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

The Federal Government of Nigeria revealed that the removal of petrol subsidy and the unification of the foreign exchange market generated N15.8tn in additional resources for the Federation between June 2023 and December 2025. The Minister of Finance, Taiwo Oyedele, clarified that these savings were not directly deposited into the Federation Account but rather manifested as increased revenue collections due to changes in the exchange rate and the removal of subsidy-related distortions.

Oyedele emphasized that the additional resources were a result of the combined effect of both the petrol subsidy removal and the foreign exchange reforms, and not solely the removal of petrol subsidy.

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