₦airaland Forum

Vanguard new
August 10, 2026

Without Tinubu’s reforms, subsidy could’ve hit ₦53tn, 1 dollar to ₦3,500 — NRS boss

Without Tinubu’s reforms, subsidy could’ve hit ₦53tn, dollar ₦3,500 — NRS boss
The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said Nigeria’s petrol subsidy bill could have risen to about ₦53 trillion, while the exchange rate could have weakened to ₦3,500 to the dollar, if President Bola Tinubu had not implemented his economic reforms.

Adedeji made the claim during an exclusive interview on Channels Television’s Sunday Politics, where he defended the Tinubu administration’s decision to remove petrol subsidy and reform the foreign exchange regime.


The NRS chairman described the removal of subsidy as one of the most significant economic decisions taken by the administration, arguing that it had contributed to what he described as positive economic outcomes.



“All the good results that I will reel out soon come as a result of that courageous decision (subsidy removal). So, it is not a mistake; it is the best thing that has happened to this country. Subsidy was evil and had been with Nigeria for decades,” he said.

Adedeji said Tinubu inherited an economy burdened by an unsustainable subsidy regime, an underperforming oil sector and a narrow tax base.

He argued that maintaining the subsidy would have imposed an even heavier burden on government finances, particularly against the backdrop of pressures in the global energy market and the Iran crisis.

According to him, the subsidy bill could have reached about ₦53 trillion, while the exchange rate could have weakened to ₦3,500 per dollar.

The NRS boss also defended the administration’s exchange-rate reforms, urging Nigerians to assess the government’s economic decisions based on their outcomes rather than emotions.

He challenged those seeking to replace Tinubu in 2027 to explain how they would tackle the country’s economic difficulties differently.

“What the President deserves now is support and commendation for being a statesman and not a politician. Anybody who says he is coming (to contest as president), just ask them, ‘What will you do differently?’” he said.


“Are they saying that it is wrong that we removed fuel subsidy? Are they saying that it is wrong that we unified the rate?” he asked.


Tinubu announced the removal of petrol subsidy during his inauguration on May 29, 2023, declaring that “fuel subsidy is gone.”

The policy triggered a sharp increase in petrol prices and contributed to higher transportation, food and production costs, while also boosting government revenues and increasing allocations to the three tiers of government through the Federation Account.

However, the removal has continued to attract criticism especially from opposition

Well meaning Nigerians understand the importance of the life saving reforms going on right now in our beloved country.

Forward we go , backward never

Someone is working very hard to justify their appointment. Baba is licking Tinubu's boot like his life depends on it 😂

Nor be dis same dodoyo say Timbobo dey eat once a day and trek to office?

NRC "Boss" indeed. You'll never see these people string up logical arguments or publications related to the sector they were appointed over, but na to dey drink a_ss droppi_ngs of T-boy.

Were is the subsidy money going to? inflation in housing, feeding, education, health, transportation, everything in the country is expensive and no purchasing power.

moh1:
Were is the subsidy money going to? inflation in housing, feeding, education, health, transportation, everything in the country is expensive and no purchasing power.

it's going into FAAC , Monthly state allocations which all governors are happy about so the subsidy money goes directly into states and local governments accounts period .

States now received 5 times what the use to get . Now no state borrows anymore. Each state now have enough to go round

Before this subsidy money 🤑 goes directly into some private pocket leaving the country to suffer. But now the people ( states ) now have their money to do whatever they want with

Have you seen any governor saying they have not been paid .

Salaries have been improved from 30000 minimum to 80,000 naira minimum

Guy you just need to stop being lazy and find something to do

Lies from the pit of hell

[quote author=lexylaw09 post=140300519]it's going into FAC , Monthly state allocations which all governors are happy about now the subsidy money now goes directly into states and local governments account.

Have you seen any governor saying they have not been paid .

Salaries have been improved from 30000 minimum to 80,000 naira minimum

Guy you just need to stop being lazy and find something to do*********** YOU MEAN STEALING, JUST LIKE YOU?

How did it translate into the economy, that Nigerians are not getting the benefit, all you mention is government across the tiers of government. Brother and Sister Nigerians are suffering in Nigeria. only few who have it ways from government are enjoying the country now. please if you have opportunity with the president tell him the truth prize of things are high in the market. the recent CBN review shows junke of loan process by financial institution by individual is just to get shelter

lexylaw09:
it's going into FAC , Monthly state allocations which all governors are happy about now the subsidy money now goes directly into states and local governments account.

States now received 5 times what the use to get . Now no state borrows anymore. Each state now have enough to go round

Before this subsidy money 🤑 goes directly into some private pocket leaving the country to suffer. But now the people ( states ) now have their money to do whatever they want with

Have you seen any governor saying they have not been paid .

Salaries have been improved from 30000 minimum to 80,000 naira minimum

Guy you just need to stop being lazy and find something to do

When did our minimum wage become 80,000?

Lies. In 8 years, Buhari only paid subsidy worth 8 trillion naira. The total ways and means he secured from the CBN to stabilise Nigeria during Covid 19 and throughout his tenure was 20 trillion naira. Tinubu met dollar at 450 naira and took it to 1400. He met fuel at 245 naira and took it to 1300. Yet, he has outborrowed all loans secured during Buhari’s 8-year tenure in just 3 years.

No be only 53 trillion
You for don add 500 trillion join
Bunch of bingoos

Data bouz exposing their faaake certttifficcate hollldderr with series of lies and propaganda

lexylaw09:
Well meaning Nigerians understand the importance of the life saving reforms going on right now in our beloved country.

Forward we go , backward never

let agbero union smuggled in agbero chairman comes 2027 through eyeneck dollar will get there.that has been the target but because of election it's staggering at the current price. The father of all liars quite below

lexylaw09:
it's going into FAAC , Monthly state allocations which all governors are happy about so the subsidy money goes directly into states and local governments accounts period .

States now received 5 times what the use to get . Now no state borrows anymore. Each state now have enough to go round

Before this subsidy money 🤑 goes directly into some private pocket leaving the country to suffer. But now the people ( states ) now have their money to do whatever they want with

Have you seen any governor saying they have not been paid .

Salaries have been improved from 30000 minimum to 80,000 naira minimum

Guy you just need to stop being lazy and find something to do

how did this answers the question he asked you

lexylaw09:
Vanguard new
August 10, 2026

Without Tinubu’s reforms, subsidy could’ve hit ₦53tn, 1 dollar to ₦3,500 — NRS boss

Without Tinubu’s reforms, subsidy could’ve hit ₦53tn, dollar ₦3,500 — NRS boss
The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has said Nigeria’s petrol subsidy bill could have risen to about ₦53 trillion, while the exchange rate could have weakened to ₦3,500 to the dollar, if President Bola Tinubu had not implemented his economic reforms.

Adedeji made the claim during an exclusive interview on Channels Television’s Sunday Politics, where he defended the Tinubu administration’s decision to remove petrol subsidy and reform the foreign exchange regime.


The NRS chairman described the removal of subsidy as one of the most significant economic decisions taken by the administration, arguing that it had contributed to what he described as positive economic outcomes.



“All the good results that I will reel out soon come as a result of that courageous decision (subsidy removal). So, it is not a mistake; it is the best thing that has happened to this country. Subsidy was evil and had been with Nigeria for decades,” he said.

Adedeji said Tinubu inherited an economy burdened by an unsustainable subsidy regime, an underperforming oil sector and a narrow tax base.

He argued that maintaining the subsidy would have imposed an even heavier burden on government finances, particularly against the backdrop of pressures in the global energy market and the Iran crisis.

According to him, the subsidy bill could have reached about ₦53 trillion, while the exchange rate could have weakened to ₦3,500 per dollar.

The NRS boss also defended the administration’s exchange-rate reforms, urging Nigerians to assess the government’s economic decisions based on their outcomes rather than emotions.

He challenged those seeking to replace Tinubu in 2027 to explain how they would tackle the country’s economic difficulties differently.

“What the President deserves now is support and commendation for being a statesman and not a politician. Anybody who says he is coming (to contest as president), just ask them, ‘What will you do differently?’” he said.


“Are they saying that it is wrong that we removed fuel subsidy? Are they saying that it is wrong that we unified the rate?” he asked.


Tinubu announced the removal of petrol subsidy during his inauguration on May 29, 2023, declaring that “fuel subsidy is gone.”

The policy triggered a sharp increase in petrol prices and contributed to higher transportation, food and production costs, while also boosting government revenues and increasing allocations to the three tiers of government through the Federation Account.

However, the removal has continued to attract criticism especially from opposition

Nigerians don't take what that man says serious.As baron is forging certificate. That one is forging tax law against what was passed. He was not qualified to hold such office.The other was removed because he told them the better truth. This one job is to sing on your mandate he will quench

Noted.. unfortunately, Subsidy had to go..

lexylaw09:
Well meaning Nigerians understand the importance of the life saving reforms going on right now in our beloved country. Forward we go , backward never

Life-saving reforms and Nigerians never saw even a single kobo that was saved by it?

moh1:
➜Were is the subsidy money going to? inflation in housing, feeding, education, health, transportation, everything in the country is expensive and no purchasing power.

You were simply to believe your life was saved by the reform.... the money, you are not meant to see, it seems! 😒😒

Without Tinubu’s a bit of a breeze, the money would have flowed freely. a simple boost.

You see that dollar naira rate, the reforms really nip some loopholes.

The scam with Binance before they were sent packing out of Nigeria was simple.

They will create multiple order on Binance to buy e currency. More like discounted orders but in huge amounts. There are local insiders only need the invoice paper to request for $ in mostly commercial banks.

That order will eventually be cancelled while the dollar will be smuggled out of the country. Money laundering.

At least of they spend the dollar in Nigeria, it will still be in circulation without creating shortage. How do you expect FG to bring that dollar back to the economy without buying/sourcing for it outside ( Subsidy)

Now, if you request for dollars for any transactions, there are limits of the amount you can get, and what you are using it for, you must be questioned oo.

After the reforms, a whole year, it was less than N40 between naira and dollar. That's stability

As long as what you support have something like my explanation above in what they are doing differently which are bringing positive results, you won't need too be attacking, insulting or disrespecting anyone.

We are not going to beg anyone to vote for the reelection of president Tinubu but we will point references to his achievements which are glaring. If you are not convinced enough and think the opposition will do better, all the best ni

Kobojunkie:
Life-saving reforms and Nigerians never saw even a single kobo that was saved by it?

The reforms in Finance sector specifically, Except if your deals and transactions are local with nothing like exchanging currency because if you do, then you will appreciate the efforts of this government in that sector.

Some of the goods and services that there prices have been stable for months or years are due to stability with the exchange rate

And for the money saved, why was Binance kicked out from Nigeria? That was during Buhari. During this government, we have seen some companies walking out voluntary as those their dollar naira rate manipulations is not longer business as usual. That alone is a side hustle for them.

We heard with Buhari Nigeria would have ended.

Now it is without Tinubu.

Nigerians and gullibility

Thunder fire those reforms that has made the encommy unbearable for the poor masses