By Omoyeni Ojeifo
The Federal Government disclosed that its economic reforms generated ₦15.8 trillion in additional revenue, boosting Nigeria’s net foreign reserves to $34.8 billion.
The funds helped cover civil service salaries, pensions, student loans, and welfare programmes for vulnerable households.
Prof. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, shared these figures in Abuja on Wednesday during a presentation of the administration’s three-year economic scorecard.
According to him, the gains followed the removal of fuel subsidy and unification of the foreign exchange market, which increased government revenue and reduced pressure on the country’s external reserves.
“Between June 2023 and December 2025, subsidy savings mobilised some ₦15.8 trillion in resources for the Federation. The Federal Government’s share was ₦5.4 trillion, while ₦10.4 trillion went to states and local governments.”
Oyedele emphasized that the reforms had strengthened Nigeria’s external buffers, with gross reserves rising from about $35 billion to $52.5 billion, while net reserves rose to $34.8 billion.
“Our gross foreign reserves stand at $52.5 billion, up from around $35 billion, while net reserves have moved from roughly $3 billion to $34.8 billion, a far more meaningful measure of our actual buffer.”
The Minister noted the reforms had also narrowed the gap between the official and parallel foreign exchange markets, with the premium falling from above 60 per cent to below five per cent.
“The official exchange-rate premium over the parallel market, once above 60 per cent, is now under five per cent. Left unaddressed, we project it would be above 150 per cent today.”
Oyedele added that the real GDP growth has been strengthened, compared to the baseline before the reforms.
“Real GDP growth has strengthened to 3.89 per cent against a baseline of 2.31 per cent and a no-reform estimate that had us at best stagnant and at worst in recession.”
“Food inflation has eased from 24.82 per cent to 17.52 per cent as at June 2026, but poverty and household welfare recovery is still classified in our scorecard as unfinished business,”he added.
The Minister maintained that the reforms had also improved states’ ability to meet salary obligations, and also given students the opportunity to be better beneficiaries of the reforms.
“In May 2023, 27 states could not reliably pay salaries. Today, that number is zero. That is a tangible change that affects workers and families across the country.”
“Minimum wage has doubled from ₦30,000 to ₦70,000, and more than 1.5 million students had benefited from the student loan scheme and we now have one of the most affordable student loan schemes globally, helping over 1.5 million students through school.”
Oyedele also mentioned how the stock market capitalisation had grown from about ₦31 trillion to roughly ₦150 trillion, while Nigeria received its first sovereign credit-rating upgrade in 14 years.
He said the country also exited the FATF grey list in October 2025 and the European Union’s anti-money laundering deficiency list in January 2026.
PersecondNews recalls that CIvil Society Group, Spaces for Change S4C, Executive Director, Victoria Ibezim Ohaeri, in their high level Africa meeting covered exclusively by PersecondNews in July, also confirmed that Nigeria has exited the FATF grey list while mentoring other African countries on steps to take .
The Minister stressed that the scorecard was not intended as a victory lap, saying government recognised that households had continued to bear significant costs from the reforms.
He emphasized the next phase would focus on translating the macroeconomic gains into improved household welfare and expanding support for vulnerable Nigerians.
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