Responding to concerns over the use of the money saved from the subsidy removal, Oyedele said the question was legitimate and that the government had a responsibility to explain its actions to Nigerians. He said the combined cost of fuel subsidy and what he described as “subsidy on foreign exchange” was equivalent to about five per cent of Nigeria’s Gross Domestic Product (GDP). Savings Used To Service DebtsOyedele said part of the savings had been used to offset the government’s Ways and Means obligations, service rising debt costs and fund the implementation of the new national minimum wage. Why FG Still Borrows Despite Higher RevenueOyedele also explained why the Federal Government continues to borrow money despite recording higher-than-expected revenue. If you eventually collect seven, you have exceeded your revenue target, but you still need to borrow three,” he said.