The Tinubu administration releases figures on savings it says have resulted from removing the fuel subsidy and implementing other reforms over the past three years. Finance Minister Taiwo Oyedele presents the accounting at a press conference, detailing how the government calculates the impact of the policy changes.
The sources agree that the total savings figure is ₦15.8 trillion. Nigerian Eye reports the savings are allocated across the three tiers of government—₦5.43 trillion for the Federal Government, ₦6.52 trillion for states, and ₦3.88 trillion for local governments. It also states Oyedele links reforms to ₦3.12 trillion in incremental revenues and ₦11.85 trillion in additional borrowing, producing about ₦20.4 trillion in extra resources for the Federal Government during the review period.
The outlets also describe how the government frames the fiscal effect. While the savings stem from subsidy removal and related reforms, Oyedele says expenditures during the same period amount to ₦30.64 trillion, arguing the reforms do not create a single large “pool of cash,” but instead reduce fiscal pressure and borrowing needs. The announcement comes about three years after Tinubu’s May 2023 decision to remove fuel subsidy and liberalise the naira.
