How we utilised N15.8tr subsidy removal gains – Oyedele

The Federal Government has presented a three-year economic reform scorecard crediting President Bola Tinubu’s subsidy removal and foreign exchange unification policies with generating N15.8 trillion in savings — with states and councils receiving N10.4 trillion and the federal government N5.4 trillion.

Finance and Economy Minister Taiwo Oyedele, presenting the scorecard at the Federal Ministry of Finance in Abuja on a day presidential election campaigns formally opened, as reported by The Nation, said the reforms stabilised the economy and ended endemic corruption in fuel and foreign exchange markets.

The government generated an additional N3.1 trillion in independent revenue and borrowed N11.9 trillion, spending N30.64 trillion in total incremental expenditure — with the largest portions going to public sector wages, debt servicing and infrastructure. Oyedele maintained the reforms prevented deeper economic crisis and created conditions for sustainable growth.