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Minister of the Federal Capital Territory, Nyesom Wike, says President Bola Tinubu inherited a broken economy that was already on the brink of collapse when he took over in May 2023.
Speaking on Channels Television’s Politics Today on Friday, Wike dismissed claims that Tinubu’s policies worsened Nigeria’s economic woes. According to him, the country was in ruins before Tinubu stepped in.
“He took over an economy that was gone. Was totally gone,” Wike said. “Nigeria was ready to be buried. Luckily, it has not been buried. Someone came and said, ‘No, I will not allow you to be buried’.”
Tinubu, who succeeded former president Muhammadu Buhari, immediately scrapped the fuel subsidy and later floated the naira. While economists praised both moves, they triggered a spike in the cost of living and nationwide protests.
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Just a day before Wike’s comments, former Minister of Transportation Rotimi Amaechi had accused the Tinubu-led government of completely burying the economy.
But Wike, who is a top member of the opposition PDP but is currently working with the APC-led government, stood firm in his support of Tinubu’s decisions.
“Everyone said the fuel subsidy was a scam. So what do we do? He came and said, ‘I will not allow this again. It has to go’,” Wike said.
He acknowledged that the subsidy removal came with challenges, especially the jump in petrol prices from about 200 naira to nearly 1,000 naira per litre. However, he argued that it also meant more money for state governments.
“There is so much money in the hands of the states now, whether anybody likes it or not,” Wike said. “A lot of money is now put in the hands of the federating units.”
Wike believes it is too early to judge Tinubu’s presidency and called on Nigerians to be patient, insisting that the president is laying the right foundation to fix the economy.
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