Fuel subsidy removal: Tinubu’s courage boosting revenue sharing to over ₦2 trillion monthly — Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has praised President Bola Tinubu for taking what he described as a courageous and transformative step by removing the fuel subsidy.

Speaking on Thursday at the 2025 Innovate Africa Conference in Abuja, Wike said Tinubu’s decision, though initially unpopular, has started yielding positive results, with the nation’s finances showing marked improvement.

“You may not always be right, but leadership demands taking decisions — and that’s exactly what this administration has done,” Wike stated.

He recalled the backlash that followed the subsidy removal but emphasized that the move was necessary for national progress.
“When the President removed fuel subsidy, many of us were worried — people said, ‘the masses are suffering,’ and prices skyrocketed. But today, by the grace of God, we are beginning to see stability,” he added.

Wike further disclosed that the fiscal impact of the policy has been significant, with the Federal Government, states, and local governments now sharing over ₦2 trillion from the federation account each month — a sharp rise from what was obtainable before.

“In the past, the federation could hardly share ₦500 billion monthly. I used to get around ₦10 to ₦15 billion. Today, it’s not less than ₦2 trillion being shared every month — all because of the removal of fuel subsidy,” Wike said.