Vice President Kashim Shettima has raised concerns over the long-term implications for Nigeria if President Bola Tinubu’s administration fails to eliminate fuel subsidy.
Speaking to reporters at Aso Villa on Tuesday, Shettima emphasized that removing the subsidy would benefit the masses, while the upper class, who have been the primary beneficiaries, might protest the decision.
The remarks from Vice President Shettima come in response to President Tinubu’s recent announcement that fuel subsidy will be phased out following his inauguration as the President of the Federal Republic of Nigeria.
“The President has already addressed the issue of fuel subsidy, and it is crucial that we confront this challenge head-on,” stated Shettima. “The reality is that we must either eliminate the subsidy or risk the subsidy eroding the foundations of our nation.”
Shettima further highlighted the staggering costs of subsidizing the luxurious lifestyles of the privileged few, pointing out that in 2022 alone, $10 billion was spent on fuel subsidies, primarily benefiting the upper class.
Meanwhile, the impoverished 40% of Nigerians only received minimal benefits from the subsidy.
Acknowledging the anticipated opposition from those profiting from the oil subsidy scam, Shettima expressed confidence in President Tinubu’s determination and unwavering convictions.
“Rest assured, our president is resolute and committed to the welfare of the nation,” he asserted.
“In due time, you will witness the noble intentions he has for our country. The issue of fuel subsidy will be tackled head-on, and the sooner, the better.”
