(Finance Minister Taiwo Oyedele. Photo by TheCableIndex)
Nigeria’s Finance Minister, Taiwo Oyedele, has said that government reforms carried out from June 2023 to December 2025 generated 15.8 trillion naira in resources for the country.
Oyedele explained that these savings did not show up as a separate deposit into government accounts labelled “subsidy savings.”
Instead, the impact appeared through higher revenue collections that came after fuel subsidies were removed and the exchange rate was allowed to float freely.
He noted that customs collections increased significantly because of these changes.
Revenue from areas like customs duties and company income tax rose in naira terms as dollar-denominated transactions were converted at higher exchange rates.
The finance minister said the exchange-rate reforms were important because the government had been subsidising the rate, which benefited certain people seeking profit rather than ordinary Nigerians or manufacturers.
Of the 15.8 trillion naira mobilised, Oyedele said the Federal Government received 5.4 trillion naira while 10.3 trillion naira was distributed to state and local governments through the shared revenue system.
The Federal Government also generated an additional 3.1 trillion naira in independent revenue from remittances and surpluses from government agencies.
Oyedele said the ministry would make the figures and supporting documents available on its website for public review and examination.
