The Minister of Information and National Orientation, Alhaji Mohammed Idris, has stated that the economic reforms implemented by the Tinubu administration have improved the government's fiscal position, strengthened the economy, and generated funds to be invested in infrastructure, security, human capital development, and support for the poor.
Idris made this known on Wednesday in Abuja during a press conference organized by the Federal Government to present the "Nigerian Economic Reforms Report: Benefits, Expenditures, and Averted Costs."
At the event, details were presented regarding the revenues generated from the removal of the fuel subsidy and the unification of the foreign exchange market, as well as the impact of these reforms on the nation's economy.
The Minister described the fuel subsidy removal as one of the most significant, consequential, and difficult economic reforms undertaken by the government, noting that the measure has led to a higher cost of living and the need for adjustments by families, businesses, and communities.
However, he stated that the reforms were necessary to redirect funds previously spent on unsustainable subsidies toward investment projects that would deliver greater and more sustainable benefits to Nigerians.
He said: "The Nigerian people have the right to know the revenues generated, what these funds mean for the Federation, and how the benefits of the reforms are being channeled into tangible improvements that will enhance their lives."
He added that the presentation of the report demonstrates the government's commitment to transparency and accountability, stressing that the government's responsibility does not end with announcing policies, as it must also explain their impact and account for their outcomes.
Presenting the report, the Minister of Finance and Coordinating Minister for the Economy, Dr. Taiwo Oyedele, said the aim of presenting the report was not to claim success, but to provide comprehensive details on funds expended, benefits achieved, and costs averted as a result of the reforms.
Oyedele explained that between June 2023 and December 2025, funds saved from the fuel subsidy removal generated ₦15.8 trillion for the Federation, with ₦5.4 trillion going into the Federal Government's account, while ₦10.4 trillion was shared between states and local governments.
He further stated that the Federal Government received an additional ₦3.1 trillion from domestic revenue sources, along with an additional ₦11.9 trillion in borrowings, bringing the total additional funds available to the Federal Government to ₦20.4 trillion, while additional expenditures amounted to ₦30.64 trillion.
"We are not here to pretend that these reforms have not been painful. We are here to tell you honestly, with data, what they have brought, the benefits they have yielded, and the costs they have prevented," Oyedele said.
According to him, the reforms have helped improve key economic indicators, with inflation dropping to 15.91 percent in June 2026, while foreign reserves reached $52.5 billion, and GDP growth strengthened to 3.89 percent.
However, Oyedele said the reforms are still ongoing, particularly in improving household welfare and reducing poverty, adding that the next phase of the government's economic agenda will focus more on ensuring that the gains recorded in the economy become visible and beneficial to Nigerians in their daily lives.
Also speaking, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the reforms were necessary because President Tinubu inherited an economy with one of the lowest government revenue-to-GDP ratios in the world, which meant that the funds available to the government for its operations were insufficient for the population and the country's development needs.
Bagudu said the government therefore faced the need to take difficult measures to address fiscal waste, restore confidence in the economy, and create more room for investment in security, infrastructure, human capital development, and community development from the grassroots.
He added that various measures have been put in place to cushion the impact on vulnerable Nigerians, while the funds generated through the reforms are being channeled into projects and programs across the country's six geopolitical zones.
In conclusion, Idris reaffirmed the Tinubu administration's commitment to continued open dialogue with Nigerians regarding progress, challenges, and the outcomes of the reforms.
The event was attended by senior officials from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning, the Federal Inland Revenue Service, the Debt Management Office, the National Orientation Agency, and others.