The Federal Government says the economic reforms introduced by President Bola Ahmed Tinubu’s administration have strengthened Nigeria’s fiscal position and generated additional resources for investment in infrastructure, security, human capital development and social protection.
Minister of Information and National Orientation, Mohammed Idris, stated this on Wednesday in Abuja at a press conference where the government presented its “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.”
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The scorecard provides details of the resources generated from the removal of fuel subsidy and the unification of the foreign exchange market, as well as their broader effects on the Nigerian economy.
Idris described the removal of fuel subsidy as one of the most significant and difficult decisions taken by the Tinubu administration, acknowledging the economic burden it placed on households, businesses and communities.
He, however, said the reform was necessary to redirect resources from what he described as an unsustainable subsidy regime towards investments capable of delivering greater and more sustainable benefits to Nigerians.
“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.
He said the presentation of the scorecard demonstrated the administration’s commitment to transparency and accountability, noting that government had a responsibility not only to announce policies but also to explain their implications and account for their outcomes.
Presenting the scorecard, the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele, disclosed that subsidy savings between June 2023 and December 2025 amounted to ₦15.8 trillion for the Federation.
According to him, ₦5.4 trillion of the amount accrued to the Federal Government, while ₦10.4 trillion was shared among state and local governments.
Oyedele 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.
He said incremental expenditure during the period 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.
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The Finance Minister said the reforms had contributed to improvements in some key macroeconomic indicators.
He disclosed that headline inflation had declined to 15.91 per cent as of June 2026, while Nigeria’s gross foreign reserves stood at $52.5 billion and real GDP growth had risen to 3.89 per cent.
Oyedele also highlighted Nigeria’s improved position within 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 programme remained a work in progress, particularly regarding household welfare and poverty reduction.
He said the next phase of the government’s economic programme would focus more on translating macroeconomic improvements into tangible benefits for ordinary Nigerians.
Also speaking, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the administration inherited an economy with one of the world’s lowest revenue-to-GDP ratios, limiting the government’s fiscal capacity to meet the country’s development needs.
Bagudu said the situation necessitated difficult decisions to address fiscal leakages, restore confidence in the economy and create greater fiscal space for investment in security, infrastructure, human capital and grassroots development.
He said President Tinubu chose to confront the economic challenges inherited by his administration rather than apportion blame, adding that lessons from international experiences informed some of the reforms.
According to him, the government has also introduced interventions to cushion the effects of the reforms on vulnerable Nigerians.
Bagudu said the additional resources generated through the reforms were being channelled into projects and programmes across the six geopolitical zones.
He added that improved infrastructure, connectivity, security and economic opportunities would ultimately benefit Nigerians across the country.
Idris, meanwhile, reaffirmed the government’s commitment to maintaining open engagement with Nigerians on the progress, challenges and outcomes of its economic reforms.
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He said the administration would continue working to ensure that improved fiscal stability translates into better living conditions, increased economic opportunities and improved public services for citizens.