Economy
FG Unveils Reform Scorecard, Generated Additional ₦3.1 Trillion in Independent Revenue
FG Unveils Reform Scorecard, Generated Additional ₦3.1 Trillion in Independent Revenue
The Federal Government has said the economic reforms introduced by President Bola Ahmed Tinubu’s administration helped Nigeria avert a deeper fiscal and economic crisis, although it acknowledged that poverty and household welfare remain major challenges.
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while presenting the government’s “Nigeria’s Reform Scorecard: The Benefits, Costs & Harms Prevention” at a media conference organised by the Federal Ministry of Finance.
Oyedele said the removal of fuel subsidy and the unification of the foreign exchange market had imposed significant costs on Nigerians but had also created fiscal space and prevented potentially more severe economic disruptions.
According to the scorecard, subsidy savings and the impact of the foreign exchange reforms generated ₦15.8 trillion in additional resources for the Federation between June 2023 and December 2025. The Federal Government’s share was estimated at ₦5.4 trillion, while ₦10.4 trillion accrued to states and local governments through the Federation Account.
The Minister said the Federal Government also generated an additional ₦3.1 trillion in independent revenue, while incremental borrowing during the period stood at ₦11.9 trillion, bringing its total incremental resources to approximately ₦20.4 trillion.
He explained that the resources were used alongside existing revenues to meet critical obligations, including wage adjustments, external debt servicing and infrastructure development.
Of the reported ₦30.64 trillion in incremental Federal Government expenditure, ₦9.39 trillion was spent on wage adjustments, minimum wage increases and allowances for public servants, ₦9.37 trillion on external debt servicing, while ₦6.5 trillion was committed to strategic infrastructure.
Oyedele stressed that the scorecard was not intended as a celebration of the reforms but as an assessment of their costs, benefits and the potential harm they prevented.
“We are not here to pretend these reforms were painless. We are here to show you honestly, and with the numbers, what it cost, the benefit they delivered, and the harm that they prevented,” he said.
The government said the assessment covered 25 economic indicators across fiscal sustainability, external stability, investment climate, social impact, growth and productivity.
It also cited improvements in several macroeconomic indicators, including inflation, foreign reserves, GDP growth and the capital market.
According to the presentation, headline inflation had fallen to 15.91 per cent, while gross foreign reserves stood at $52.5 billion. Net reserves were said to have risen from about $3 billion to $34.8 billion.
The Nigerian stock market’s capitalisation was also reported to have increased from approximately ₦31 trillion to ₦150 trillion, while real GDP growth rose to 3.89 per cent, compared with a May 2023 baseline of 2.31 per cent.
The government further highlighted the increase in the national minimum wage from ₦30,000 to ₦70,000, student loans benefiting more than 1.5 million students, cash transfers to vulnerable households, subsidised mortgages and agricultural interventions.
However, Oyedele admitted that improvements in macroeconomic indicators had not yet translated sufficiently into better living conditions for all Nigerians.
“On food and household welfare, our assessment is candid. This remains work in progress,” he said, adding that poverty and household welfare recovery remained “unfinished business.”
He said the next phase of the reforms would focus on expanding social protection, improving agricultural interventions, strengthening public spending and ensuring that economic growth translates into tangible benefits for households.
The government also warned that Nigeria could have faced severe foreign exchange shortages, fuel scarcity and widespread salary arrears if the previous economic trajectory had continued.
Oyedele said the parallel-market premium over the official exchange rate, previously above 60 per cent, had fallen to below five per cent, while the government estimated that it could have exceeded 150 per cent without the reforms.
He also argued that maintaining the former petrol subsidy regime could have resulted in severe scarcity, with petrol potentially selling for as much as ₦3,000 per litre on the black market despite an official price of ₦185.
Meanwhile, Minister of Information and National Orientation, Mohammed Idris, said the briefing was organised to provide Nigerians with factual information on the savings and resources generated following the removal of fuel subsidy.
Idris described subsidy removal as one of the administration’s most significant and difficult economic decisions, acknowledging the sacrifices it had imposed on households, businesses and communities.
FG Scorecard
He stressed the importance of transparency and accountability in sustaining public confidence in the reform programme, while urging the media to continue scrutinising government policies and holding public officials accountable.
“As the fourth estate of the realm, you have the great responsibility to critique government policies and programs. But in doing so, we must remember as always that we have a nation to keep,” Idris said.
He urged journalists to report government policies accurately and responsibly, stressing that the media had an important role in promoting national cohesion while ensuring accountability.
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Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
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The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations
Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
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NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.
NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
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President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements
Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”
He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.
“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.
At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.
According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.
“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said
He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.
“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.
He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.
“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.
While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.
EFCC
He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.
In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.
The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
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