Finance Minister Taiwo Oyedele explains where Nigeria’s fuel subsidy and forex subsidy savings went, saying the funds were spent on debt servicing, the new minimum wage, student loans and other government obligations.
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President Bola Tinubu’s removal of petrol subsidy in May 2023 sparked sweeping economic reforms that the government says were necessary to stabilise Nigeria’s economy
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The Federal Government says a significant portion of the savings from fuel subsidy and forex reforms was used to service Nigeria’s growing debt as interest rates surged
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The Federal Government says part of the savings from subsidy removal was used to fund the new national minimum wage, service debts and support the student loan scheme
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The government says more than 1.5 million Nigerian students have benefited from NELFUND, with tuition fees and monthly upkeep supported through the scheme