An erstwhile Minister of Science and Technology, Henry Ikoh, has described Nigeria’s former fuel subsidy regime as a monumental scam that enriched only a privileged few while depriving the masses.
Ikoh made this statement at the inauguration of Renewed Hope Ambassadors in Bende, Umuahia South, and Umuahia North LGAs of Abia State.
He equally declared that recent economic gains across states have vindicated President Bola Tinubu’s decision to scrap the controversial subsidy, insisting the move has unlocked unprecedented resources for sub-national governments.
According to him, the policy shift had fundamentally altered Nigeria’s fiscal landscape.
The former minister noted that the end of subsidy payments has dismantled a long-standing system in which a few oil merchants became overnight billionaires at public expense, freeing up funds that are now driving visible development nationwide.
“Fuel subsidy was a big scam. A handful of individuals cornered resources meant for Nigerians. Today, that leakage has been blocked, and the impact is clear – states have more money, and development is accelerating,” Ikoh stated.
He argued that many states, once crippled by debt burdens, can now meet salary obligations without borrowing, while others pay a minimum wage of N100,000.
Ikoh pointed to improved federal allocations, noting that states now receive multiples of their previous earnings, enabling investments in infrastructure and social services.
‘Fuel subsidy was big scam’ – Ex-minister, Ikoh
