Fuel Subsidy Removal Strengthens Nigeria's Fiscal Position

Dr. Zacch Adedeji, the executive chairman of the Nigeria Revenue Service (NRS), presented at the Emerging Political Leaders Summit 2026 held at the Ibadan Civic Center from August 24 to 25, 2026. He stated that the removal of fuel subsidies and the unification of foreign exchange rates have significantly strengthened Nigeria's fiscal position.

During his presentation titled "Fiscal Renewal, Revenue Mobilisation and the Economic Future of Oyo State," he noted that Nigeria's foreign reserves have risen to $49.4 billion, with monthly FAAC allocations ranging from N1.8 trillion to N2.6 trillion. He emphasized that states benefit directly from these changes, with allocations reaching N784 billion in February 2026, enhancing fiscal capacity and reducing reliance on federal bailouts.

Dr. Adedeji also urged youth participation in politics to influence policies for national development. Hon Ashimiyu Alarape, a former speaker of the Oyo State House of Assembly, encouraged emerging political leaders to prepare for future responsibilities and develop effective leadership skills.