…Lists wage increases, infrastructure, NELFUND, social transfers as benefits of reforms
ABUJA — The Federal Government has said reforms involving the removal of fuel subsidy and the liberalisation of the naira generated savings of N158 trillion for the Federation between June 2023 and December 2025.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at a media conference on Nigeria’s reform scorecard titled, “The Benefits, Costs and Harm Prevented”
Oyedele said the savings from the reforms had provided additional resources for government to fund critical programmes and interventions across the country
“Between June 2023 and December 2025, subsidy savings mobilised a sum of N158tn in resources for the Federation,” he said.
The minister outlined several areas where the government had deployed resources generated through the reforms, saying the measures were aimed at cushioning their impact while improving the welfare of Nigerians
According to him, the reforms have contributed to wage increases and the timely payment of salaries and pensions, as well as the settlement of pension arrears and gratuities owed to retirees
He also listed gains in the capital market, infrastructure development and improved access to affordable credit among the benefits of the reforms
Oyedele said the government had also expanded access to student loans through the Nigerian Education Loan Fund (NELFUND), while supporting affordable consumer and small and medium enterprise (SME) credit
Other interventions, he said, included subsidised mortgage and housing schemes, as well as social transfers targeted at about 15 million vulnerable households
The minister said agricultural interventions had also been strengthened as part of efforts to improve food security and reduce the impact of rising food costs on households
He further cited improved fuel availability and efforts to address energy shortages despite global economic shocks as some of the outcomes of the reforms
According to him, the reforms have also helped restore investor confidence, leading to increased local and international investments
On taxation, Oyedele said the government had introduced exemptions for low-income earners and small businesses while working towards creating a more business-friendly tax environment
He said the reforms should therefore be assessed not only by their immediate costs but also by the economic benefits and potential harm they had helped the country avoid
The minister maintained that the government remained committed to ensuring that resources generated through the reforms were channelled into programmes and investments capable of improving living standards and strengthening the Nigerian economy
7Agricultural interventions strengthening food security