Finance Minister Reveals N15.8tn Savings Breakdown

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, provided a breakdown of N15.8 trillion in savings from the removal of petrol subsidies and the unification of foreign exchange rates during a press briefing in Abuja. This financial strategy, introduced by President Bola Ahmed Tinubu, has allowed states to meet their obligations without relying on loans, contrasting with previous fiscal challenges.

The breakdown revealed that states and councils received approximately N10.4 trillion, while the Federal Government obtained N5.4 trillion. Oyedele presented the government's three-year economic reform scorecard, stating that the reforms have stabilized the economy and fostered sustainable growth.

He noted that the reforms not only increased government revenue but also curtailed endemic corruption. The government generated an additional N3.1 trillion in independent revenue and raised N11.9 trillion through borrowing, supporting an expanded expenditure profile of N30.64 trillion, primarily for public-sector wages, debt servicing, and infrastructure.