Nigeria mobilised N15.8 trillion in resources for the federation from savings generated by the removal of petrol subsidy between June 2023 and December 2025, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Oyedele disclosed this on Wednesday at a media conference on the scorecard of the Federal Government’s economic reforms between 2023 and 2026.

According to him, the Federal Government received N5.4 trillion of the savings, while N10.4 trillion was shared among state and local governments.

He added that the Federal Government generated an additional N3.1 trillion in independent revenue, mainly from remittances by government-owned entities, bringing its total incremental resources from subsidy savings, independent revenue and borrowing to N20.4 trillion.

Oyedele said the government also recorded N11.9 trillion in additional borrowing, which he argued would have been significantly higher without the fiscal space created by the reforms.

He said the Federal Government spent N30.64 trillion in incremental expenditure during the period, including N9.39 trillion on wage adjustments, minimum wage increases and allowances, N9.37 trillion on external debt servicing and N6.5 trillion on strategic infrastructure.

The minister noted that higher external debt servicing costs were largely driven by the depreciation of the naira, stressing that although the dollar value of the debt remained unchanged, more naira was required to service it.

Oyedele maintained that the reforms were not primarily designed to increase government revenue but to tackle corruption and distortions associated with the artificially managed fuel subsidy and foreign exchange markets.