Fiscal Reforms Prevented Deeper Economic Crisis’ – Oyedele

The Federal Government has defended the removal of the petrol subsidy and other economic reforms introduced by President Bola Tinubu, saying the measures have generated substantial fiscal resources, strengthened Nigeria’s economic position and helped avert a deeper financial crisis.

Presenting the administration’s “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented” in Abuja on Wednesday, the Minister of Information and National Orientation, Mohammed Idris, said the reforms had created fiscal space for investment in infrastructure, security, human capital development and social protection.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed that between June 2023 and December 2025, the removal of the petrol subsidy generated ₦15.8tn in savings for the Federation. Of this amount, ₦5.4tn accrued to the Federal Government, while ₦10.4tn was shared among states and local governments.

Oyedele said the Federal Government also generated ₦3.1tn in incremental independent revenue and obtained ₦11.9tn in incremental borrowing, bringing its total incremental resources to ₦20.4tn during the period.

However, the additional resources did not remain unused. The Federal Government’s incremental expenditure stood at ₦30.64tn, with wage-related expenses and external debt servicing accounting for a significant portion.

According to Oyedele, ₦9.39tn was spent on wage adjustments, minimum wage increases and allowances for public-sector workers. He stressed that the amount was higher than the entire savings from subsidy removal that accrued directly to the Federal Government.

“The incremental amount that the Federal Government spends paying higher wages is more than the entire savings that the Federal Government earned from subsidy removal,” he said.

Another ₦9.37tn went into servicing external debt, largely because of the sharp depreciation of the naira. Oyedele explained that dollar-denominated obligations became significantly more expensive when converted into naira.

“If we’re paying $1bn, but instead of ₦460, it’s now ₦1,415, that’s more naira than we need to incur,” he explained, adding that debt obligations could not simply be postponed because delays or defaults would carry serious consequences.

The figures provide one of the clearest explanations yet of how the savings from the controversial subsidy removal have been absorbed since President Tinubu announced the policy in May 2023.

Oyedele, however, cautioned against presenting the reforms as an unqualified success. He acknowledged that Nigerians had borne significant costs, including higher petrol prices and a sharp increase in the monetary policy rate.

He noted that petrol prices had risen from about ₦185 per litre to more than ₦1,100, describing the increase as a “major felt cost” that the government could not ignore.

“We are not saying all of it is rosy,” Oyedele said, arguing that a credible assessment must account for both the gains and the pain associated with the reforms.

He maintained that the proper assessment should also consider the consequences Nigeria might have faced if the previous subsidy and foreign-exchange policies had remained in place.

The Finance Minister said the scorecard was intended to give Nigerians, journalists and independent analysts access to the government’s methodology and figures, promising that supporting data would be made available through the Ministry of Finance for verification.

The government also highlighted improvements in several macroeconomic indicators. Oyedele said headline inflation had eased to 15.91 per cent as of June 2026, while gross foreign reserves stood at $52.5bn and real GDP growth had risen to 3.89 per cent.

He further cited Nigeria’s improved standing in international financial markets, including a sovereign credit-rating upgrade by S&P Global and the country’s removal from international anti-money-laundering deficiency lists.

Despite these gains, the government acknowledged that the reform programme remains unfinished, particularly in translating macroeconomic improvements into better household welfare and reductions in poverty.

Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said the reforms were necessitated by the weak fiscal position inherited by the administration, including Nigeria’s historically low revenue-to-GDP ratio.

According to Bagudu, the government had to confront fiscal leakages and restore confidence in the economy to create room for spending on security, infrastructure, human capital and development across the country.

He said interventions had also been introduced to cushion vulnerable Nigerians from the effects of the reforms, while improved revenues were expected to strengthen the government’s capacity to meet its constitutional and developmental responsibilities.

Idris said the administration remained committed to explaining the consequences of its economic policies and ensuring that improved fiscal stability eventually translates into better living standards, greater economic opportunities and stronger public services.

The government’s latest scorecard therefore presents a mixed picture: the subsidy reform has generated significant resources and improved some key economic indicators, but much of the fiscal gain has been absorbed by higher wages, debt costs and other expenditure pressures, while millions of Nigerians continue to grapple with the immediate cost of economic adjustment.

The Nigeria Customs Service (NCS), Zone ‘A’, has unveiled its inaugural Inter-Command Games to promote fitness, teamwork and camaraderie among officers across its commands.

The Zonal Coordinator, Assistant Comptroller-General of Customs (ACG), Mohammed Babandede, disclosed this at the opening ceremony of the games on Tuesday at the Customs Training College in Lagos.

The competition was declared open by Comptroller Chidi Nwokorie, Chairman, Zone ‘A’ Sports Committee, who represented Babandede.

Babandede said the initiative was founded on the conviction that a healthy workforce would guarantee improved performance and greater productivity in the service.

He thanked the Comptroller-General of Customs, Dr Bashir Adeniyi, for approving the games and urged participating officers to compete fairly while upholding the spirit of sportsmanship.

“Winning must never become more important than the reason we are gathered here,” he told participants at the opening ceremony.

The zonal coordinator reminded the officers that despite representing different commands, they remained part of one service.

“We all wear one greater uniform, the uniform of the Nigeria Customs Service,” he said.

Babandede urged the participants to “compete hard, compete fairly, stay safe and enjoy the games,” ahead of the grand finale scheduled for Sept. 5.

Meanwhile, the Customs Area Controller, Apapa Customs Command, Comptroller Emmanuel Oshoba, said sports remained indispensable to paramilitary organisations and essential to officers’ professional development and wellbeing.

Oshoba said sports instilled discipline, enhanced physical and mental fitness and promoted bonding and social interaction among personnel across commands.

The Comptroller, Post Clearance Audit, Zone ‘A’, Florence Madu, described the games as a landmark initiative that would unite officers and strengthen relationships among commands.

Similarly, the Acting Controller, Port and Terminal Multi-Services Ltd. (PTML), Deputy Comptroller Nura Miko, said the programme aligned with the Comptroller-General’s work-life balance initiative aimed at boosting cohesion and morale among officers.

The Zone ‘A’ Public Relations Officer, Edeminam Akaninyene, said the opening football matches saw Tincan Island Command defeat Western Marine Command 1-0, while Apapa Command edged Lilypond Command by the same scoreline.

Akaninyene said the competition would continue with participation from commands and units across Zone ‘A’, culminating in the grand finale on Sept. 5.

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola says the United States Coast Guard (USCG) has lifted the 12-year Condition of Entry (CoE) imposed on vessels arriving in the United States from Nigeria.Oyetola made the disclosure in a statement issued by Edward Osagie, Head, Public Relations, Nigeria Maritime Administration and Safety Agency (NIMASA) on Tuesday in Lagos.

He said the decision ended enhanced security requirements imposed on vessels calling at designated Nigerian ports before accessing U.

According to the minister, the development serves as a major breakthrough for the maritime sector and a recognition of the country’s progress in strengthening maritime security.

He said the CoE had subjected vessels that called at designated Nigerian ports within their previous five port calls to additional security scrutiny before entering U.S. waters.

Oyetola said the lifting of the restriction affirmed Nigeria’s progress in implementing the International Ship and Port Facility Security (ISPS) Code across its ports and maritime facilities.

He attributed the achievement to sustained efforts by the Federal Ministry of Marine and Blue Economy, through NIMASA, in collaboration with relevant agencies, port operators and shipping stakeholders.

According to him, the coordinated efforts focused on addressing security gaps and demonstrating sustained compliance with internationally accepted maritime security standards and protocols.

“Over the past two years, the USCG conducted four assessments of Nigeria’s maritime security framework and port facilities in March 2024, April 2024, March 2025 and April 2026.

“The assessments showed significant progress in Nigeria’s implementation of the ISPS Code and overall maritime security performance, paving the way for the restriction’s removal,” he said.

Oyetola described the development as a significant achievement that reflected sustained regulatory oversight, institutional collaboration and the commitment of NIMASA to maritime security.

“The lifting is a major milestone. It affirms our progress in maritime security and ISPS Code implementation,” he said, pledging to sustain the momentum toward safe and competitive shipping.

He commended NIMASA Director-General, Dr Dayo Mobereola, and his team, saying the feat demonstrated the impact of effective regulation and stakeholder collaboration.

The minister said the benefits of the development extended beyond security to improved port competitiveness, operational efficiency and stronger positioning for Nigeria in the global maritime economy.

He said the lifting of the restriction was expected to facilitate faster vessel turnaround, improve schedule reliability and reduce costs associated with additional documentation, inspections and entry-related delays.

Oyetola added that the development could attract more shipping lines to Nigerian ports, boost trade and investment, create jobs and increase port revenues.

He explained that for more than a decade, the CoE had imposed additional security costs, inspections, delays and insurance burdens on vessels calling at Nigerian ports, raising concerns over the competitiveness of the country’s ports.

The minister said that with the restriction lifted, vessels departing Nigerian ports for the United States would no longer face the additional USCG security requirements