Nigeria’s fuel subsidy and foreign exchange reforms generated an additional N15.8 trillion in resources for the federation between June 2023 and December 2025, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele disclosed this during a media conference on the government’s Nigeria Reforms Scorecard, where he outlined the benefits and costs of the economic reforms introduced by the administration.
According to him, the reforms created additional fiscal space for the federal, state and local governments amid rising wage bills, debt obligations and increased infrastructure spending.
He said the Federal Government received N5.4 trillion of the additional resources, while states and local governments received N10.4 trillion through federation allocations.
Oyedele explained that the gains went beyond savings from the removal of the petrol subsidy, as the foreign exchange reforms also contributed to improved revenue collection, including higher customs receipts following the unification and floating of the exchange rate.
The minister added that the government also relied on additional borrowing to meet its spending obligations during the period.
He said incremental borrowing amounted to N11.9 trillion, noting that the figure would have been significantly higher without the fiscal space created by the reforms.
