Between June 2023 to December 2025 ₦15.8trn Has be Saved From Subsidies for Nigeria — Finance Minister Taiwo Oyedele

Finance Minister Taiwo Oyedele has disclosed that reforms implemented by the Federal Government between June 2023 and December 2025 mobilised ₦15.8 trillion in resources for the Federation.

Oyedele made the disclosure while speaking on Arise News, explaining that the savings did not appear as a direct payment into the Federation Account labelled “subsidy savings.” Instead, he said, the impact was reflected through increased revenue collections following the removal of fuel subsidy and the floating of the exchange rate.

“As a matter of fact, there wasn’t any alert to the Federation account with the description subsidy savings. So the subsidy savings showed up in form of higher collection by customs,” he explained.

According to him, revenue from areas such as customs duties and company income tax increased in naira terms because dollar-denominated transactions were converted at higher exchange rates.

He said the exchange-rate reform was also important because, in his words, “we were subsidizing the exchange rate,” adding that the benefit was not going to ordinary Nigerians or manufacturers but to “rent seekers.”

Of the ₦15.8 trillion mobilised, Oyedele said the Federal Government received ₦5.4 trillion, while ₦10.3 trillion was shared among state and local governments through the Federation Account.

He further disclosed that the Federal Government generated an additional ₦3.1 trillion in independent revenue, including remittances and surpluses from government-owned entities.

The minister said the figures and supporting materials would be made available on the Finance Ministry’s website for public scrutiny and analysis.