Fuel subsidy reform created N15.8trn fiscal space — Idris

The Minister of Information and National Orientation, Mohammed Idris, has said the removal of fuel subsidy and other economic reforms introduced by the President Bola Tinubu administration have created fiscal space and helped Nigeria avert a deeper economic crisis.

Idris said this on Wednesday in Abuja at a press conference on the Federal Government’s Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.

He said the reforms had strengthened Nigeria’s fiscal position, improved economic stability and created resources for investment in infrastructure, security, human capital development and social protection.

The minister acknowledged that the removal of the petrol subsidy had imposed significant costs on households, businesses and communities but said the decision was necessary to redirect resources from an unsustainable subsidy regime to investments that could deliver greater and more sustainable value.

“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 government’s responsibility went beyond announcing policies to explaining their implications, accounting for their outcomes and demonstrating how difficult decisions were laying the foundation for a stronger and more sustainable economy.

Presenting the reform scorecard, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the exercise was not intended to declare victory but to provide Nigerians with an honest account of the costs, benefits and harms prevented by the reforms.

Oyedele disclosed that between June 2023 and December 2025, savings from the removal of fuel subsidy generated N15.8 trillion for the Federation.