Nigeria’s economic reforms have generated N20.4 trillion in incremental resources for the Federal Government between June 2023 and December 2025.
This was revealed by the Minister of Finance and the Coordinating Minister of the Economy, Mr Taiwo Oyedele, while presenting Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented, in Abuja.
He said the removal of fuel subsidy and unification of the foreign exchange market were necessary to address long-standing economic distortions and create fiscal space.
Oyedele said, “Between June 2023 and December 2025, subsidy savings mobilised N15.8 trillion in resources for the Federation.”
He explained that N5.4 trillion accrued to the Federal Government, while N10.4 trillion was shared among states and local governments.
According to him, the Federal Government also generated N3.1 trillion in incremental independent revenue, mainly from government-owned entities, while N11.9 trillion came from incremental borrowing.
Oyedele said the N20.4 trillion in additional resources helped fund N30.64 trillion in incremental expenditure, including N9.39 trillion for wage adjustments and allowances, N9.37 trillion for external debt servicing and N6.5 trillion for strategic infrastructure.
He said the reforms had also prevented potentially worse economic outcomes.
“In May 2023, twenty-seven states could not reliably pay salaries. Today, that number is zero,” Oyedele stated.
He added that the official exchange-rate premium over the parallel market had fallen from above 60 percent to below five percent, while the legacy Ways and Means balance, which stood at about N30 trillion, had been curtailed.
However, Oyedele acknowledged that the reforms came with significant costs for Nigerians.
“The Monetary Policy Rate has risen from 18.5 percent to 26.5 percent; we record that plainly as the cost of stabilisation, not a hidden win,” he said.
He also noted that petrol prices had increased from about N185 per litre to between N1,100 and N1,400, describing the increase as “a major, felt cost”.
On household welfare, Oyedele said the government was not presenting the reforms as an unqualified success.
“A scorecard that only lists wins is not a scorecard; it is a campaign leaflet, and we did not come here to give you one,” he said.
