Reported by: Oahimire Omone Precious | Edited by: Henry Owen | Stone Reporter News
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has praised President Bola Ahmed Tinubu for what he described as a bold and courageous decision to remove fuel subsidy, noting that the move has led to a significant increase in national revenue distribution.
Speaking on Thursday while delivering the keynote address at the 2025 Innovate Africa Conference in Abuja, Wike said that although the policy initially attracted public criticism and economic hardship, it has begun to yield positive results.
“You may not be right, but you must take a decision, and that’s what this present government is doing,” Wike stated.
“People forget where we were yesterday. The day Mr President decided to remove fuel subsidy, I don’t know how many people would have been able to take that decision. It was so bold and very difficult. But sacrifices must be made. Some of us were worried, saying ‘how can you remove fuel subsidy when the masses are suffering?’ But by the grace of God, that difficult decision that pushed fuel prices up — today, things are stabilising.”
Wike further revealed that, as a result of the subsidy removal, States, Local Government Councils, and the Federal Government now share over ₦2 trillion monthly from the federation account — a historic increase compared to previous allocations.
“₦500 billion in a month for the federation — never. I’ve never had more than ₦10–₦15 billion a month,” he said. “Today, not less than ₦2 trillion is being shared every month. Why? Because of the removal of the fuel subsidy.”
Wike described Tinubu’s economic reforms as “bold steps” that require patience and support from Nigerians, stressing that long-term benefits will outweigh the initial pains.
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