Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said that Nigeria saved N52 trillion, representing 76 per cent of the N68 trillion 2026 budget, that it would have spent on petrol subsidy.
He stated this in a remark during the commissioning of the NRS headquarters in Abuja.
According to Adedeji, the decision to scrap fuel subsidies has significantly improved the country’s fiscal outlook and also helped reposition Nigeria from severe fiscal strain to a more stable economic footing.
“Mr. President, if that decision had not been taken, fuel subsidies alone would have consumed about 76% of the N68 trillion budget. At an estimated oil price of $120 per barrel, we were looking at subsidy costs of over N52 trillion. That would have left very little for capital projects, social services, and national development.”
“Our external reserves have grown to about $34 billion, compared to a projected $2 billion if we had continued on the same path,” the NRS boss stated.
He further said that inflation in Nigeria could have risen as high as 120 per cent without the sweeping economic reforms introduced by the Federal Government.
He said, “If you’ve not taken that decision, Mr President… the inflation will have been 75 to 120 per cent. Today, inflation is around 15 per cent and declining.”
He added that the reforms have led to increased revenue, improved allocations to states, and enhanced transparency in the fiscal system.
In his comments, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the newly commissioned NRS headquarters as a symbol of transformation in tax governance, noting that the transition from the Federal Inland Revenue Service to the NRS reflects stronger governance and broader mandates.
Edun, who was represented by Taiwo Oyedele, said the reforms signal a shift toward a more coherent and transparent revenue system.
