By Joseph Erunke, Abuja
ABUJA — The Federal Government has said the economic reforms undertaken by the administration of President Bola Ahmed Tinubu, particularly the removal of fuel subsidy, have strengthened Nigeria’s fiscal position, improved economic stability and created resources for investment in infrastructure, security, human capital and social protection.
The Minister of Information and National Orientation, Mohammed Idris, stated this on Wednesday in Abuja at a press conference convened to present the Federal Government’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.”
The scorecard provided details on resources generated through the removal of fuel subsidy and the unification of the foreign exchange market, as well as the broader impact of the reforms on the economy.
Idris described the decision to remove the fuel subsidy as one of the most significant and difficult economic reforms undertaken by the Tinubu administration, acknowledging that it had imposed real costs and adjustments on households, businesses and communities.
He, however, said the reforms were necessary to redirect resources previously committed to an unsustainable subsidy regime towards investments capable of delivering greater and more sustainable value 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,” the minister said.
He described the press conference as an important demonstration of the administration’s commitment to transparency and accountability, stressing that the government’s responsibility went beyond announcing policies to explaining their implications, accounting for their outcomes and demonstrating how difficult decisions were laying the foundations for a stronger and more sustainable economy.
Idris commended the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, and the economic management team for presenting the reform scorecard and providing Nigerians with the facts, figures and methodology underpinning the assessment.
Presenting the scorecard, Oyedele said the purpose of the exercise was not to declare victory but to provide an honest account of the costs, benefits and harms prevented by the reforms.
He disclosed that between June 2023 and December 2025, subsidy savings mobilised N15.8 trillion for the Federation, with N5.4 trillion accruing to the Federal Government and N10.4 trillion shared among states and local governments.
He added that the Federal Government generated N3.1 trillion in incremental independent revenue and N11.9 trillion in incremental borrowing, bringing total incremental Federal Government resources to N20.4 trillion, while incremental expenditure stood at N30.64 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.
The Finance Minister said the reforms had contributed to improvements in key macroeconomic indicators, including headline inflation, foreign reserves, market capitalisation and real GDP growth.
He noted that headline inflation had eased to 15.91 per cent as of June 2026, gross foreign reserves stood at $52.5 billion, while real GDP growth had strengthened to 3.89 per cent.
Oyedele also pointed to 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 stressed, however, that the reform process remained a work in progress, particularly in the areas of household welfare and poverty reduction.
According to him, 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.
In his remarks, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, provided further context on the rationale for the reforms, noting that President Tinubu inherited an economy with one of the world’s lowest revenue-to-GDP ratios and, consequently, limited fiscal capacity relative to Nigeria’s population and developmental needs.
Bagudu said the administration had to make bold and difficult choices to address fiscal leakages, restore confidence in the economy and create greater room for investment in security, infrastructure, human capital development and grassroots development.
He said President Tinubu chose to confront the economic realities he inherited rather than apportion blame, drawing lessons from international experience in pursuing the difficult reforms required to place the Nigerian economy on a more sustainable footing.
The minister said the reforms had also been accompanied by interventions to cushion their effects on vulnerable Nigerians, stressing that increased revenues would provide government with greater capacity to discharge its constitutional and developmental responsibilities.
He noted that resources generated and mobilised through the reforms were being invested in projects and programmes across the six geopolitical zones, adding that improved connectivity, security, infrastructure and economic opportunities would ultimately benefit Nigerians across the Federation.
Idris reaffirmed the Tinubu administration’s commitment to continuing open engagement with Nigerians on the progress of the reforms, including their challenges and outcomes.
He said the government would also ensure that gains from improved fiscal stability translated into better living conditions, greater economic opportunities and improved public services for citizens.
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