Nigeria generated about ₦15.8 trillion in subsidy savings between June 2023 and December 2025, Finance Minister Taiwo Oyedele has said.
Mr Oyedele disclosed the figure at a press conference on Wednesday while presenting the government’s scorecard on its economic reforms.
He said the savings had mobilised additional resources for the federation, amid growing questions over the impact of the removal of fuel and other subsidies on government finances.
“Between June 2023 and December 2025, subsidy savings mobilised the sum of ₦15.8 trillion in resources for the federation,” Mr Oyedele said.
He acknowledged that many Nigerians had questioned where the savings from subsidy reforms had gone.
“Many people will say, where is the subsidy savings?” he said.
The government under President Bola Tinubu announced the removal of the petrol subsidy in May 2023, with the policy taking effect in June of that year.
The reform has significantly altered Nigeria’s public finances, while also contributing to higher living costs and sparking widespread debate over how the resulting savings should be used.
The government has repeatedly argued that funds previously spent on subsidies are being redirected towards other priorities, including infrastructure, social programmes and support for the states and local governments.
Mr Oyedele’s latest figure provides one of the clearest estimates yet of the resources generated through the subsidy reforms between June 2023 and the end of 2025.
