Finance Minister Taiwo Oyedele has explained that petrol subsidy savings are being channeled into debt servicing, the new minimum wage, and student loans, promising a full transparency report soon.
Finance Minister Explains Use of Petrol Subsidy Savings
Oyedele finally addresses the big question. Per Ripples Nigeria, speaking at the Seventh Africa Emerging Market Forum in Abuja, the minister said subsidy and forex reforms previously cost Nigeria about 5% of GDP, and savings now cover rising debt costs, with interest rates jumping from 8% to as high as 24%.
He said funds also financed the minimum wage hike from N30,000 to N70,000 and NELFUND, which now supports over 1.5 million students. Oyedele rejected claims the reforms failed, citing nearly 10% real per capita income growth in 2025, and pledged a full public account of the savings soon.
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