> Cites NELFUND, Affordable Credit, Housing And Agricultural Intervention As Gains
The Federal Government has put the financial gains from fuel subsidy removal and foreign exchange reforms at N15.8 trillion, saying the additional resources have strengthened its ability to fund wages, infrastructure, student loans, social protection and other economic interventions.
Finance Minister and Coordinating Minister for the Economy, Taiwo Oyedele, said the amount was mobilised for the Federation between June 2023 and December 2025 following the removal of petrol subsidy and liberalisation of the foreign exchange market.
Oyedele disclosed the figures at a media conference where the government presented what it described as Nigeria’s reform scorecard under the theme, “The Benefits, Costs And Harm Prevented.”
“Between June 2023 and December 2025, subsidy savings mobilised a sum of N15.8tn in resources for the Federation,” he said.
The figure represents the government’s assessment of resources freed up by the reforms and places fresh focus on how the funds have been deployed at a time when households continue to feel the pressure of higher living costs.
Oyedele said the additional fiscal space had enabled governments to fund a range of interventions intended to cushion the impact of the reforms and strengthen economic activity.
Among the benefits listed were wage increases and more regular payment of salaries and pensions, as well as the settlement of pension arrears and gratuities owed to retirees.
The minister also cited increased infrastructure spending and improved access to credit as areas benefiting from the reforms.
According to him, the government has expanded student financing through the Nigerian Education Loan Fund, NELFUND, while supporting consumer and small and medium enterprise credit schemes.
He also identified subsidised mortgages and housing interventions as part of the measures being funded in response to the economic adjustment.
On social protection, Oyedele said cash and related transfers had been targeted at about 15 million vulnerable households.
Agriculture, he added, had received increased intervention aimed at boosting food production, improving food security and moderating the pressure of rising food prices on households.
The minister further pointed to improved availability of fuel and government efforts to ease energy shortages despite global economic disruptions.
According to him, the reforms have also strengthened investor confidence and encouraged fresh domestic and foreign investment.
Oyedele said gains recorded in the capital market had contributed to wealth creation for millions of Nigerians, while the broader reform programme was intended to create conditions for more sustainable economic growth.
Taxation was another area highlighted by the minister.
He said low-income earners and small businesses had received exemptions and reliefs as the government sought to build what it described as a friendlier and more efficient tax environment.
Oyedele argued that the economic changes should not be assessed solely on the basis of their immediate consequences for citizens.
He said consideration should also be given to the benefits generated and the economic damage the reforms may have prevented.
The administration has repeatedly defended the removal of fuel subsidy and changes to the foreign exchange regime as necessary steps to address fiscal pressures and eliminate distortions in the economy.
But the measures have also imposed substantial adjustment costs on households and businesses, particularly through higher transport, energy and consumer prices.
Oyedele maintained that the government remained committed to directing resources generated by the reforms towards programmes capable of improving living standards and strengthening productive sectors.
For the administration, the N15.8 trillion figure has become a key part of its argument that the difficult reforms created significant fiscal room for investment and social intervention. The larger test, however, will remain how quickly those claimed gains translate into measurable improvements in the daily lives of Nigerians.
