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Beneficiaries Of Subsidy Ready To Frustrate Government


VP Kashim Shettima

Nigeria’s Vice President, Kashim Shettima has disclosed that those whose plans were ruined after the Tinubu-led administration removed fuel subsidy are now determined to frustrate government policies and programmes.

 Shettima said this at the 16th Annual Banking and Finance Conference organised in Abuja by the Chartered Institute of Bankers of Nigeria (CIBN).

Reiterating President Bola Tinubu’s commitment to its decisions, policies and programmes, Shettima stated that the removal of subsidy is irrevocable.

He said;

“We know the consequences of unveiling a masquerade. We know the fuel scam industry is a very hugely loaded industry, they will make every efforts to undermine us but as I said earlier the removal of fuel subsidy is irrevocable; truly we are in dire straits.”

On the outcome of the recent government policies and programmes, especially the removal of subsidy, Shettima said;

“I must announce with pride that our decisions are already yielding tangible results, with both state and federal governments now enjoying more substantial allocations.

“These funds promise a direct and positive impact on the lives of our citizens. Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes.

“We must now do what pessimists may regard as impossible: turning the economy around in record time. We seek your partnership in getting this done. We cannot take your support for granted.

“This journey towards economic rejuvenation is not one to be undertaken in isolation. It is a call to forge robust partnerships with strategic nations and multilateral organizations, for in unity, Nigeria can reposition itself as a formidable, globally competitive partner.

“We have promised to reposition consumer finance, and that can’t be done without you. We have promised to incentivise and finance value-addition to our agricultural and other products, and you are our ally in this. We need you because Nigeria teeters on the edge of a precarious balance of payments as we import more than we export.

“The future is already here and this industry is a springboard for the success of our reforms and programmes. Whether in incorporating block chain technology, or expanding financial inclusion to deliver dividends of democracy to banking and unbanked citizens, Nigeria is here to occupy the high-table in a fast-changing world.”

On the administration’s “Eight-Point Agenda”, Shettima said;

“We have resolved to prioritise food security and ending poverty. We are prioritising economic growth and job creation. We are prioritising access to capital and improving security.

“We are prioritising improving the playing field on which people and particularly companies like yours operate. We are also prioritising the rule of law and the fight against corruption. Each agenda cannot be fully implemented without your cooperation.”



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