The Presidency has hit back at former Minister of Transportation Rotimi Amaechi following his recent allegations on the use of fuel subsidy savings under President Bola Tinubu’s administration.
Amaechi, speaking at his 60th birthday in Abuja last month, questioned the management of subsidy removal gains, claiming, “If I were president, yes, I would pursue some of the policies they are pursuing, but ask what the failure is: the failure is that the gains of those policies are in their private pockets.”
In response, the President’s Special Adviser on Social Media, Dada Olusegun, dismissed Amaechi’s remarks as “misleading and politically motivated,” adding, “More than two years after his primary election loss, it appears Chibuike Rotimi Amaechi has not gotten over the legitimate pain of defeat.”
Olusegun defended the subsidy removal reforms, highlighting the financial damage caused by the subsidy regime. He stated, “In 2022 alone, the FG’s subsidy bill was ₦4.39 trillion — nearly half of what Nigeria spent on petrol subsidies over a nine-year span from 2006 to 2015.”
He further explained that the benefits are not direct cash savings but the prevention of unsustainable borrowing and increased revenue allocation to states. “Since January 2025, NNPCL began remitting 50% of crude oil revenues to the federation account, significantly increasing monthly disbursements to states,” Olusegun said.
Addressing foreign exchange reforms, the adviser pointed out that “the previous multiple exchange rate system cost Nigeria over ₦13.2 trillion between 2021 and 2023 in FX subsidy losses — money that went exclusively to private pockets.”
He also noted positive economic indicators, such as foreign reserves rising from $3.99 billion in 2023 to $23.11 billion in 2024, and Nigeria’s removal from the IATA list of countries with blocked funds.
Olusegun concluded with a warning to Amaechi, stating, “This administration is cleaning up the mess it inherited, including from individuals like Mr. Amaechi, who now seek to play the saint.”
