The Federal Government has pledged to publish a comprehensive account detailing how savings from the removal of fuel and foreign exchange subsidies have been allocated, addressing public concerns over the impact of economic reforms and questions regarding fund utilization.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the decision at the 7th Africa Emerging Markets Forum in Abuja following remarks by World Bank Group Chief Economist and Senior Vice-President for Development Economics, Indermit Gill. Gill observed that while fiscal deficits narrowed and revenues rose, “it’s not clear to people whether savings and the additional resources have been spent,” urging the government to clarify how these reforms have improved daily living conditions.

He also commended the Central Bank of Nigeria for reducing inflation from above 30 percent to under 15 percent, noting that sustained progress requires complementary fiscal support.

Acknowledging that public inquiry into the matter is valid, Oyedele stated that the combined fiscal impact of removing fuel and foreign exchange subsidies amounted to approximately five percent of Gross Domestic Product. He affirmed that “in a few days, you will see the detailed analysis, because we believe that we owe a duty to explain what we do to the Nigerian people. That’s what transparency looks like.”

Oyedele clarified that the structural reforms were intended to remove economic distortions rather than function solely as revenue-generation measures. He explained that a significant portion of the funds had been absorbed by increased debt-servicing obligations due to higher interest rates, the implementation of the N70,000 national minimum wage, and expanded social welfare interventions, including the Nigerian Education Loan Fund, which has provided tuition support and stipends to over 1.5 million students.