By Joel Gwom –
The Federal Government says the removal of fuel subsidy and unification of the foreign exchange market between June 2023 and December 2025 generated ₦15.8 trillion for the Federation and helped avert a deeper economic crisis.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this on Wednesday in Abuja during the release of the government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.” He said the reforms are strengthening Nigeria’s fiscal position and creating resources for investment in infrastructure, security, human capital and social protection.
Presenting details of the scorecard, the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, said ₦5.4 trillion of the subsidy savings accrued to the Federal Government while ₦10.4 trillion went to states and local governments.
He added that the Federal Government also recorded ₦3.1 trillion in incremental independent revenue and ₦11.9 trillion in incremental borrowing, bringing total incremental federal resources to ₦20.4 trillion against incremental expenditure of ₦30.64 trillion.
“We are not here to pretend these reforms were painless. We are here to show you, honestly and with the numbers, what they cost, the benefits they delivered, and the harm they prevented,” Oyedele said.
According to the Finance Minister, the reforms have improved key macroeconomic indicators.
Headline inflation eased to 15.91 per cent as of June 2026, gross foreign reserves stood at $52.5 billion, and real GDP growth strengthened to 3.89 per cent. Nigeria also recorded a sovereign credit rating upgrade by S&P Global and exited international anti-money laundering deficiency lists.
Oyedele, however, noted that the next phase of the administration’s economic programme will focus on translating macroeconomic gains into household welfare and poverty reduction.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said President Bola Ahmed Tinubu inherited an economy with one of the world’s lowest revenue-to-GDP ratios, necessitating “bold and difficult choices” to address fiscal leakages and restore investor confidence. He added that resources mobilised are being invested in projects across the six geopolitical zones.
Idris said the press conference demonstrated the administration’s commitment to transparency. “Citizens have a right to know what resources have been freed up, what these resources mean for the Federation, and how the benefits of reform are being translated into tangible improvements in their lives,” he stated.