The Federal Government of Nigeria has announced that the removal of fuel subsidies and the liberalisation of the naira have resulted in savings of N15.8 trillion for the Federation from June 2023 to December 2025. This revelation was made by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during a media conference detailing the government's reform scorecard.

Oyedele highlighted that these substantial savings have enabled the government to fund critical programmes and interventions aimed at enhancing the welfare of Nigerians. He stated, "Between June 2023 and December 2025, subsidy savings mobilised a sum of N15.8tn in resources for the Federation."

The minister elaborated on how the funds have been allocated, noting that they have facilitated wage increases and ensured the timely payment of salaries and pensions. Additionally, the government has been able to settle pension arrears and gratuities owed to retirees, which has been a significant concern for many citizens.

Furthermore, Oyedele pointed out that the reforms have led to improvements in the capital market, infrastructure development, and greater access to affordable credit. Among the initiatives launched is the Nigerian Education Loan Fund (NELFUND), designed to expand access to student loans, as well as support for affordable consumer and small and medium enterprise (SME) credit.

The government has also introduced subsidised mortgage and housing schemes, alongside social transfers aimed at approximately 15 million vulnerable households. These measures are part of a broader strategy to cushion the impact of economic challenges faced by the populace.

In terms of agricultural support, Oyedele noted that interventions have been strengthened to bolster food security and mitigate the effects of rising food costs on households. He also mentioned improvements in fuel availability and efforts to tackle energy shortages, despite challenges posed by global economic conditions.

The minister emphasized that the reforms have played a crucial role in restoring investor confidence, which has resulted in increased local and international investments. He mentioned that the government is committed to creating a more business-friendly tax environment, including tax exemptions for low-income earners and small businesses.

Oyedele concluded by asserting that the benefits of these reforms should be evaluated not only by their immediate costs but also by the economic advantages and potential harms they have helped the country avert. The government remains dedicated to ensuring that the resources generated through these reforms are effectively channelled into programmes that will improve living standards and strengthen the Nigerian economy.