Finance Minister Taiwo Oyedele has revealed that reforms by the Federal Government between June 2023 and December 2025 have generated ₦15.8 trillion in resources for Nigeria.
Speaking on Arise News, he clarified that this savings wasn’t directly recorded in the Federation Account as “subsidy savings.” Instead, the benefits were seen through increased revenue collections linked to the removal of the fuel subsidy and the adoption of a floating exchange rate.
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He noted that there was no specific alert regarding “subsidy savings” in the Federation Account; rather, the increase in customs revenue served as an indicator.
According to Oyedele, revenues from customs duties and corporate income tax rose in naira terms because dollar transactions were converted at elevated exchange rates.
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He emphasized that the exchange-rate reform was critical since, historically, the government had been subsidizing the exchange rate, which primarily benefited “rent seekers” rather than the average Nigerian or manufacturers.
Out of the ₦15.8 trillion mobilized, the Federal Government received ₦5.4 trillion, while ₦10.3 trillion was allocated to state and local governments via the Federation Account.
Additionally, he reported that the Federal Government generated another ₦3.1 trillion in independent revenue from sources like remittances and surpluses from government-owned entities.
The minister also stated that details and supporting documents would be accessible on the Finance Ministry’s website for public review and analysis.
