President Bola Tinubu explains how subsidy removal savings are being spent Photo Credit: @officialABATSource: TwitterHe said:"There was a question about the subsidy savings. How the subsidy savings were absorbedOyedele explained that removing both the petrol subsidy and the implicit foreign exchange subsidy together freed up resources equal to roughly 5% of GDP. Oyedele said halting money printing did not make the underlying spending disappear; it still had to be covered through legitimate channels. The near-doubling of the federal minimum wage from ₦30,000 to ₦70,000 also drove up the government's wage bill significantly. He said a detailed breakdown of how the subsidy savings were allocated would be published within days, describing it as part of the government's accountability to citizens.