₦15.8tn Saved, ₦11.9tn Borrowed: Where Did Nigeria’s Subsidy Dividend Go?

When the federal government announced last week that removal of petrol subsidy had generated an estimated ₦15.8 trillion in savings between June 2023 and December 2025, the figure was presented as further evidence that Nigeria's painful economic reforms were working. It is, unquestionably, a significantly large number. The post ₦15.8tn Saved, ₦11.9tn Borrowed: Where Did Nigeria’s Subsidy Dividend…