
News
30 months after subsidy removal, FG spends N30.6tn, saves N15.8tn
30 months after President Bola Tinubu removed petrol subsidy and introduced other sweeping economic reforms, the Federal Government has spent N30.64tn as government expenditure to ease effect of its policies, while the policies generated N15.8tn in savings for the Federation.
The government said its total incremental expenditure between June 2023 and December 2025 was N30.64tn, exceeding the N20.4tn in additional resources available to the Federal Government from subsidy savings, higher revenue and borrowing by N10.24tn, or 50.2 per cent.
This show that the removal of petrol subsidy created significant fiscal space but did not produce a pool of idle cash for the Federal Government.
Instead, the government said the resources were absorbed by rising wage costs, debt servicing, infrastructure spending and other obligations arising from the same economic reforms.
Put differently, for every N100 the Federal Government generated in additional resources, it spent about N150, leaving about one-third of the expenditure to be funded from its existing revenue base.

The development came as the Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed that the removal of petrol subsidy and the unification of the foreign exchange market mobilised N15.8tn in additional resources for the Federation during the period.
However, the government received only N5.4tn, representing 34 per cent of the subsidy savings, while the states received N6.5tn and local governments got N3.9tn under the Federation Account allocation formula.
These figures were contained in the Federal Government’s Nigeria Reform Scorecard titled, “The Benefits, Costs and Harm Prevented”, released on Wednesday. The purposes of the news conference was to provide Nigerians with clear and factual information on the savings arising from the removal of the foreign subsidy and foreign exchange unification.
According to Oyedele, the N15.8tn was not paid into the Federation Account under a heading described as “subsidy savings.”
Instead, he said the combined effect of the petrol subsidy removal and foreign exchange reforms increased the naira value of revenues accruing to the Federation.
“Between June 2023 and December 2025, subsidy savings mobilised a sum of N15.8tn in resources for the Federation,” Oyedele said.
“Many people will say, ‘Where is the subsidy saving?’ As a matter of fact, there wasn’t any line in the Federation Account with the description, ‘subsidy savings.’
“So, the subsidy savings showed up in the form of higher collection by Customs because, for every one dollar of import duty before, at N460, it became one dollar at N1,004, N1,003, N1,005.
“The NRS, Petroleum Profit Tax that it collected before, same dollar, higher amount in naira. So, the savings showed up in the Federation accounts by way of higher revenue collections as a result of the reforms.”
The minister said the additional fiscal resources were not generated by the petrol subsidy removal alone, arguing that the foreign exchange reforms also ended what he described as an implicit subsidy that had created opportunities for rent-seeking.
He said, “Not just the subsidy removal, but also the exchange rate flotation, because we were subsidising the exchange rate. And that subsidy was not going to the ordinary person or manufacturers. It was going to rent-seekers.”
The Finance Minister explained that although the removal of petrol subsidy generated N15.8tn in savings for the Federation between June 2023 and December 2025, only N5.4tn, or 34 per cent, accrued to the Federal Government.
The balance was shared among the states and local governments under the statutory Federation Account allocation formula.
According to the scorecard, states received N6.5tn, representing 41 per cent of the total subsidy savings, while the 774 local government areas received N3.9tn, or 24 per cent.
The Federal Government also generated N3.1tn in additional independent revenue, mainly from increased remittances by government-owned entities, while N11.9tn came from additional borrowing.
This brought the Federal Government’s total incremental resources to N20.4tn, of which borrowing accounted for 58 per cent, subsidy savings 27 per cent and other revenue 15 per cent.
Of the N30.64tn in total incremental expenditure during the 31-month period, N9.39tn was spent on wage adjustments, including the increase in the national minimum wage, wage awards and allowances for public servants.
Another N9.37tn was spent on additional external debt servicing resulting from the depreciation of the naira, while N6.47tn went into strategic infrastructure development.
The three items alone accounted for about N25.22tn, or more than 82 per cent of the total incremental expenditure.
The remaining spending included N3.14tn in additional electricity subsidy costs, N1.24tn in increased domestic debt servicing linked to higher interest rates, N423.8bn for social welfare transfers and N419.1bn for the Federal Capital Territory, Ecological Fund, Natural Resource Fund and other interventions.
The government also spent N201.26bn on the higher naira cost of foreign obligations.
He said, “In addition, the Federal Government earned incremental independent revenue of
N3.1tn, principally remittances from government-owned entities while N11.9tn came from incremental borrowing, a figure that would have been far higher, and economically destabilising, without the fiscal space the reforms created.
“Altogether, the Federal Government’s incremental resources over the period came to N20.4tn. That money did not sit idle, it partly funded incremental expenses of N30.64tn. Of this, N9.39tn went to wage adjustments, minimum wage increases and allowances for public servants; N9.37tn went to external debt service made necessary by exchange rate depreciation; and N6.5tn went into strategic infrastructure, making the top three expenditure lines. Every naira of this is accounted for, and the breakdown is in the scorecard we are releasing today.
“Put another way: of the N20.4tn, 58 percent came from borrowing, 27 per cent from subsidy savings, and 15 per cent from other revenue. Against total incremental spending of N30.64 trillion, two-thirds was funded by these new resources, while the remaining third, about N10tn, came from the existing revenue base, despite ending the excessive printing of naira. That, in itself, is evidence of improved public financial management.”
He added, “Every naira of this is accounted for, and the breakdown is in the scorecard we are releasing today.”
The latest disclosure provides a detailed answer to the question that has followed the removal of petrol subsidy since President Bola Tinubu announced the policy on May 29, 2023: where did the savings go?
Tinubu had promised that money previously spent on subsidy would be redirected towards investments and programmes that would benefit Nigerians, including infrastructure, education and other social interventions. In a July 2023 national broadcast, the President said more than N1tn had been saved within the first few months of the policy and pledged that the resources would be used “more directly and more beneficially” for Nigerians.
However, the administration faced persistent public demands for a clear account of the savings as inflation, transport costs and other living expenses surged after the subsidy removal.
Last month, Oyedele acknowledged that the question was legitimate and promised to publish a comprehensive breakdown of the subsidy savings and their utilisation. He explained that the money was not kept in a separate savings account but was absorbed by higher government obligations, particularly debt servicing, wages and social interventions.
The new scorecard appears to be the government’s most detailed accounting yet of the resources generated by the reforms and how they were deployed.
It also underscores a central contradiction in the post-subsidy fiscal narrative: while the removal freed trillions of naira for the Federation, the Federal Government’s share was significantly smaller than the headline savings figure, and its new expenditure still outpaced its additional resources by more than N10tn.
Oyedele argued that the difference was partly financed from the existing revenue base and reflected improved public financial management, rather than a return to heavy monetary financing.
The government also maintained that the reforms prevented a deeper fiscal and economic crisis, arguing that debt service had fallen relative to revenue and that states which previously struggled to pay salaries now had improved fiscal capacity.
Oyedele said the scorecard was not designed to claim that the reforms had come without costs.
“We invited you here today not to declare a victory, but to give an account,” he said.
“For the past three years, the administration of President Bola Ahmed Tinubu has embarked on major reforms to address age-long economic challenges, the removal of a fuel subsidy that was quietly bankrupting the country, and the unification of an exchange rate system that had become a source of arbitrage, distortion and corruption rather than stability.”
He added, “Those decisions came at a real cost, and we are not here to pretend otherwise. Prices rose. The naira adjusted sharply. Households and businesses felt it, and many still do.”
The Federal Government said the scorecard was intended to show not only what the reforms generated, but also what the administration believes Nigeria would have faced if the subsidy regime, multiple exchange rates and unchecked Ways and Means financing had continued.
Also speaking, the Minister of Information and National Orientation, Mohammed Idris described the decision to remove the fuel subsidy as one of the most significant and difficult economic reforms undertaken by the Tinubu administration, acknowledging that it had imposed real costs and adjustments on households, businesses and communities.
He, however, said the reforms were necessary to redirect resources previously committed to an unsustainable subsidy regime towards investments capable of delivering greater and more sustainable value to Nigerians.
“Citizens have a right to know what resources have been freed up, what these resources mean for the Federation, and how the benefits of reform are being translated into tangible improvements in their lives,” the minister said.
Also in his remarks, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, provided further context on the rationale for the reforms, noting that President Tinubu inherited an economy with one of the world’s lowest revenue-to-GDP ratios and, consequently, limited fiscal capacity relative to Nigeria’s population and developmental needs.
Bagudu said the administration had to make bold and difficult choices to address fiscal leakages, restore confidence in the economy and create greater room for investment in security, infrastructure, human capital development and grassroots development.
He said President Tinubu chose to confront the economic realities he inherited rather than apportion blame, drawing lessons from international experience in pursuing the difficult reforms required to place the Nigerian economy on a more sustainable footing.
The minister said the reforms had also been accompanied by interventions to cushion their effects on vulnerable Nigerians, stressing that increased revenues would provide government with greater capacity to discharge its constitutional and developmental responsibilities.
He noted that resources generated and mobilised through the reforms were being invested in projects and programmes across the six geopolitical zones, adding that improved connectivity, security, infrastructure and economic opportunities would ultimately benefit Nigerians across the Federation. (The PUNCH)
News
Ojukwu Property Dispute: OTL petitions IGP over demolition, construction at Macpherson Avenue Property
By Tony Edike
The long-running property dispute involving Bianca Ojukwu and Ojukwu Transport Limited (OTL) has taken a fresh turn following the demolition of a property at 4 Macpherson Avenue, Ikoyi, Lagos, and what the company describes as ongoing unauthorised construction on the site.
In a petition dated August 20, 2026 and addressed to the Inspector-General of Police (IGP), OTL called for the immediate cessation of activities at the property and its return to the company pending the resolution of outstanding court proceedings.
The company said the property was taken over on May 1, 2025, when officers from Zone 2, Lagos, accompanied by lawyers representing Bianca Ojukwu, identified in the petition as Omeye and Duru, took over the premises.

Ongoing construction at the site
OTL alleged that the police action was based on what it described as “false claims” made by Bianca Ojukwu and her lawyers.

According to the company, the property had previously been the subject of litigation and enforcement proceedings. OTL said it had, pursuant to a 2018 judgment by Justice Adedayo Oyebanji, obtained and executed a warrant on the properties in 2022.
The company further stated that it subsequently commenced an appeal process against the 2022 judgment of Justice A.M. Lawal and served the relevant stay processes.
OTL said that despite the unresolved legal proceedings, the property at Macpherson Avenue was demolished and construction subsequently commenced on the site.
OTL’s fresh petition to IGP
In the August 2026 petition, Ojukwu Transport Limited, said it had previously petitioned the IGP on August 22, 2025, with a reminder in January 2026, seeking the return of the property.
The company said that its earlier complaints had not been responded to, while activities at the property had continued.

A new structure under construction at the site
“OTL, the owner of the property, discovered that the same property taken over by police with no response to our previous petitions/demands had been demolished and construction now ongoing,” the company stated in the petition.
It consequently asked the IGP to urgently intervene by stopping all activities on the property and removing persons allegedly occupying or working on the premises.
The company also requested that the property be returned to it while the outstanding court issues are allowed to run their course.
“Criminality and abuse of power should not be condoned,” the petition stated.
Earlier police petitions
OTL said its initial petition in August 2025 was prepared by Chief O. Ugolo, SAN, on the instructions of Chief Chukwuemeka Odumegwu-Ojukwu Jnr, whom the company identified as head of the Ikemba branch of the family as well as a shareholder and director of OTL.
The company maintained that Bianca Ojukwu and her sons, Afamefuna and Nwachukwu, are not shareholders or directors of OTL.
A separate petition was also reportedly submitted to the Assistant Inspector-General of Police, Zone 2, in September 2026, specifically concerning the alleged demolition and ongoing construction at the Macpherson Avenue property.
OTL alleged that the ongoing development was taking place with the knowledge and protection of police personnel.
However, these allegations have not been independently established in the materials made available to The Advocate.
Contempt proceedings
OTL said Bianca Ojukwu and her sons had earlier, in 2024, applied for Form 49 contempt proceedings before Justice Lawal.
The company also alleged that proceedings had suffered delays because the case file earlier requested by Bianca’s lawyers was unavailable or had not been returned to court on two consecutive occasions.
Other properties involved
According to OTL, the matter before Justice Lawal includes, in addition to 4 Macpherson Avenue :
* 30 Gerrard Road, Ikoyi
* 29 Oyinkan Abayomi, Ikoyi
* 13 Ojora, Ikoyi
* 32 Commercial Avenue, Yaba
OTL maintains that it is the owner of the properties.
OTL demands return of property
OTL described the alleged demolition and construction as a “blatant and provocative disregard for the rule of law” and accused a serving federal government minister and her lawyers of abuse of office and power.
Those allegations are OTL’s position and have not been independently established.
The company is demanding that the alleged construction be stopped, all persons allegedly occupying the property be removed and the property returned to OTL pending the conclusion of the court proceedings.
The latest development is another chapter to the long-running legal dispute with Ojukwu Transport Limited.
News
2027: How Atiku told me to persuade Peter Obi to accept VP slot – Babachir Lawal Ex-SGF Babachir Lawal
Former Secretary to the Government of the Federation (SGF), Babachir Lawal, has disclosed that former Vice President Atiku Abubakar asked him to persuade Peter Obi to join the African Democratic Congress (ADC) and accept the position of his running mate in the 2027 presidential election.
Babachir Lawal made the disclosure in an interview with Diaspora Digital Media while recounting events surrounding the opposition negotiations that preceded the eventual divergence of the Atiku and Obi camps.
According to him, Atiku personally contacted him and gave him the task of approaching Obi with the proposal.
“Atiku called me and told me that he wanted to work with me. He gave me a mission to convince Peter Obi to join the ADC and serve as his vice president,” Lawal said.
He said Atiku’s proposal included an arrangement under which the two would serve for four years and subsequently pursue a constitutional amendment to create a single six-year presidential term, which Obi would then benefit from.

“He explained that during their four-year term, they would amend the Constitution to a single six-year term, which Obi would benefit from. I went to Obi with this proposal, but Peter Obi said he was not interested,” he added.
Lawal’s account has, however, been disputed by Obi, who said he could not have rejected an offer that was never made to him.
The disclosure comes amid continuing political realignments ahead of the 2027 presidential election.
Lawal had earlier resigned from the ADC in June 2026, alleging irregularities in the party’s presidential primary that produced Atiku as its candidate. Atiku’s camp rejected the allegations.
Lawal subsequently joined the Nigeria Democratic Congress (NDC) in September and declared support for the party’s Peter Obi-Rabiu Kwankwaso presidential ticket. (Nigerian Tribune)
News
SDGs: Mbah moves Enugu beyond projects, targets lasting development impact
…Unveils 25-year plan to sustain transformation beyond individual administrations
The Enugu State Government has unveiled a 25-year development plan aimed at ensuring that the state’s ongoing transformation outlives individual administrations, with Governor Peter Mbah declaring that the government’s focus is shifting from simply delivering projects to building strong institutions and achieving lasting improvements in the lives of citizens.
Mbah made the declaration at the 2026 Enugu State Global Goals Week Symposium, held at the International Conference Centre (ICC), Enugu, with the theme, “From Projects to Lasting Impact: Sustaining Enugu State’s Development Transformation.”
Governor Mbah, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, said the state’s development agenda was being deliberately aligned with the Sustainable Development Goals (SDGs) to ensure that investments in infrastructure, human capital and critical services produced measurable and enduring impact.

He said the administration had continued to prioritise investments in education, healthcare, roads, agriculture, water, technology, security and other critical sectors, stressing that the projects were not ends in themselves but part of a broader strategy to build systems capable of sustaining development over the long term.

“Our objective is not merely to execute projects, but to build systems and institutions capable of delivering enduring development and ensuring that the transformation we are driving today is sustained beyond the tenure of any single administration,” Mbah said.
He said the 25-year development plan would provide continuity, guide long-term investments, strengthen institutions, expand economic opportunities, improve human capital and promote inclusive development across the state.
Mbah noted that the state’s commitment to the SDGs was reflected in the spread of development interventions across the 260 electoral wards, particularly through the Smart Green Schools and Primary Healthcare Centres.
He assured that the government would continue to strengthen institutions, improve service delivery and put in place mechanisms to sustain the development gains achieved under the administration.
In a welcome address, the Senior Special Assistant to the Governor on Sustainable Development Goals and Enugu State SDGs Focal Person, Onyinye Akubuilo-Okpalanma, said the state’s transformation must remain people-centred, inclusive and sustainable.
She said government programmes should be judged not simply by the number of projects completed or funds spent, but by their impact on residents, the opportunities created and the communities strengthened.
“The success of government programmes should not be measured only by the number of projects completed or the amount of money spent, but by the extent to which those interventions improve the daily lives of our people, expand opportunities and strengthen communities,” she said.
Akubuilo-Okpalanma called for stronger community participation, continuous monitoring, reliable data and greater transparency in public finance and project implementation. She also urged greater attention to vulnerable groups and sustained investment in education, primary healthcare and environmental protection.
She called on development partners, civil society organisations, traditional institutions, the private sector and community leaders to work with government to sustain development gains, stressing the importance of continuity, institutional memory and long-term planning.
“Enugu’s transformation will be judged not only by the projects visible today, but also by the quality of institutions, opportunities and services available to future generations,” she said.
In a keynote address titled “From Projects to Lasting Impact: Sustaining Enugu State’s Development Transformation,” former Minister of Information, Frank Nweke Jnr., commended the scale and pace of public investment in the state over the past three years.
Nweke said the Mbah administration had reported more than 1,500 kilometres of roads constructed or reconstructed, over 7,000 classrooms and 260 Type-2 Primary Healthcare Centres.
He also cited the 2025 budget, in which ₦837.9 billion, representing 86 per cent of the budget, was allocated to capital expenditure, while ₦320.6 billion, representing more than one-third of the total budget, was allocated to education.
He stressed that improved domestic revenue mobilisation was essential to sustaining ambitious development, noting that the financial capacity to fund projects, maintain public assets and support institutions was critical to long-term transformation.
“Projects can transform places, but strong institutions are necessary to ensure that the transformation endures,” Nweke said.
He identified five priorities for sustaining Enugu’s development: linking investments to clearly defined problems and measurable outcomes; embedding the SDGs in planning and budgeting; measuring outcomes rather than expenditure alone; providing for the maintenance of public assets from the outset; and strengthening institutions, professional capacity and accountability mechanisms.
In separate goodwill messages, the UNICEF Field Office, Enugu representative, Juliet Chiluwe; the Special Adviser on Legislative Matters, Rt. Hon. Paul Nnajiofor; and Amb. Amaka Nweke commended the state’s development efforts and emphasised the need for inclusive, accountable and sustainable development that would continue to benefit present and future generations.
The event brought together government officials, development partners, traditional and community stakeholders, civil society representatives and members of the National Youth Service Corps (NYSC), among other participants.
-
News2 days agoIgbo leaders reject Abuja restructuring communiqué
-
International2 days ago27 feared dead after two mass shootings in South Africa
-
News2 days agoPastor abandons Kwara church, flees with family, members over bandit threat
-
News2 days ago‘Where is Nigeria’s president?’, Peter Obi questions Tinubu’s absence from UNGA
-
News2 days agoEurope-based newlywed arrested with cocaine at Enugu airport
-
News2 days agoWoman arrested for allegedly smuggling alcohol to inmate in Ogun prison
-
News2 days agoAPC wins all Chairmanship, Councillorship seats in Enugu
-
News16 hours ago2027: How Atiku told me to persuade Peter Obi to accept VP slot – Babachir Lawal Ex-SGF Babachir Lawal




