₦15.8 Trillion Generated!” – Tinubu Govt Reveals Impact Of Subsidy Removal, FX Reforms

The Federal Government has disclosed that the removal of the fuel subsidy and reforms in the foreign exchange market generated ₦15.8 trillion in additional resources for the federation between June 2023 and December 2025.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the disclosure on Wednesday while presenting the government’s “Nigerians’ Reform Scorecard.”

According to Oyedele, the scorecard was developed to provide Nigerians with an assessment of the costs, benefits and overall impact of the economic reforms introduced by the Tinubu administration.

The minister clarified that the ₦15.8 trillion did not come into the Federation Account as a direct payment specifically identified as “subsidy savings.” Instead, the additional resources were reflected through increased revenue collections resulting from the reforms.

He explained that the removal of the subsidy regime and the liberalisation of the foreign exchange market increased the naira value of dollar-denominated customs duties and other government revenues.

Oyedele also argued that the previous foreign exchange system had become vulnerable to arbitrage and corruption rather than delivering the desired economic stability.

According to him, the government was effectively subsidising foreign exchange, but the benefits were not reaching ordinary Nigerians or manufacturers.

“We were subsidising the exchange rates, and that subsidy was not going to the ordinary person or manufacturers; it was going to rent seekers,” the minister said.

Oyedele disclosed that the Federal Government received ₦5.4 trillion of the ₦15.8 trillion, while ₦10.4 trillion accrued to state and local governments through the federation allocation system.

He further revealed that the Federal Government generated an additional ₦3.1 trillion in independent revenue during the same period, largely driven by increased remittances from government-owned entities.

The minister also disclosed that the government raised ₦11.9 trillion through additional borrowing between June 2023 and December 2025.

However, Oyedele maintained that the borrowing would have been substantially higher without the fiscal space created by the government’s economic reforms.

“The additional borrowing that the Federal Government took for that period of time, June 2023 to December 2025, amounted to ₦11.9tn,” he said.

He added that the figure “would have been far higher and economically destabilising without the fiscal space the reforms created.”