The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has commended President Bola Tinubu for what he described as a bold and difficult decision to remove fuel subsidy, saying it has led to a significant increase in monthly revenue shared among the three tiers of government.
Speaking at the 2025 Innovate Africa Conference in Abuja on Thursday, Wike said that despite the initial public backlash following the subsidy removal, the economy is beginning to stabilise.
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“You may not be right, but you must take a decision, and that’s what this government is doing,” the minister stated. “When the President removed fuel subsidy, many of us cried out that the masses were suffering, but today, things are stabilising.”
Wike revealed that the Federal Government, states, and local councils now share over ₦2 trillion monthly from the federation account — a sharp increase from previous allocations.
“Never have we had ₦500 billion in a month for the federation. I never had more than ₦10 to ₦15 billion a month. Today, not less than ₦2 trillion is being shared monthly, all because of the removal of fuel subsidy,” he said.
The minister noted that the reform, though initially painful, is yielding positive fiscal results and providing more financial autonomy for subnational governments.
