Nigeria’s financial reforms have generated a major revenue boost, with N15.8 trillion mobilised between June 2023 and December 2025.
Finance Minister Taiwo Oyedele disclosed the figure while speaking on Arise News. He explained that the money was not paid into government accounts as a direct “subsidy savings” transfer.
Instead, the gains appeared through higher revenue collections after fuel subsidy removal and exchange-rate reforms.
“As a matter of fact, there wasn’t any alert to the Federation account with the description subsidy savings. So the subsidy savings showed up in form of higher collection by customs,” he explained.
Oyedele said customs duties and company income tax rose in naira terms after the exchange-rate changes.
He also said Nigeria had previously been subsidising the exchange rate, with the benefits going mainly to “rent seekers.”
Of the N15.8 trillion mobilised, the Federal Government received N5.4 trillion. Another N10.3 trillion was shared among state and local governments through the Federation Account.
The minister further revealed that the Federal Government raised an additional N3.1 trillion through independent revenue.
The funds included remittances and surpluses from government-owned agencies and companies. Oyedele said the figures would be published alongside supporting documents for Nigerians to examine.
