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Where did Nigeria’s fuel subsidy savings go? FG reveals how funds were spent

Published

2 months ago

August 1, 2026

Federal Workers Urge Finance Ministry to Pay Delayed Allowances, Promotion Arrears

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele

Where did Nigeria’s fuel subsidy savings go? FG reveals how funds were spent

The Federal Government has said savings generated from the removal of the fuel subsidy and reforms in the foreign exchange market have largely been used to meet rising debt-servicing obligations, fund higher workers’ wages, support the student loan scheme and cover other critical public expenditures.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the 7th African Emerging Markets Forum in Abuja, where he also promised that the government would soon publish a detailed breakdown of how the savings from the reforms have been utilised.

Oyedele acknowledged growing public concern over the fate of the funds, describing questions about the use of the subsidy savings as legitimate.

He said the government had a responsibility to provide Nigerians with a clear explanation of how the resources generated by the reforms had been deployed.

According to the minister, the combined cost of the former petrol subsidy and what he described as an implicit subsidy in the foreign exchange system was equivalent to about five per cent of Nigeria’s Gross Domestic Product (GDP) before the reforms were introduced.

However, he explained that the money freed by the reforms was not left unused because the government faced higher financial obligations, including increased debt-servicing costs and rising public expenditure.

Oyedele said part of the savings was used to address the government’s Ways and Means obligations and finance spending that had previously been supported through monetary financing.

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He explained that before the reforms, the government relied partly on money creation to fund expenditure, but ending the practice meant that the government had to secure alternative financing to meet existing obligations.

According to him, the reforms contributed to higher inflation and interest rates, increasing the cost of government borrowing and debt servicing.

He said borrowing costs that were previously around eight per cent had risen to as much as 24 per cent, placing additional pressure on public finances.

“When you need to service debts, you do not debate whether you need to pay. You pay, and you pay on time,” Oyedele said.

The minister also said the increase in the national minimum wage from ₦30,000 to ₦70,000 had significantly raised the Federal Government’s wage bill.

He explained that the higher wage structure had nearly doubled the government’s personnel costs, making it one of the major areas where public spending had increased following the reforms.

Oyedele added that the government had expanded funding for the Nigerian Education Loan Fund (NELFUND), which provides tuition support and monthly upkeep allowances to eligible students.

According to him, the student loan programme has grown to cover more than 1.5 million students, increasing government expenditure on education and youth support.

He stressed that the primary objective of removing fuel and foreign exchange subsidies was not only to generate savings but also to eliminate economic distortions, reduce inefficiencies and address opportunities for abuse within the previous systems.

The Federal Government has maintained that the reforms were necessary to improve fiscal sustainability, reduce pressure on public finances and create a more transparent economic framework.

However, the reforms have also contributed to higher fuel, transportation and living costs, with many households and businesses continuing to experience pressure from inflation and reduced purchasing power.

The government’s planned publication of a detailed account is expected to provide greater clarity on the amount generated from the reforms, how the funds were allocated and the extent to which the resources were used for debt payments, wages, education and other public obligations.

The disclosure is also expected to address public concerns over whether the fiscal gains from the removal of the fuel subsidy have translated into improved public services, infrastructure, social protection and better living conditions.

An earlier assessment by the International Monetary Fund (IMF) noted that Nigeria’s economic reforms had helped improve macroeconomic stability, strengthen investor confidence and reduce some fiscal and monetary pressures. The IMF, however, also said poverty and food insecurity remained significant concerns, highlighting the need for stronger social protection and inclusive economic growth. (IMF)

Oyedele said the government would not measure the success of its economic reforms solely through headline GDP growth.

Instead, he said the government would focus on reducing multidimensional poverty, increasing real income per capita and narrowing income inequality.

He maintained that the long-term goal of the reforms was to build a more stable and sustainable economy while ensuring that economic growth leads to improved living standards for a broader section of the population.

The minister assured Nigerians that the detailed report on the use of the subsidy savings would be released in the coming days as part of the government’s commitment to transparency and public accountability. (reuters.com)

Where did Nigeria’s fuel subsidy savings go? FG reveals how funds were spent

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Police Arrest Five, Recover Three Guns, Ammunition in Enugu

Published

11 minutes ago

October 8, 2026

Trends Admin

Commissioner of Police in Enugu State, CP Mamman Bitrus Giwa

Police Arrest Five, Recover Three Guns, Ammunition in Enugu

The Enugu State Police Command has arrested five suspects in separate operations across the state and recovered three firearms, six rounds of live ammunition and other exhibits.

The arrests were made between September 18 and October 7, 2026, as part of the command’s ongoing intelligence-led operations against armed robbery, cultism and other violent crimes.

In the latest operation, operatives of the Inyi Police Division responded to a distress call over an alleged armed robbery at Umuaor, Umukabia Isiama Awlaw community in Oji River Local Government Area at about 5:10 a.m. on October 7.

The operation led to the arrest of 26-year-old Arinze Osita Onwuaso, while other suspects reportedly fled the scene.

Police said operatives recovered a locally made cut-to-size single-barrel gun, two live cartridges, a pry bar, hammer, scissors and chisel from him.

In another operation on October 5, operatives of the Anti-Cultism Section of the Violent Crime Response Unit, attached to the Nsukka sector, arrested two suspected cult members at Umudioka community in Nsukka Local Government Area.

The suspects were identified as 24-year-old Jonas Adejo, also known as J-Money, and 25-year-old Okoro Innocent, also known as Virus.

According to the police, three rounds of 9mm ammunition were recovered from the two suspects.

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The command said the suspects allegedly confessed during interrogation to belonging to the Supreme Vikings Confraternity, an allegation they would have the opportunity to challenge in court.

A separate operation on September 25 resulted in the arrest of 25-year-old Anichebe Ogbonna at an alleged criminal hideout in Amagu Mpu community, Aninri Local Government Area.

Police operatives, working with members of the Neighbourhood Watch Group, reportedly raided the location following intelligence on suspected criminal activities.

A locally made pistol was allegedly recovered from Ogbonna.

Meanwhile, operatives of the 9th Mile Police Division arrested 38-year-old Chukwujekwu Chukwuemeka at Ameke-Ngwo, Udi Local Government Area, at about 11 p.m. on September 18.

The police said Chukwuemeka was arrested following information allegedly linking him to armed robbery activities in the area.

A cut-to-size pump-action gun and one live cartridge were reportedly recovered from him.

The four operations produced a total of five arrests, three firearms and six rounds of ammunition, with investigations continuing into the alleged offences and the suspects’ individual roles.

The Commissioner of Police in Enugu State, CP Mamman Bitrus Giwa, commended the officers involved and residents whose information assisted the operations.

Giwa urged residents to continue providing credible information to the police to help prevent armed robbery, cult-related violence and other security threats across the state.

The suspects remain presumed innocent unless proven guilty by a court of law.

Police Arrest Five, Recover Three Guns, Ammunition in Enugu

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Court Grants Alleged Fake JAMB Registrar N50m Bail, Sets Strict Conditions

Published

4 hours ago

October 8, 2026

Trends Admin

Arinze Nwogba

Court Grants Alleged Fake JAMB Registrar N50m Bail, Sets Strict Conditions

The Federal High Court in Abuja has granted N50 million bail to Arinze Nwogba, who is facing trial for allegedly impersonating the Registrar of the Joint Admissions and Matriculation Board (JAMB), Professor Segun Aina.

Justice Salim Ibrahim, in a ruling on Thursday, admitted Nwogba to bail in the sum of N50 million with two sureties in like sum.

The judge held that the alleged offence was bailable and not a capital offence, while noting that Nwogba had indicated through his bail application that he would not abscond and would make himself available for trial.

The court, however, attached stringent conditions to the bail.

One of the sureties must be a Federal Government civil servant not below Grade Level 14, while both sureties must reside within the Federal Capital Territory, Abuja.

The judge further directed that one of the sureties must reside in Asokoro, Maitama or Guzape.

Each surety is required to swear an affidavit of means and submit a tax clearance certificate covering the previous two years.

The court also ordered Nwogba and the sureties to submit photocopies of their National Identification slips.

The court registrar was directed to verify the bail documents and issue a report, with the prosecution also required to participate in the verification process.

Importantly, the ruling does not mean Nwogba walks out of custody immediately. He is to remain at the Kuje Correctional Centre until the bail conditions are perfected.

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The case has been adjourned until October 19, 2026, for commencement of trial.

Nwogba is being prosecuted by the Inspector-General of Police on a six-count charge marked FHC/ABJ/CR/612/2026.

The police allege that he impersonated Professor Aina by using the JAMB registrar’s photograph on WhatsApp and Truecaller, allegedly with the intention of obtaining financial advantage.

According to the prosecution, a petition was submitted to the Inspector-General of Police over a suspected criminal operation involving the unauthorised use of the registrar’s name, photograph and telephone number to deceive members of the public.

The police alleged that the suspects also used LinkedIn and WhatsApp to approach prospective victims with purported government contracts.

In one alleged scheme, the impersonators reportedly claimed that the Federal Ministry of Education had approved the supply of 200 HP laptops as part of a digitisation programme.

The prosecution alleged that prospective beneficiaries were subsequently asked to make payments, including N900,000 described as an initial “handshake” and another N3 million purportedly for officials of the ministry.

The police said Nwogba was arrested in Abakaliki, Ebonyi State, during investigations into the alleged impersonation.

The prosecution further alleged that Nwogba used the operational name Dr Stephen Igwe and admitted forwarding bank account details to a relative allegedly connected with the fraudulent operation.

Another alleged member of the operation, identified by the police as Nnabuife Nwekpa, is said to be at large.

Nwogba pleaded not guilty to the six-count charge and remains presumed innocent unless and until the prosecution proves the allegations against him in court.

The bail ruling therefore allows him an opportunity to secure his release pending trial, but only after satisfying the conditions imposed by the court.

Court Grants Alleged Fake JAMB Registrar N50m Bail, Sets Strict Conditions

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NESREA to Honour Lagos Baale After Dramatic Rescue of Endangered Sea Turtle

Published

4 hours ago

October 8, 2026

Trends Admin

NESREA to Honour Lagos Baale After Dramatic Rescue of Endangered Sea Turtle

The National Environmental Standards and Regulations Enforcement Agency (NESREA) is set to honour the Baale of Okun Igando in Ibeju-Lekki, Lagos State, Chief Semiu Waliu Jejelaiye, after he intervened to save a large sea turtle from being killed by fishermen.

The development followed the rescue of the marine animal after it became entangled in a fishing net along the coastline of the community.

The fishermen reportedly initially believed they had caught a large fish. However, the situation changed after the Baale intervened and stopped attempts to kill or sell the animal.

Chief Jejelaiye urged the fishermen and other residents to release the turtle, while explaining the importance of protecting endangered and threatened marine species.

The fishermen, with the assistance of other community members, carefully freed the animal from the net and returned it alive to the Atlantic Ocean.

The rescue attracted widespread attention after footage of the incident circulated online, with many Nigerians commending the community for choosing to protect the animal rather than kill it.

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NESREA has subsequently commended the Baale and the local fishing community for their intervention, describing the rescue as an example of grassroots environmental conservation.

The agency is expected to issue a Letter of Commendation to Chief Jejelaiye in recognition of his role in preventing harm to the marine animal and promoting wildlife protection within the community.

The incident has also renewed attention to the challenges facing sea turtles in Nigeria, particularly along the Lagos coastline.

Sea turtles are exposed to several threats, including accidental capture in fishing nets, destruction of nesting habitats, pollution, illegal hunting and human consumption.

Conservation efforts in the Ibeju-Lekki area have previously focused on educating fishing communities about the importance of protecting sea turtles and finding ways to reduce conflicts between conservation and fishing activities.

The latest rescue also highlights the role that traditional rulers and coastal communities can play in protecting endangered wildlife.

NESREA, which is responsible for enforcing Nigeria’s environmental laws and regulations, has continued to advocate stronger community participation in biodiversity conservation and environmental protection.

The rescued turtle was identified in reports as a leatherback sea turtle, one of the largest living turtle species. Leatherback turtles face serious threats globally from fishing gear, habitat loss, pollution and other human activities.

The successful release of the turtle back into the ocean has been described as a positive example of what can happen when local communities respond quickly to protect threatened wildlife.

The development is also expected to strengthen calls for greater awareness among fishermen and residents of Nigeria’s coastal communities on how to safely handle marine animals accidentally caught in fishing nets.

For Okun Igando, the intervention by the Baale has turned what could have been the death of a rare marine animal into a notable wildlife conservation success story.