The Federal Government says fuel subsidy naira reforms generated ₦15.8 trillion in savings for Nigeria between June 2023 and December 2025.
Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, disclosed the figure during a media conference on Nigeria’s reform scorecard.
The conference, titled “The Benefits, Costs and Harm Prevented,” examined the impact of major economic reforms introduced by the Bola Tinubu administration.
According to Oyedele, the removal of fuel subsidies and the liberalisation of the naira created additional resources for the Federation.
“Between June 2023 and December 2025, subsidy savings mobilised a sum of N15.8tn in resources for the Federation,” he said.
The minister said the government had directed some of the additional resources towards wages, infrastructure, education, social protection and other programmes.
How The Reforms Have Affected Nigerians
Oyedele listed several areas where the government says Nigerians have benefited from the reforms.
1. Higher Wages And Timely Payments
The minister said the reforms helped the government increase wages and maintain timely payment of salaries and pensions.
The government has also used additional resources to address pension arrears and gratuities owed to retirees.
2. Infrastructure Development
Oyedele identified infrastructure as another major area that has benefited from increased government resources.
He said the reforms had created more room for investments in infrastructure projects across the country.
3. NELFUND And Affordable Credit
The government has also expanded access to student financing through the Nigerian Education Loan Fund.
Oyedele said the reforms supported the expansion of NELFUND while creating opportunities for affordable consumer and small-business credit.
These programmes aim to help students, households and entrepreneurs access financing without relying entirely on traditional commercial loans.
4. Housing And Social Transfers
The government has also introduced subsidised mortgage and housing schemes.
Oyedele said social transfers had reached about 15 million vulnerable households as part of efforts to cushion the impact of economic reforms.
The support targets households facing the greatest financial pressure from higher living costs.
5. Agriculture And Food Security
Agricultural interventions also form part of the government’s reform response.
According to Oyedele, the government has strengthened agricultural programmes to improve food production and support food security.
The goal is to reduce pressure on households as food prices remain a major concern for Nigerians.
6. Fuel Availability And Energy Supply
Oyedele also pointed to improved fuel availability and government efforts to address energy shortages.
He said the government had continued to tackle energy challenges despite economic disruptions and global shocks.
7. Increased Investor Confidence
The finance minister said the reforms had helped restore investor confidence in Nigeria.
According to him, stronger confidence has contributed to increased local and international investment.
The government hopes that continued investment will create jobs, strengthen businesses and support long-term economic growth.
8. Tax Relief For Low-Income Nigerians And Small Businesses
Tax reforms have also formed part of the government’s economic agenda.
Oyedele said the government had introduced exemptions for low-income earners and small businesses.
He said the measures were designed to create a more business-friendly tax environment while reducing pressure on vulnerable taxpayers.
Why The Government Defends The Reforms
The fuel subsidy naira reforms have created significant economic pressure for Nigerians since their introduction.
Fuel prices increased after the removal of the petrol subsidy, while the naira also experienced major changes following foreign exchange reforms.
These changes have contributed to higher costs for transportation, food, production and other essential services.
The government, however, argues that the reforms have also created resources that Nigeria can use for long-term development.
Oyedele said the reforms should not only be judged by their immediate costs. He argued that Nigerians should also consider the economic benefits and problems the policies helped the country avoid.
The government now faces the challenge of ensuring that the savings from these reforms translate into visible improvements in everyday life.
For many Nigerians, the success of the policies will ultimately depend on whether higher government revenues lead to better infrastructure, stronger social protection, more jobs and improved living standards.
The fuel subsidy naira reforms have therefore become a major test of the government’s ability to turn difficult economic decisions into sustainable benefits for Nigerians.
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