FG Reports N15.8 Trillion from Economic Reforms

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, provided an account of the economic reforms implemented by President Bola Tinubu's administration, following a directive from the President. Oyedele revealed that from June 2023 to December 2025, a total of N15.8 trillion was paid into the Federation Account as a result of subsidy removal.

The federal government received N5.4 trillion, while the 36 states and 774 local governments received N10.4 trillion. He noted that the federal government borrowed N11.9 trillion during this period, which could have been higher without the fiscal space created by the reforms.

The reforms included the removal of the petrol subsidy and the unification of the foreign exchange market, aimed at strengthening public finances and attracting investment. However, these measures have also led to increased energy costs, inflation, and operating expenses for households and businesses.

Tinubu emphasized the need for transparency regarding the gains and costs of these reforms.