Allocations can’t guarantee prosperity for states —Oyedele
8 trillion from the removal of fuel subsidy and the liberalisation of the foreign exchange market between June 2023 and December 2025, but insisted that the reforms did not leave the Federal Government (FG) with a huge pool of cash as widely believed.
The minister equally said the Federal Government’s wage bill was much more than that savings received from subsidy removal, even as he insisted that the reforms of the government has helped to reduce borrowing burden, Speaking at the 2026 National Council on Finance and Economic Development, NACOFED, conference in Owerri, Imo State, yesterday, Oyedele stressed the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.4 trillion during the period from subsidy savings, increased revenues and borrowing, but spent N30.
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