As Nigeria’s official campaign season begins, per INEC’s timetable, President Tinubu’s government presents a compelling narrative.
In telling the Renewed Hope Story today with numbers, the Honourable Minister of Finance, Prof. Taiwo Oyedele, presented the Reform Scorecard, providing a detailed account of the resources mobilized under President Tinubu’s economic reforms since 2023. The Government finally told the story- where the money came from, where it went to, and how it has benefited the citizenry.
Here are the 12 key numbers.
1/12 — ₦15.8 TRILLION
Subsidy savings mobilized
Between June 2023 and December 2025, subsidy savings mobilized ₦15.8 trillion for the Federation. This represents resources freed up following the removal of the fuel subsidy and made available within the Federation’s fiscal system.
2/12 — ₦5.4 TRILLION
Federal Government’s share
Of the ₦15.8 trillion in subsidy savings, ₦5.4 trillion accrued to the Federal Government. The remaining ₦10.4 trillion was shared with states and local governments.
3/12 — ₦10.4 TRILLION
States and local governments
States and local governments received ₦10.4 trillion from the subsidy savings. This is important because the fiscal effect of subsidy removal was not confined to the Federal Government; a substantial portion flowed through Federation revenue sharing to subnational governments.
4/12 — ₦3.1 TRILLION
Incremental independent revenue
The Federal Government generated ₦3.1 trillion in incremental independent revenue, principally through remittances from government-owned entities. This formed part of the additional resources available to the Federal Government during the period.
5/12 — ₦11.9 TRILLION
Incremental borrowing
The Federal Government recorded ₦11.9 trillion in incremental borrowing.
The Minister’s point is that borrowing would have been substantially higher, and economically destabilizing, without the fiscal space created by the reforms.
6/12 — ₦20.4 TRILLION
Total incremental Federal resources
Taken together, subsidy savings accruing to the Federal Government, incremental independent revenue and incremental borrowing brought total Federal Government incremental resources to ₦20.4 trillion.
7/12 — ₦30.64 TRILLION
Incremental expenditure
Those additional resources partly funded ₦30.64 trillion in incremental expenses. The Government therefore makes clear that the resources generated did not sit idle; they were deployed alongside the existing revenue base to meet additional government expenditure.
8/12 — ₦9.39 TRILLION
Wages, minimum wage and allowances
The largest incremental expenditure line was ₦9.39 trillion for wage adjustments; minimum wage increases and allowances for public servants. The Minister specifically notes that this amount exceeded the Federal Government’s entire ₦5.4 trillion share of subsidy savings.
11/12 — ₦9.37 TRILLION
External debt service
Another ₦9.37 trillion went to external debt service made necessary by exchange-rate depreciation. Together, wages and external debt service accounted for the two largest incremental expenditure lines.
12/12 — ₦6.5 TRILLION
Strategic infrastructure
The third-largest incremental expenditure line was ₦6.5 trillion for strategic infrastructure.
This was part of the ₦30.64 trillion in incremental expenses recorded over the period.
