Nigerian Government’s Savings After Petrol Subsidy Removal Surge By Over 500%

The National Orientation Agency says the Federal Government’s first quarter 2025 savings following the removal of petrol subsidies increased by more than 500% compared to the previous period. The Agency noted that the subsidy removal has led to a significant increase in government revenue as the Nigerian National Petroleum Company Limited began transferring savings to the Federation Account Allocation Committee. The savings from the declaration that stopped the subsidy freed vast resources, boosting government revenue from ₦154 billion to ₦836 billion in Q1. States saw FAAC allocations jump to ₦15.26 trillion in 2024, allowing salary payments and ₦1.85 trillion debt reduction. The report added that the savings have helped finance 40 critical road projects across the country in the two years of President Tinubu’s administration.

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