The Federal Government has explained how it shared N15.8 trillion in savings from fuel subsidy removal over the past three years.

Finance Minister Taiwo Oyedele gave the figures at a press conference on Wednesday. He explained how the subsidy reform affected government finances and the Federation Account.

According to Oyedele, the government saved N15.8 trillion after removing the fuel subsidy. The Federal Government, states and local governments shared the funds.

The Federal Government received N5.43 trillion from the savings. State governments received N6.52 trillion, while local governments received N3.88 trillion.

Oyedele said the savings did not create one large cash reserve for the Federal Government. Instead, the reform reduced the cost of maintaining the fuel subsidy.

Government Records Additional Revenue

The finance minister also disclosed other financial gains from the reforms.

The government generated N3.12 trillion in additional revenue during the period. It also recorded N11.85 trillion in additional borrowing.

Together, these sources gave the Federal Government about N20.4 trillion in additional resources.

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However, government spending also increased during the same period. Oyedele said the Federal Government spent about N30.64 trillion on additional expenditures.

The figures show that subsidy removal did not leave the government with a large surplus. Instead, the reform helped reduce the pressure on government finances.

Oyedele said the government would have needed more borrowing without the savings from subsidy removal.

Where the Government Spent the Money

The government directed the additional spending towards several areas.

Wage adjustments accounted for N9.39 trillion. The government also spent N9.37 trillion on external debt servicing.

Infrastructure received N6.47 trillion during the period. The government also spent N3.14 trillion on electricity subsidies.

These figures show the scale of the demands on Nigeria’s public finances. The government must fund wages, debt payments, infrastructure and other public services at the same time.

Impact on Housing and Infrastructure

The figures also matter to Nigeria’s housing and construction sectors.

Government revenue plays an important role in infrastructure development. Roads, electricity, water supply and other public services support housing projects and urban growth.

Higher public spending on infrastructure can improve access to new housing areas. It can also support the growth of real estate markets when better roads and public services connect new developments to major cities.

However, rising costs remain a major concern for the construction industry. Higher energy, transport and material costs can increase the cost of building homes.

Developers also face higher financing costs when interest rates and other economic pressures rise. These factors can make affordable housing more difficult for many Nigerians to access.

Tinubu’s Economic Reforms

President Bola Ahmed Tinubu announced the removal of the petrol subsidy in May 2023. His administration also liberalised the foreign exchange market in June 2023.

Both reforms changed the cost of fuel and the value of the naira. Petrol prices rose sharply after the subsidy ended, while the naira experienced major fluctuations.

The reforms have since affected households, businesses and government finances.

The latest figures provide more detail on the financial impact of the subsidy decision. They also show how the government has used additional resources while managing rising spending needs.

For Nigeria’s housing and infrastructure sectors, the allocation of public funds remains important. Government investment can support infrastructure that makes housing development possible.

At the same time, the government must balance infrastructure needs with debt payments, wages and other financial obligations.

The N15.8 trillion breakdown therefore offers a clearer picture of the fiscal impact of fuel subsidy removal. It also highlights the financial pressures facing the government as it funds infrastructure and other public needs.

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Petrol prices may soon decline to around N1,200 per litre as the Dangote Petroleum Refinery and other depot operators continue to reduce ex-depot rates following a sharp drop in global crude oil prices.

The development comes after the Dangote Refinery announced a N75 reduction in its petrol gantry price, lowering the rate from N1,250 per litre to N1,175 per litre.

According to industry data, the adjustment has prompted other depot owners to cut their prices to about N1,180 per litre, signaling a potential reduction in retail pump prices across the country.

In a circular issued to marketers, the refinery attributed the price cut to easing tensions in the Middle East, which had previously pushed energy prices higher.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the refinery stated.

The company also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215, with the new rates taking effect from June 16, 2026.

Despite the reduction at the depot level, many filling stations are still selling petrol at around N1,280 per litre, as marketers seek to clear existing stocks purchased at higher prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said consumers should expect pump prices to begin adjusting within days as new supplies enter the market.

According to him, petrol could sell for between N1,200 and N1,250 per litre in Lagos, while prices in other parts of the country may remain slightly higher due to transportation and logistics costs.

“This announcement is enabling people who have old stocks to clear out their stocks and prepare to take fresh supplies. By tomorrow and Friday, people will start adjusting to the new price,” he said.

Ukadike explained that marketers cannot immediately reduce prices without incurring losses on existing inventory purchased before the latest adjustment.

The latest reduction follows a significant decline in international crude oil prices after reports of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz.

Global oil benchmark Brent crude reportedly fell from about $87 per barrel to below $80 per barrel after the agreement, easing pressure on fuel markets worldwide.

During the three-month geopolitical crisis, crude prices surged above $100 per barrel and, at some points, exceeded $120 per barrel, contributing to higher fuel prices in Nigeria.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), however, raised concerns that imported petroleum products appear cheaper than some locally refined products and called for increased competition in the downstream sector.

Meanwhile, industry observers believe further reductions may occur if crude oil prices continue their downward trend.

Some analysts have projected that petrol prices could fall below N1,000 per litre in the coming weeks if the ceasefire agreement remains effective and global oil markets remain stable.

A refinery official, however, noted that further reductions may take time because refiners are still processing crude oil purchased at previously higher prices.

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My fellow compatriots,

Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history. I accepted that responsibility, fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.

Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.

When this administration assumed office, our nation faced profound economic and structural difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress.

At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.

The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.

Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.

These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.

I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain.  And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape.

VISIBLE PROGRESS AND ECONOMIC GROWTH

Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing. The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year.  Companies are declaring record profits and dividends.

Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads. Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.

Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.

In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.

Domestic gas utilisation is expanding.  Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.

For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth. Today, we are confronting those challenges directly.

Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.

We are determined to power Nigeria into a new era of industrial growth and economic opportunity.

EMPOWERING NIGERIANS: AGRICULTURE, EDUCATION, AND HOUSING

Agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets. We are opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes.

The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.

Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily. Our consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families.

In healthcare, thousands of primary healthcare centres are being revitalised, while health insurance coverage is expanding for vulnerable Nigerians.

DEEPENING TELECOMS ACCESS AND INVESTMENT

We also took decisive action to stabilise the telecommunications sector, which remains one of the most important drivers of modern economic growth.
After years of severe operational pressures and declining investment, confidence is gradually returning to the sector. Telecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country.
A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation, and national productivity.

YOUTH, TECHNOLOGY AND DIGITAL TRANSFORMATION

To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future. Across technology, manufacturing, creative industries, agriculture, sports, and entrepreneurship, we are expanding opportunities for you to compete and succeed. We are investing in digital skills, technical education, innovation, student financing, and enterprise support because the future must be driven by Nigerian talent, creativity, and productivity.

SECURITY AND NATIONAL UNITY

Security remains central to our national mission and to the creation of a virile and prosperous society. Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active. We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination. We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.

My fellow Nigerians,
A nation develops when its people can see and touch progress. From highways under construction to rail modernisation and expanded energy investments, our goal remains clear: to build a Nigeria that works for Nigerians.

We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.

We shall achieve this task by continuing to ensure that food prices, which have largely come down from their peak in 2023/2024, remain low.
We are also working to reduce transportation costs as operators of commercial trucks, buses, and taxis convert their petrol engines to CNG and switch to electric vehicles. We have also set our sights on creating more opportunities for decent work and enabling enterprise expansion.

A CALL TO NATIONAL PURPOSE

The journey of national renewal is not completed in a single year or a single administration’s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.
We must choose hope over despair, unity over division, and nation-building over narrow interests.

But true security and prosperity require that every Nigerian feel included and valued. Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten. Our diversity is a source of strength. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.

To our youth, workers, entrepreneurs, farmers, professionals, security personnel, students, and diaspora: your sacrifices sustain our nation, and they will not be in vain. To the international community and investors: Nigeria remains committed to democratic stability, economic reform, responsible governance, and mutually beneficial partnerships.

My fellow Nigerians,
History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.
Ours is a nation of extraordinary people. We survived civil war and rebuilt.
We overcame dictatorship and restored democracy. We endured hardship and remain bearers of hope. The Nigerian spirit remains strong and unbroken.

Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise. Across agriculture, infrastructure, power, technology, manufacturing, and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding.

LOOKING FORWARD

The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.

I ask you to keep faith with Nigeria. Let us reject cynicism and division. Let us move forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.

My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.

Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide. Let us continue to believe in the promise of our nation.

May God bless you all.
May God bless the Federal Republic of Nigeria.

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A new study has revealed that about 63 percent of citizens in fell below the poverty line following the removal of petrol subsidy introduced by the administration of .

The findings were presented during a policy dialogue organised by in , where policymakers, economists, and civil society groups gathered to assess the impact of Nigeria’s ongoing economic reforms.

Poverty Rate Rose From 49.8% to 63%

According to the research presented by economist of the , the national poverty rate surged from about 49.8 percent to roughly 63 percent shortly after the subsidy removal.

The report said the economic reform triggered widespread price increases across multiple sectors, significantly affecting household welfare.

However, the poverty rate later declined slightly to about 56.2 percent after the government introduced social protection measures such as cash transfer programmes.

Low-Income Households Hit Hardest

The study showed that the economic shock was not evenly distributed among Nigerians.

Low-income households experienced the most severe impact as rising transport, fuel, and electricity costs significantly reduced their purchasing power.

The national poverty gap—which measures the depth of poverty—also widened considerably, increasing from 31.6 percent to over 45 percent after the subsidy removal.

Experts noted that this means many poor households became even poorer during the period.

Consumption Declined Across Nigeria

The research also found that household consumption declined across different income groups following both the subsidy removal and electricity tariff adjustments.

Rural households and urban low-income groups were particularly affected as rising energy and transportation costs forced many families to reduce spending on essential needs.

According to the study, many Nigerians responded to the economic shock by:

• Reducing transportation use
• Cutting household consumption
• Rationing electricity
• Borrowing money to meet basic needs

“Households adjusted to the shocks not through recovery but through sacrifice,” Shuaibu explained.

Businesses Also Under Pressure

Businesses also reported significant challenges resulting from the reforms.

Many firms said higher fuel and electricity costs increased operating expenses, forcing them to raise prices, reduce staff, or shut down operations.

Some companies have also begun switching to alternative energy sources in order to cope with rising energy costs.

Government Officials Defend Economic Reforms

Speaking at the dialogue, , Deputy Governor for Economic Policy at the , defended the reforms, stating that Nigeria’s economy previously suffered from major structural distortions.

He explained that oil revenue had declined sharply over the past decade, falling from about $92 billion in 2012 to less than $2 billion in 2023.

According to him, the subsidy regime and exchange rate distortions were estimated to have cost the country about six percent of its Gross Domestic Product (GDP).

Despite the short-term hardship, Abdullahi said the reforms are beginning to produce early macroeconomic improvements, including declining inflation and improving foreign reserves.

Calls for Stronger Social Protection

Economists at the dialogue urged the government to expand social protection programmes to support vulnerable households.

, a senior economist at the , recommended strengthening Nigeria’s social register to ensure financial support reaches the poorest citizens quickly.

Experts also stressed that sustained dialogue and targeted economic policies will be necessary to ensure that the benefits of the reforms eventually reach ordinary Nigerians.

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The World Bank has called on Nigeria to ensure that recent economic reforms lead to real improvements in people’s lives. This comes as new data shows that 139 million Nigerians are living in poverty.

At the launch of its latest Nigeria Development Update report in Abuja on Wednesday, World Bank Country Director, Mathew Verghis, praised the government’s bold reforms.

“Nigeria has implemented major reforms around the exchange rate and petrol subsidy,” Verghis said. “These policies have laid the foundation for transforming the country’s economic future.”

He said early results are promising. “Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilizing, reserves are rising, and inflation is finally beginning to come down,” he added.

Still, Verghis warned that most Nigerians have not yet seen the benefits. “In 2025, we estimate that 139 million Nigerians will be living in poverty. The challenge is clear: how to translate reform gains into better living standards for all.”

The new report, titled “From Policy to People: Bringing the Reform Gains Home,” urges the government to reduce inflation, spend public money more efficiently, and expand support for the poor.

Verghis said food inflation must be tackled urgently. “Food inflation affects everyone but hits the poor the hardest,” he said. “It also threatens to erode political support for reforms.”

He called for a mix of tight monetary policy and structural changes to fix supply and market bottlenecks.

“These are not abstract ideas, they are practical steps that can turn macro-stability into improved livelihoods,” he said.

The World Bank said it remains committed to helping Nigeria succeed. Support will come through policy advice, technical help, and financial aid aimed at building a stronger, fairer economy.

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