N15.8trn: What we did with subsidy savings – Oyedele

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Oyedele

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The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has disclosed what the federal government did with N15.8 trillion generated from the removal of fuel subsidy and the liberalisation of the foreign exchange market between June 2023 and December 2025.

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Oyedele on Wednesday, at a media conference on Nigeria’s reform scorecard titled “The Benefits, Costs and Harm Prevented”, listed ten items FG used the money for.

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How The Reforms Benefit Average Nigerians

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• Wage increases and timely payment of salaries and pensions
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• Settlement of pension arrears and gratuities owed to retirees
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• Wealth creation for millions of Nigerians through capital market gains
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• Transformative infrastructures development nationwide
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• Top globally friendly student loan scheme ( NELFUND ) and affordable consumer /SME credit
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• Subsidized mortgage and housing schemes, plus social transfers to the most vulnerable (15m Households)
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• Agricultural interventions strengthening food security
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• Fuel availability and energy scarcity despite global shocks
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• Return of investors confidence, driving local and international investment
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• Tax exemption for low-income earners and small businesses, and a friendlier tax environment .
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