in other revenues and N11.85 trillion in borrowing; Subsidy removal did not create one large cash pool available to government.
17 Articles
17 Articles
Questions over N15.8trn subsidy savings
The Federal Government yesterday said the removal of the petrol subsidy and the liberalisation of the naira have generated N15.8 trillion in savings for the federation between June 2023 and December 2025. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says the money saved from the reforms has created additional fiscal space for governments to fund critical programmes, pay workers and pensioners, invest in infras…
N15.8trn: What we did with subsidy savings
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has disclosed what the federal government did with N15.8 trillion generated from the removal of fuel subsidy and the liberalisation of the foreign exchange market between June 2023 and December 2025. Oyedele on Wednesday, at a media conference on Nigeria’s reform scorecard […] The post N15.8trn: What we did with subsidy savings – Oyedele appeared first on Vanguar…
BREAKING: Tinubu govt finally gives breakdown of fuel subsidy removal savings
The President Bola Ahmed Tinubu-led administration has finally unveiled a breakdown of the N15.8 trillion in savings from fuel subsidy removal and gains of other reforms over the last three years. The Minister of Finance, Taiwo Oyedele, disclosed this at a press conference monitored by DAILY POST on Wednesday, giving a detailed breakdown of the administration’s subsidy removal reforms. According to Oyedele, the reforms resulted in N15.8 trillion…
Oyedele: how N15.8tr subsidy removal gains were utilised
The Federal Government yesterday highlighted the several benefits that have accrued to the nation through the economic reforms introduced by President Bola Ahmed Tinubu. The savings realised from two key policies – the removal of the petrol subsidy and the unification of foreign exchange rates – stood at N15.8 trillion. The subsidy savings were largely responsible for stability in the fiscal space, with states now able to meet their obligations…
Subsidy Removal: FG Admits N9.39trn Wage Spending Erased Savings — Akelicious
The Federal Government has disclosed that the financial gains expected from the removal of petrol subsidy have largely been absorbed by higher wages, minimum wage adjustments and other allowances introduced to cushion Nigerians and public servants from the impact of the economic reforms. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known on Wednesday in Abuja while presenting the scorecard of the economi…
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