Nigeria's Fiscal Reckoning: N15.8trn Saved, but Debt Swallows the Gains

₦10.61 trillion — the staggering additional debt-service cost Nigeria incurred between June 2023 and December 2025, swallowing the gains from its bold subsidy removal and naira reforms.

Money Moves

• FG Saved ₦15.8trn — Subsidy removal and naira liberalisation generated this sum for the federation, with ₦5.4trn going to the FG and ₦10.4trn to states and local governments.
• FG Borrowed ₦11.9trn — Two years of additional borrowing helped fund a total...