Nigeria’s government says savings from the removal of fuel and foreign exchange subsidies are being used to service rising debt, pay salaries, implement the new ₦70,000 minimum wage, and expand student loan programmes but labour unions are demanding proof and accusing officials of being “economical with the truth .” Nigeria's subsidies on petrol and foreign exchange previously consumed about 5% of Nigeria’s GDP. However, the removal of these subsidies in 2023–2024 was part of President Bola Tinubu’s reform agenda, aimed at eliminating distortions and corruption. While investors welcomed the move, ordinary Nigerians faced higher living costs, sparking questions about how the savings were being used. These are the break down on how the savings are being spent - Debt servicing: Interest rates rose from around 8% to as high as 24%, sharply increasing debt costs. Much of the savings are being directed to meet these obl...