By Editor
The Federal Government has released a detailed breakdown of the financial gains from the removal of petrol subsidy under President Bola Ahmed Tinubu’s administration.
The disclosure was made on Wednesday, August 19, 2026, by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while presenting the government’s “Nigeria’s Reform Scorecard” in Abuja.
According to Oyedele, the removal of fuel subsidy generated ₦15.8 trillion in savings for the Federation between June 2023 and December 2025.
Of the amount, ₦5.4 trillion accrued to the Federal Government, while ₦10.4 trillion was shared among state and local governments.
The minister also disclosed that the government recorded ₦3.1 trillion in additional independent revenue, mainly from remittances by government-owned entities. An additional ₦11.9 trillion came through borrowing.
Oyedele said the government had ₦20.4 trillion in incremental resources, which contributed to funding ₦30.64 trillion in additional expenditure during the period.
The disclosure comes after months of public pressure for the government to explain how the savings from subsidy removal have been utilised.
President Tinubu had previously promised Nigerians that his administration would publish details of the utilisation of the savings.
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