The Federal Government has disclosed that the removal of fuel subsidies and reforms in the foreign exchange market generated ₦15.8 trillion in resources for the federation between June 2023 and December 2025.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Wednesday while unveiling the government’s “Nigerians’ Reform Scorecard.”
Oyedele explained that the ₦15.8 trillion was not paid into the Federation Account as a direct credit labelled “subsidy savings.” Instead, the gains were reflected in increased revenue collections resulting from the economic reforms.
According to the minister, the removal of the fuel subsidy and liberalisation of the foreign exchange market increased the naira value of dollar-denominated customs duties and other government revenues.
He said the previous foreign exchange regime had become a source of arbitrage and corruption rather than providing economic stability.
“We were subsidising the exchange rates, and that subsidy was not going to the ordinary person or manufacturers; it was going to rent seekers,” Oyedele said.
The minister stated that ₦5.4 trillion of the ₦15.8 trillion accrued to the Federal Government, while ₦10.4 trillion went to states and local governments through the federation allocation system.
Oyedele also disclosed that the Federal Government generated an additional ₦3.1 trillion in independent revenue during the period, largely driven by increased remittances from government-owned entities.
He further revealed that the government raised ₦11.9 trillion through incremental borrowing between June 2023 and December 2025.
However, Oyedele argued that the borrowing would have been substantially higher without the fiscal space created by the government’s economic reforms.
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