FCT Minister Wike Highlights Benefits of Fuel Subsidy Removal for State Budgets and Development

ByFranklin Eke3 days Ago1 Mins read56

The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, has stated that the removal of the fuel subsidy by President Bola Tinubu has resulted in more funds being available to state governments. Speaking during his end-of-year media chat in Port Harcourt, Wike noted that many states now prepare annual budgets exceeding N1 trillion.

He explained that smart Nigerians, aware of the increased funds in the states, have taken steps to claim their share of the “national cake” through various means. Wike emphasized that with more money in state coffers, the overall quality of life for residents should improve, urging citizens to hold their governors accountable.

Reflecting on his time as governor of Rivers State, Wike said, “In all my life, as governor for eight years in Rivers, I have never received from the Federation Account more than N200 billion in a year. The records are there.” He added that states are now budgeting over a trillion naira annually because the fuel subsidy removal has freed up more money for them, though many remain unaware of this change.

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Wike also highlighted the financial challenges faced by the FCT, which receives only 1 percent of the Federal Government’s share from the federation account. “Take for example, if FG gets N1 trillion, 1 per cent is N10 million and that is not enough to pay salary. I will have to go back to Internally Generated Revenue, but look at what is happening in Abuja,” he said. Despite limited funds, he said the FCT Administration has done its best for residents.

The minister cautioned that while money is important, it has its limits and that goodwill is also essential in achieving progress.

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Wike expressed confidence that the All Progressives Congress (APC) candidates would win the upcoming FCT area council elections in February, attributing this to President Tinubu’s goodwill. He said, “No president did what Tinubu had done in the area councils, which gives the APC candidates an upper hand.”

Beyond infrastructure, Wike noted that the FCT Administration has also made interventions in education, health, and agriculture, which he believes will improve the standard of living for the people in the long term.