The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has said that President Bola Tinubu’s decision to remove the fuel subsidy has increased the amount of money available to state governments.
Speaking during his End-of-Year Media Chat in Port Harcourt on Monday, Wike described the removal of the subsidy as a brave move that has enabled many states to prepare annual budgets exceeding N1 trillion.
He explained that some Nigerians, aware that states now receive more funds, are attempting to benefit from this increased revenue in various ways.
Wike said that with more money going to the states, the living conditions of citizens should improve. He therefore advised people to hold their governors accountable for how the money is spent.
“In my eight years as Rivers State governor, I never got more than N200 billion in a year from the Federation Account. But today, states are budgeting over N1 trillion because fuel subsidy has been removed, and this has increased their income,” he said.
The minister added that if he had N500 billion available for the FCT, he would achieve remarkable results. He pointed out that the FCT currently receives only one per cent of the Federal Government’s share from the Federation Account.
“For instance, if the Federal Government gets N1 trillion, one percent is N10 billion, which is not even enough to pay salaries. That is why we depend heavily on Internally Generated Revenue. Yet, you can see the progress being made in Abuja,” he explained.
Wike said that despite limited funds, the FCT Administration has done its best to serve residents. However, he added that money alone cannot solve every problem, noting that goodwill can sometimes achieve what money cannot.
He also expressed confidence that candidates of the All Progressives Congress, APC, would win the FCT Area Councils elections scheduled for February, attributing this to President Tinubu’s goodwill.
According to him, no previous president has done as much for the FCT Area Councils as Tinubu has, giving APC candidates a clear advantage.
Wike said that aside from infrastructure development, the FCT Administration has invested in education, healthcare and agriculture, which he believes will improve the standard of living for residents over time.
