‘Fuel subsidy was big scam’ – Ex-minister, Ikoh

An erstwhile Minister of Science and Technology, Henry Ikoh, has described Nigeria’s erstwhile substance subsidy authorities arsenic a monumental scam that enriched lone a privileged fewer portion depriving the masses.

Ikoh made this connection astatine the inauguration of Renewed Hope Ambassadors successful Bende, Umuahia South, and Umuahia North LGAs of Abia State.

He arsenic declared that caller economical gains crossed states person vindicated President Bola Tinubu’s determination to scrap the arguable subsidy, insisting the determination has unlocked unprecedented resources for sub-national governments.

According to him, the argumentation displacement had fundamentally altered Nigeria’s fiscal landscape.

The erstwhile curate noted that the extremity of subsidy payments has dismantled a long-standing strategy successful which a fewer lipid merchants became overnight billionaires astatine nationalist expense, freeing up funds that are present driving disposable improvement nationwide.

“Fuel subsidy was a large scam. A fistful of individuals cornered resources meant for Nigerians. Today, that leakage has been blocked, and the interaction is wide – states person much money, and improvement is accelerating,” Ikoh stated.

He argued that galore states, erstwhile crippled by indebtedness burdens, tin present conscionable wage obligations without borrowing, portion others wage a minimum wage of N100,000.

Ikoh pointed to impr...