The federal government mobilised a total of N20.4 trillion in incremental resources over the 30 months leading up to December 2025. The removal of the petrol subsidy also generated N15.8 trillion in savings for the Federation between June 2023 and December 2025, according to Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele.
?Speaking in Abuja, Oyedele presented the government’s Nigeria Reform Scorecard during the first disclosure since the reforms began. The document details the costs and benefits of these economic measures alongside the potential negative outcomes they helped avert.
?Of the N15.8 trillion realised from subsidy savings, the federal government received N5.4 trillion, while state and local governments shared N10.4 trillion through the Federation Account. Oyedele explained that these savings did not appear under a specific line item in the Federation Account, but instead manifested as higher revenue collections driven by customs and exchange rate adjustments.
?Expenditure Outweighs Savings
?The minister noted that the additional resources from subsidy savings were insufficient to cover the Federal Government’s increased expenditure during the same period.
Total incremental expenditure for the Federal Government amounted to N30.64 trillion between June 2023 and December 2025.
?Out of this expenditure, N9.39 trillion was allocated to wage adjustments, minimum wage increases, and public servant allowances. Meanwhile, N9.37 trillion went toward servicing external debt, as naira depreciation significantly escalated the local-currency cost of dollar-denominated obligations. Another N6.5 trillion was deployed to strategic infrastructure projects.
?Oyedele emphasised that the N9.39 trillion spent on wage adjustments alone exceeded the Federal Government’s N5.4 trillion share of the subsidy savings. He stated that this demonstrates the reforms were never introduced for revenue generation, but rather to dismantle entrenched corruption within the artificially managed fuel subsidy and foreign exchange markets.
?Transparency and Public Scrutiny
?Beyond subsidy savings, the Federal Government generated N3.1 trillion in incremental independent revenue, primarily from remittances and surpluses from government-owned entities. An additional N11.9 trillion was raised through incremental borrowing, bringing total incremental resources to N20.4 trillion.
?Borrowing accounted for 58 percent of the N20.4 trillion in incremental resources, while subsidy savings contributed 27 percent and other revenue made up 15 percent. Approximately two-thirds of the N30.64 trillion incremental expenditure was funded by these new resources, with the remaining one-third sourced from the existing revenue base.
?Minister of Information and National Orientation Mohammed Idris also addressed the briefing, acknowledging the sacrifices made by Nigerians. Idris urged the media to report the government’s figures accurately while maintaining rigorous scrutiny of its ongoing policies and programmes.