The Federal Government has recorded N15.8 trillion revenue from subsidy savings from June 2023 to December 2025.
Taiwo Oyedele, the Minister of Finance, disclosed this while delivering Nigeria’s reform scorecard during stakeholders engagement on Wednesday.History
In his presentation, Oyedele however noted that the subsidy savings was gathered through import duties collection by the Nigeria Customs Service and from peteroleum profit tax.
“Between June 2023 to December 2025, subsidy savings mobilised the sum of N15.8 trillion.
“Many people will say where is the subsidy saving? As a matter of fact, there wasn’t any alert to the Federation account with the description subsidy savings.
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“The subsidy savings showed up with the higher collection by customs.
“Because for every one Naira and one Dollar of import duty before at N460, it became one Dollar at N1,300, N1,400 to N1,500.
“The petroleum profit tax that they collected before, same Dollar, higher amount in Naira.” The ministdr said.
Oyedele attributed the development to the economic and fiscal reforms introduced by the President Bola Tinubu-led administration.
“The savings showed up in the federation account by way of higher revenue collection as a result of the reforms, not just the subsidy removal but also the exchange rate floating because we were subsidising the exchange rate.” He said.
Oyedele further clarified how the money was shared between the Federal, State, and Local Goverment.
“Out of this N15.8 trillion, saving from June 2023 to December 2025, the share of the Federal Government was N5.4 trillion. N10.8 trillion was shared to states and local governments.
“In additon, the federal government earned incremental independent revenue in the sum of N3.1 trillion from government-fund entities.” He added.
