How Tinubu’s Fiscal Reset Doubled Nigeria’s State Revenues

When fuel subsidy ended in May 2023 and forex policy was reformed, state finances transformed. Monthly allocations to Nigeria’s 36 states rose from N343 billion to N708 billion by April 2026—a 106% increase. Every state recorded gains, averaging a 128% jump in allocations. Lagos led with a 252% surge, while non-oil states such as Ogun, Taraba and Abia saw revenues nearly triple. Funds once tied up in subsidies and boosted by stronger oil exports now flow to sub-national governments. With more revenue than ever, states can invest in roads, schools, healthcare and urban renewal. The challenge ahead is ensuring transparent governance and turning this unprecedented fiscal boost into real improvements for citizens.

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