Subsidy removal, FX reforms yielded N15.8tn in 30 months – FG

The Nigerian government has reported that the removal of petrol subsidy and the unification of the foreign exchange market have generated N15.8tn in additional resources for the Federation between June 2023 and December 2025. Finance Minister Taiwo Oyedele clarified that the subsidy savings did not appear as a separate line item in the Federation Account, but rather manifested as increased revenue collections due to changes in the exchange rate and the removal of subsidy-related distortions.

The minister also emphasized that the additional fiscal resources were not solely generated by the petrol subsidy removal, but also by the foreign exchange reforms, which ended an implicit subsidy that had created opportunities for rent-seeking.

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