Former Minister of Science and Technology, Henry Ikoh, has described Nigeria’s former fuel subsidy regime as a “big scam,” stating that it primarily benefited a small group rather than the general public.
Ikoh made the remarks during the inauguration of Renewed Hope Ambassadors in parts of Abia State. The fuel subsidy policy had been a major component of Nigeria’s petroleum pricing system for years before its removal by the Federal Government.
The removal of the subsidy has been linked by government officials to changes in revenue distribution and fiscal operations across different levels of government.
According to Ikoh, the subsidy system allowed a small number of individuals to benefit disproportionately from public resources. He said, “Fuel subsidy was a big scam. A handful of individuals cornered resources meant for Nigerians.”
He added that the removal of the subsidy has blocked what he described as financial leakages, stating that more funds are now available to state governments.
Ikoh also said that some states are now better positioned to meet financial obligations, including salary payments, following increased allocations.
The former minister further stated that the policy shift has changed Nigeria’s fiscal structure, with higher revenues available for development projects at subnational levels.
At the event, he also called on stakeholders in the South-East to align with the Federal Government, describing political engagement as interest-driven.
The remarks reflect ongoing public and political discussions on the impact of fuel subsidy removal on government revenue and economic management.
Officials have linked increased allocations to states and funding for programmes to changes following the subsidy removal, according to statements made at the event.
