Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the removal of petrol subsidy saved Nigeria N15.8 trillion naira between June 2023 and December 2025.
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.
According to the minister, the Federal Government received N5.4 trillion naira of the N15.8 trillion naira, while N10.4 trillion naira was shared among state and local governments through the Federation Account
According to him, the combination of incremental independent revenue and additional borrowing brought the Federal Government’s incremental resources during the period to N20.4 trillion naira.
Oyedele said the figures demonstrated the fiscal implications of the reforms, which were introduced to address long-standing economic distortions and reduce pressure on government finances.