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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Oyo State Governor, Seyi Makinde, has criticized the Federal Government’s handling of cost disclosures related to the Lagos-Calabar Coastal Highway, urging greater transparency in the execution of the multi-billion-naira infrastructure project.

In a viral video circulated on Friday, Makinde questioned the reluctance of the Minister of Works, David Umahi, to provide a straightforward cost breakdown, particularly after Umahi’s contentious live exchange with Arise News anchor Rufai Oseni. Oseni had asked for a per-kilometer cost analysis of the project, prompting an irate response from the minister, who dismissed the question as “elementary” and “uninformed.”

“How can you be asking for cost per kilometer? The prices are different,” Umahi said during the interview. “Keep quiet and stop saying what you don’t know. I am a professor in this field.”

In response, Governor Makinde defended the journalist’s question and insisted that public officials owe Nigerians clarity on major spending decisions. “They asked how much the coastal road is, and the minister is dancing around. Then what is the average cost?” he said.

Makinde offered examples from Oyo State, noting that the Oyo-Iseyin road cost N9.99 billion for roughly 35 kilometers, about N238 million per kilometer while the 76-kilometre Iseyin-Ogbomoso road, including two bridges, cost about N500 million per kilometer.

The Lagos-Calabar Coastal Highway spans nine states and includes two northern spurs. The first phase, covering 47.47 kilometers, has been awarded to Hitech Construction Company Ltd. and will be constructed with concrete pavement.

Although the Federal Government argues that the project is critical to national development and regional connectivity, the lack of cost transparency has drawn criticism from stakeholders, who are demanding greater accountability in the use of public funds.

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This policy is part of the official guidelines for implementing the 2025 Appropriation Act. It aims to improve transparency, accountability, and traceability of public spending. By requiring GPS data, the government wants to ensure that projects are trackable and verifiable.

All MDAs are required to submit detailed monthly expenditure plans for the full year by July 31, 2025. These plans must be sent to both the Budget Office of the Federation and the Office of the Accountant-General of the Federation.

Projects that cost ₦150 million or more must include accurate GPS coordinates. The Director-General of the Budget Office must sign off on each plan to ensure alignment with national priorities.

The GPS requirement is part of a broader strategy to reduce duplicated, abandoned, or untraceable projects. It will support independent verification and enhance the effectiveness of Nigeria’s Bottom-Up Cash Management Strategy.

This new policy signals the government’s commitment to fiscal discipline, efficient project delivery, and accountable governance. At a time when public scrutiny of capital spending is growing, the use of GPS data adds an extra layer of confidence in how national resources are managed.

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