The Minister of Finance and Coordinating Minister of the Economy
The Federal Government says the removal of petrol subsidy and foreign-exchange reforms mobilised ₦15.8 trillion in additional resources for the Federation between June 2023 and December 2025, while acknowledging that the transition imposed significant costs on households.
Presenting the government’s Reform Scorecard in Abuja yesterday Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the estimated ₦15.8 trillion was shared across the three tiers of government with ₦5.43 trillion going to the Federal Government alongside ₦6.52 trillion to states and ₦3.88 trillion to local governments respectively. The additional resources supported wages, pensions, infrastructure, social programmes, student financing and other government obligations.
The Ministry of Finance, however, stressed that the figure should not be interpreted as ₦15.8 trillion sitting in government coffers. The Federal Government recorded ₦20.4 trillion in incremental resources, including additional revenues and borrowing, against approximately ₦30.64 trillion in additional expenditure pressures.
Oyedele argued that the reforms helped avert deeper fiscal and economic crises, including widespread difficulties in meeting public-sector obligations. While the measures have strengthened public finances and reserves, millions of Nigerians have reported that they have worsened the cost-of-living pressures.