Two years and six months after President Bola Tinubu scatter fuel subsidy system and shake up Nigeria economy with plenty reforms, Federal Government don finally come outside come explain where all the money wey dem save dey go.
According to fresh figures wey government release, between June 2023 and December 2025, fuel subsidy removal and forex reform help gather about N15.8 trillion extra money for federation purse. But as the money enter, government hand no rest because dem spend pass wetin enter.
FG talk say within the same period, dem pour about N30.64 trillion into salaries, debt payment, road and infrastructure projects, electricity subsidy and other government responsibilities.
if government make N100 from the reforms, na almost N150 dem still spend. That one mean say the money wey subsidy removal bring no even reach cover all the new expenses wey follow the reforms.
Finance Minister, Taiwo Oyedele, talk say many Nigerians dey ask, “Where the subsidy money dey?” Him say the answer no be say one account dey somewhere wey government keep the money.
According to am, the savings show face through bigger revenue collections after fuel subsidy and exchange rate reforms change the game.
Him explain say before, if Customs collect one dollar duty, government fit convert am around N460. But after forex reforms push dollar rate above N1,000, the same dollar begin bring more naira enter government account.
Na so Customs revenue, petroleum taxes and other dollar-linked incomes begin rise sharply.
Oyedele still talk say no be only fuel subsidy removal bring the extra money. Him say government also stop one hidden subsidy wey dey happen through exchange rate system before, where some powerful people dey cash out while ordinary Nigerians no dey benefit.
Out of the total N15.8 trillion, Federal Government carry only N5.4 trillion, wey be about 34 percent.
States carry the biggest share with N6.5 trillion, while the 774 local governments share about N3.9 trillion according to federation allocation formula.
FG still generate another N3.1 trillion from government-owned agencies and other independent revenues. On top of that one, government borrow about N11.9 trillion, bringing total fresh resources available to around N20.4 trillion.
Despite the trillions of naira wey enter government purse after fuel subsidy removal and forex reforms, Federal Government spending still pass the money wey come in by a wide margin.
Di report show say government spend about N9.39 trillion take increase minimum wage, adjust salaries and pay different allowances to civil servants across di country.
Another N9.37 trillion enter payment of foreign debts, mostly because di naira lose plenty value against dollar and other foreign currencies.
Government still pump N6.47 trillion enter major infrastructure projects like roads, bridges and other important developments wey fit help grow di economy.
Apart from dat one, N3.14 trillion waka go electricity subsidy to support di power sector, while N1.24 trillion enter local debt servicing because interest rates don rise.
Di report also reveal say government spend about N423.8 billion on social intervention programmes wey target poor and vulnerable Nigerians, while N419.1 billion go to FCT, Ecological Fund, Natural Resources Fund and other intervention programmes.
On top of all dat, government still spend N201.26 billion take cover di higher naira cost of meeting some foreign obligations and international commitments.
Di figures show say salary payment, debt servicing and infrastructure projects alone chop more than N25 trillion, wey represent over 82 per cent of all di extra money wey government spend within di period.
Dis latest explanation dey come as many Nigerians still dey ask questions about where di money wey government save from fuel subsidy removal really go. Since President Bola Tinubu remove subsidy for May 2023, plenty people don dey demand clear account of how government take use di savings, especially as cost of living, transport fare and food prices continue dey rise across di country.
Just salary, debt servicing and infrastructure alone chop over N25 trillion, swallowing more than 82 percent of all the additional spending.
Oyedele insist say every kobo get where e enter and where e comot. According to am, the reforms help stop bigger economic disaster wey fit don happen if government continue subsidy payments and multiple exchange rates.
Him talk say the purpose of the report no be to celebrate success but to give Nigerians account of stewardship.
Information Minister Mohammed Idris admit say subsidy removal pain plenty families and businesses, but insist say the policy necessary if Nigeria want survive financially and redirect money into projects wey fit benefit citizens long-term.
For him own side, Budget and Economic Planning Minister Atiku Bagudu talk say Tinubu meet economy wey dey struggle with low revenue, growing debt and serious leakages. According to am, government no get choice but to take tough decisions to rescue the economy and create room for investment in roads, security, education and human development.
But despite all the explanations, one thing clear from the figures, although subsidy removal bring trillions enter government purse, spending still overshoot earnings by more than N10 trillion, showing say the reforms bring both gain and serious financial pressure at the same time.
For many Nigerians, the debate no go end anytime soon as people continue dey ask whether the sacrifice don truly translate into better life for ordinary citizens.
