How Petrol Subsidy Removal Saves Nigeria N15.8trn

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria saved N15.8 trillion from the removal of petrol subsidy between June 2023 and December 2025.

Oyedele disclosed this on Wednesday during a press conference where he explained the financial impact of President Bola Tinubu’s economic reforms.

He said the savings increased resources available to the Federation, but did not appear as a separate payment into the Federation Account labelled “subsidy savings.”

According to the minister, the N15.8 trillion was mobilised through the Federation’s resources during the period.

Oyedele said the Federal Government received N5.4 trillion from the amount while N10.4 trillion was shared among state and local governments through the Federation Account.

He explained that the money was reflected in the funds available for distribution to the three tiers of government rather than as a separate subsidy-savings credit.