The Federal Government’s first quarter 2025 savings following the removal of petrol subsidies increased by more than 500% compared to previous periods, according to data released by the National Orientation Agency (NOA).

The Agency, in its newly released report titled “Two Years Later: Key Benefits of Subsidy Removal”, noted that the subsidy removal has led to a significant increase in government revenue as the Nigerian National Petroleum Company Limited (NNPCL) began transferring savings to the Federation Account Allocation Committee (FAAC).

The 45th edition of NOA’s ‘The Explainer’ focuses on President Tinubu’s 2023 subsidy removal, which ended decades of economic strain.

The savings from the declaration that stopped the subsidy freed vast resources, boosting government revenue from ₦154 billion to ₦836 billion in Q1.

As a result, states saw FAAC allocations jump to ₦15.26 trillion in 2024, allowing salary payments and ₦1.85 trillion debt reduction.