Petrol subsidy removal freed N15.8 trillion for Nigeria’s Federation between June 2023 and December 2025, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Oyedele disclosed this on Wednesday, August 19, 2026, at a media briefing on the Federal Government’s economic reform scorecard for 2023–2026.
He said N5.4 trillion accrued to the Federal Government, while N10.4 trillion was distributed to states and local governments through Federation Account allocations.
The minister said the additional resources supported wage adjustments, pensions, infrastructure, student financing, agricultural programmes, credit schemes and social interventions.
READ ALSO: Oyedele Calls for Urgent Reform of Global Financial System
He said the reforms were intended to correct longstanding distortions in the fuel subsidy and foreign exchange systems and strengthen Nigeria’s fiscal position.
President Bola Tinubu announced the removal of petrol subsidy on May 29, 2023, shortly after assuming office. The decision triggered a sharp rise in petrol prices and increased transportation and living costs.
The administration has maintained that ending the subsidy was necessary to free public funds for more sustainable priorities, despite the immediate pressure on households and businesses.
Oyedele’s latest disclosure comes amid continued debate over how the savings have been deployed and whether the wider benefits of the reforms are reaching Nigerians.