- Nigeria Saved N37 Trillion from Fuel Subsidy Removal – Economist
- Says the subsidy removal was a major policy shift aimed at strengthening the country’s fiscal position
- The economist described the reforms as transformative measures designed to reposition Nigeria’s economy
Renowned economist and Founder/Chief Consultant of B. Adedipe Associates Limited (BAA Consult), Dr Biodun Adedipe, has revealed that Nigeria has saved an estimated ₦37 trillion following the removal of fuel subsidy announced in 2023.
Eko Hot Blog reports that Dr Adedipe made the disclosure during the investiture ceremony of Dr (Mrs) Markie Idowu as President of the National Institute of Credit and Administration (NICA) and the inauguration of new Governing Council members in Lagos.
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According to him, the subsidy removal was a major policy shift aimed at strengthening the country’s fiscal position and expanding credit availability within the economy, particularly for the Federation Account.
Since President Bola Ahmed Tinubu assumed office on May 29, 2023, he noted that several significant economic reforms have been introduced, including exchange rate unification and the full implementation of fuel subsidy removal.
Dr Adedipe explained that the foundation for the subsidy reform predates the current administration, pointing out that key provisions were effectively set in motion earlier through the Petroleum Industry Act. He stated that the decision to remove the subsidy formally aligned with broader structural reforms in the oil and gas sector.
He added that the policy shift has improved government revenue flows and created room for increased economic activity, while also encouraging transparency and market-driven pricing mechanisms.
The economist described the reforms as transformative measures designed to reposition Nigeria’s economy, emphasising that the combined impact of exchange rate adjustments and subsidy removal represents one of the most significant economic transitions in recent years.
He concluded that if sustained, the reforms could strengthen fiscal stability, improve credit expansion, and support long-term economic growth.
