• Says fuel subsidy savings added N15.8tn to federation account in 30 months •Discloses FG borrowed N11.9tn, subsidy removal prevented more debt • Reveals central govt received N5.4tn, states, LGs got N10.4tn •Admits poverty reduction still unfinished business • Says N9.39tn spent on federal wage adjustments •Atiku insists Tinubu must account for N30tn subsidy savings Deji Elumoye, Chuks Okocha and Ndubuisi Francis in Abuja The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, yesterday acted on President Bola Tinubu’s directive that Nigerians be updated on the gains of his administration’s economic reforms, revealing that a total of N15.8 trillion was paid into the Federation Account between June 2023 and December 2025 as proceeds of subsidy removal. Of the amount, he disclosed that the federal government got N5.4 trillion within the period, while the 36 states and 774 local governments received N10.4 trillion. He also stated that the federal government borrowed N11.9 trillion between June 2023 and December 2025, noting that the amount would have been significantly higher without the fiscal space created by its economic reforms. Oyedele’s public disclosure came hours after Tinubu declared that Nigerians deserved to know the gains of the economic reforms introduced by his administration over the past three years. The President, therefore, directed the Minister of Finance and Coordinating Minister of the Economy, to provide an account of the government’s reform scorecard to Nigerians. The reforms, which began with some of the administration’s most far-reaching policy decisions, including the removal of the petrol subsidy and the unification of the foreign exchange market, have significantly altered the structure of the Nigerian economy. While the government has argued that the measures were necessary to strengthen public finances, attract investment and place the economy on a more sustainable footing, they have also imposed considerable pressures on households and businesses through higher energy costs, inflation and increased operating expenses. The administration has subsequently pursued measures to boost government revenue, improve tax administration, reduce fiscal leakages and strengthen the country’s fiscal position. It has also introduced measures aimed at attracting private capital, improving the business environment and reducing the economy’s dependence on oil revenues. Tinubu, who traced the history of the reforms in a statement posted on his verified X handle, @officialABAT, said the government had a responsibility to explain both the gains and costs associated with the policies. “When we began this journey of reform in 2023, I promised that the difficult decisions we were making would serve the purpose of building an economy that works better for you and a country that is stronger for our children. “Today, your government presents the reforms scorecard. It sets out what our reforms have achieved, what they have cost us, and the greater costs and harms we have prevented by acting when we did,” he stated. The President therefore directed Oyedele to give Nigerians an account of the reforms and explain the figures behind the government’s policies. According to him, Nigerians are entitled to know the extent to which the reforms had changed the economy and affected their daily lives. “You deserve to see the numbers. You deserve to know what has changed and what these reforms mean for you, your family, your business and our country. This is your government. This is your country. This is our account to you,” he added. But despite the federal government’s disclosures, former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, yesterday challenged Tinubu to account for approximately N30 trillion in Federation revenues, deductions, savings and transfers requiring transparent reconciliation, saying the latest July 2026 Federation Account figures showed that the troubling pattern has continued. However, speaking in Abuja, at a press conference with the theme: “Nigeria’s Reforms Scorecard: The Benefits and Harms Prevented,” Oyedele said the briefing was designed not to declare a victory, but to give an account. He noted that in the past three years, the administration of Tinubu embarked on major reforms to address age-long economic challenges. He cited the reforms as the removal of a fuel subsidy that was quietly bankrupting the country, as well as the unification of an exchange rate system that had become a source of arbitrage, distortion and corruption rather than stability. He said: “What we are discussing today runs in four parts, and I would encourage you to read all
Don't miss out on breaking stories and in-depth articles.
