The Minister of Information and National Orientation, Mohammed Idris, says the removal of fuel subsidy and other economic reforms by President Bola Ahmed Tinubu’s administration have strengthened Nigeria’s fiscal position and helped avert a deeper economic crisis….
The Minister of Information and National Orientation, Mohammed Idris, says the removal of fuel subsidy and other economic reforms by President Bola Ahmed Tinubu’s administration have strengthened Nigeria’s fiscal position and helped avert a deeper economic crisis.
Idris said the reforms had created resources for investment in infrastructure, security, human capital development and social protection, while acknowledging the difficulties they had imposed on households and businesses.
He spoke on Wednesday in Abuja at a press conference on the Federal Government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented”.
The scorecard examined the resources generated through the removal of fuel subsidy and the unification of the foreign exchange market, as well as their wider impact on the economy.
Idris described fuel subsidy removal as one of the most significant and difficult reforms undertaken by the Tinubu administration.
He said the policy had imposed “real costs and adjustments” on Nigerians but was necessary to redirect resources from an unsustainable subsidy regime to more productive investments.
“Citizens have a right to know what resources have been freed up, what these resources mean for the Federation, and how the benefits of reform are being translated into tangible improvements in their lives,” he said.
The minister said the government had a responsibility not only to announce policies but also to explain their implications, account for their outcomes and demonstrate how difficult decisions were laying the foundation for a more sustainable economy.
Presenting the reform scorecard, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the exercise was intended to provide an honest assessment of the costs, benefits and harms prevented by the reforms.
Oyedele disclosed that between June 2023 and December 2025, fuel subsidy savings generated ₦15.8 trillion for the Federation.
Of the amount, ₦5.4 trillion accrued to the Federal Government, while ₦10.4 trillion was shared among states and local governments.
He added that the Federal Government generated ₦3.1 trillion in incremental independent revenue and ₦11.9 trillion in incremental borrowing, bringing total incremental Federal Government resources to ₦20.4 trillion.
Incremental expenditure, he said, stood at ₦30.64 trillion.
“We are not here to pretend these reforms were painless. We are here to show you, honestly and with the numbers, what they cost, the benefits they delivered, and the harm they prevented,” Oyedele said.
He said the reforms had contributed to improvements in several macroeconomic indicators, including inflation, foreign reserves, market capitalisation and real GDP growth.
Oyedele said headline inflation had fallen to 15.91 per cent in June 2026, while gross foreign reserves stood at $52.5 billion and real GDP growth had risen to 3.89 per cent.
He also cited Nigeria’s improved position in the international financial system, including a sovereign credit rating upgrade by S&P Global and the country’s exit from international anti-money laundering deficiency lists.
However, Oyedele acknowledged that the reform process remained a work in progress, particularly in addressing household welfare and poverty.
He said the next phase of the economic programme would focus more on translating macroeconomic gains into tangible improvements in the lives of ordinary Nigerians.
The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said the reforms were necessary because the Tinubu administration inherited an economy with one of the world’s lowest revenue-to-GDP ratios.
He said the situation left Nigeria with limited fiscal capacity relative to its population and developmental needs.
Bagudu said the administration therefore had to make difficult choices to address fiscal leakages, restore confidence in the economy and create greater room for investment in security, infrastructure, human capital and grassroots development.
According to him, President Tinubu chose to confront the economic challenges inherited by his administration rather than apportion blame.
He said the reforms had been accompanied by measures aimed at cushioning their impact on vulnerable Nigerians.
Bagudu added that increased government revenues would improve the state’s capacity to meet its constitutional and developmental responsibilities.
He said resources generated through the reforms were being invested in projects and programmes across the six geopolitical zones, including connectivity, security, infrastructure and economic opportunities.
Idris reaffirmed the administration’s commitment to engaging Nigerians on the progress, challenges and outcomes of the reforms.
He said the government would continue working to ensure that improved fiscal stability translates into better living conditions, greater economic opportunities and improved public services for Nigerians.
