The removal of petrol subsidy saved Nigeria N15.8 trillion between June 2023 and December 2025, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele disclosed this on Wednesday at a press conference, where he provided a breakdown of the financial impact of the Federal Government’s economic reforms under President Bola Tinubu.
He said the subsidy savings were reflected in the resources available to the Federation, although they did not appear as a separate credit to the Federation Account under the description “subsidy savings”.
“Between June 2023 and December 2025, subsidy savings mobilised the sum of N15.8 trillion in resources for the Federation.
“Many people will say, where is the subsidy savings? As a matter of fact, there wasn’t any alert to the Federation Account with the description ‘subsidy savings’,” Oyedele said.
According to the minister, the Federal Government received N5.4 trillion of the N15.8 trillion, while N10.4 trillion was shared among state and local governments through the Federation Account.
Oyedele said the government’s overall financial position during the period also reflected increased independent revenue and borrowing to fund its expenditure.
He said the Federal Government generated N3.1 trillion in incremental independent revenue, largely from remittances by government-owned entities and increased surpluses from government agencies.
The government also borrowed an additional N11.9 trillion between June 2023 and December 2025.
“People will say, you said you have exceeded your revenue, why are you still borrowing?” Oyedele said. “The additional borrowing that the Federal Government took for that period of time, June 2023 to December 2025, amounted to N11.9 trillion,” he said.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
