In a recent press briefing at the Presidential Villa, Abuja, Vice President Kashim Shettima emphasized the urgent need to eliminate fuel subsidy from Nigeria’s economy.
Speaking to State House reporters on May 30, Shettima acknowledged the expected resistance from individuals benefiting from the subsidy scam after President Bola Tinubu’s announcement of its removal on May 29.
Shettima stated, “The president has already addressed the issue of fuel subsidy. The reality is that we must either eliminate the subsidy or risk the Nigerian nation being consumed by it. In 2022, we spent $10 billion subsidizing the extravagant lifestyle of the upper class, with only a meager benefit for the impoverished 40% of Nigerians. We are aware of the repercussions of exposing a hidden agenda.”
Acknowledging the anticipated opposition from those profiting from the oil subsidy scam, Shettima expressed confidence in President Tinubu’s strong determination and convictions.
He assured the public that the issue of fuel subsidy would be actively addressed, emphasizing the importance of swift action.
Regarding the exchange rate, Shettima revealed plans to consolidate the multiple rates into a single unified system.
He highlighted these two significant challenges and pledged to unveil a comprehensive agenda in due course.
Recognizing President Tinubu as the leader, Shettima emphasized the importance of loyalty and pledged to work harmoniously as a team for the betterment of the nation.
