FG Explains How N15.8trn Subsidy Savings Were Used — Oyedele

Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed how the Federal Government deployed N15.8 trillion generated from the removal of fuel subsidy and foreign exchange market reforms between June 2023 and December 2025. ‎ ‎

Oyedele made the disclosure on Wednesday while presenting the government’s reform scorecard, titled “The Benefits, Costs and Harm Prevented.” ‎ ‎

According to the minister, the resources supported wage increases and the payment of salaries and pensions, as well as the settlement of pension arrears and gratuities owed to retirees. ‎ ‎

He said the funds also contributed to infrastructure development, the Nigerian Education Loan Fund (NELFUND), affordable consumer and small business credit, mortgage and housing schemes, and social transfers targeting about 15 million vulnerable households. ‎ ‎

Oyedele further listed agricultural interventions to strengthen food security, efforts to maintain fuel availability and address energy shortages, and measures aimed at restoring investor confidence and attracting local and foreign investment. ‎ ‎

Other areas highlighted included tax exemptions for low-income earners and small businesses, as well as the creation of what the government described as a more business-friendly tax environment. ‎ ‎

The minister’s disclosure comes amid continued public debate over the impact of President Bola Tinubu’s economic reforms, particularly the removal of petrol subsidy and the liberalisation of the foreign exchange market. ‎