Despite N15.8trn subsidy savings, FG borrowed 11.9trn in two years – Oyedele

The Federal Government borrowed N11.9 trillion between June 2023 and December 2025 to bridgeD a spending gap — but Finance Minister Taiwo Oyedele insists the figure would have been far higher and economically destabilising without the fiscal space created by subsidy removal and foreign exchange reforms.

Presenting the government’s reform scorecard as reported by The Sun, Oyedele said total incremental resources reached N20.4 trillion — comprising N15.8 trillion in subsidy savings, N3.1 trillion in independent revenue and N11.9 trillion in new borrowing — against N30.64 trillion in incremental expenditure.

Of the spending, N9.39 trillion went to wage adjustments and minimum wage increases, while significant portions covered external debt servicing and infrastructure. Oyedele acknowledged the reforms raised living costs but maintained they ended endemic corruption in fuel and foreign exchange markets while creating conditions for sustainable growth. Critics continue to argue the savings have produced insufficient relief for ordinary Nigerians.