By Faith Anisiobi, The Sight News
The Federal Government has said the removal of fuel subsidy and other economic reforms introduced by the President Bola Ahmed Tinubu administration have created significant fiscal space, strengthened Nigeria’s economic position and helped avert a deeper economic crisis.
Minister of Information and National Orientation, Mohammed Idris, stated this on Wednesday in Abuja at a press conference organised to present the Federal Government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.”
The scorecard provides an assessment of the resources generated through fuel subsidy removal and the unification of the foreign exchange market, as well as the broader impact of the reforms on Nigeria’s economy.
Idris described the removal of fuel subsidy as one of the most significant and difficult economic decisions taken by the Tinubu administration, acknowledging the financial burden and adjustments it had imposed on households, businesses and communities.
He, however, said the reform was necessary to redirect resources previously committed to what he described as an unsustainable subsidy regime towards infrastructure, security, human capital development and social protection.
“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,” Idris said.
The minister said the scorecard was part of the administration’s commitment to transparency and accountability, noting that the government must not only announce policies but also explain their implications, account for their outcomes and demonstrate how difficult decisions were laying the foundation for a stronger economy.
Presenting the scorecard, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the exercise was not intended to declare victory but to provide Nigerians with an honest account 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, comprising ₦5.4 trillion for the Federal Government and ₦10.4 trillion shared among state and local governments.
He further disclosed 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, while incremental expenditure 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.
According to him, the reforms have contributed to improvements in key macroeconomic indicators, including inflation, foreign reserves, market capitalisation and real Gross Domestic Product growth.
He said headline inflation had declined to 15.91 per cent as of June 2026, while gross foreign reserves stood at $52.5 billion and real GDP growth strengthened to 3.89 per cent.
Oyedele also highlighted Nigeria’s improved standing 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.
He, however, acknowledged that the reform process remained a work in progress, particularly regarding household welfare and poverty reduction.
The minister said the next phase of the government’s economic programme would focus increasingly on translating macroeconomic gains into tangible improvements in the lives of ordinary Nigerians.
Also speaking, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the reforms were necessary because the Tinubu administration inherited an economy characterised by a low revenue-to-GDP ratio and limited fiscal capacity relative to the country’s population and developmental needs.
Bagudu said the administration had to take bold decisions to address fiscal leakages, restore confidence in the economy and create greater room for investments in security, infrastructure, human capital development and grassroots development.
He said President Tinubu chose to confront the economic realities inherited by his administration rather than apportion blame, drawing lessons from international experience in implementing difficult reforms needed to place the economy on a more sustainable footing.
The minister added that the reforms had been accompanied by interventions aimed at cushioning their impact on vulnerable Nigerians.
He said increased government revenues would strengthen the capacity of the Federal Government to meet its constitutional and developmental responsibilities, while resources generated through the reforms were being invested in projects and programmes across the six geopolitical zones.
Bagudu said improved connectivity, security, infrastructure and economic opportunities would ultimately benefit Nigerians across the country.
Meanwhile, Idris reaffirmed the administration’s commitment to continued engagement with Nigerians on the progress, challenges and outcomes of its economic reforms.
He said the government would continue working to ensure that gains from improved fiscal stability translate into better living conditions, greater economic opportunities and improved public services for citizens.
The press conference was attended by the Minister of State for Finance, Doris Uzoka-Anite; Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi; Statistician-General of the Federation, Semiu Adeyemi Adeniran; Permanent Secretary, Federal Ministry of Finance, Raymond Omachi; Executive Chairman, Nigeria Revenue Service, Zacch Adedeji; Director-General, Debt Management Office, Patience Oniha; Director-General, Budget, Yakubu Tanimu Kurfi; Director-General, National Orientation Agency, Lanre Onilu, and other senior government officials.
