Fuel Subsidy Removal: Nigerians Now Enjoying The Benefits – VP Shettima

Vice President Kashim Shettima has said that both State and Federal governments are now enjoying more substantial allocations, a benefit from the removal of subsidy from the Premium Motor Spirit (PMS), also known as petrol or fuel.

Naija News reports that Shettima asserted this on Tuesday while speaking at the 16th Annual Banking and Finance Conference organised in Abuja by the Chartered Institute of Bankers of Nigeria (CIBN), with the theme, ”Nigeria’s Economic Growth and Empowerment: The Role of The Financial Services Industry.”

According to the Vice President, those profiting from petrol subsidy scams are determined to sabotage the policies of the Tinubu administration.

Shettima, however, stressed that the recent policies of the Tinubu administration are already yielding tangible results.

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 effort to undermine us, but as I said earlier, the removal of fuel subsidy is irrevocable; truly, we are in dire straits.

“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 envision a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments.

“Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme.”

Shettima, therefore, emphasised that stronger partnerships with experts in the Banking and Finance industry could spur turning the economy around in record time.

The Vice President, whose remarks was titled ‘Our Priorities in a Post-Pandemic World’, noted that “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 organisations, for in unity, Nigeria can reposition itself as a formidable, globally competitive partner.”

Support Tinubu’s Administration – Shettima Tells The Finance Sector

Speaking further at the event on the role of Banking and Finance in rejuvenating the economy, Shettima called on the stakeholders to support Tinubu’s administration in serving the nation.

He said: “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 blockchain 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.”

Shettima stressed that the Tinubu administration has deemed it fit to prioritise food security and ending poverty.

He said: “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.”

On his part, the President of the Chattered Institute of Bankers, Mr Ken Opara, said the event was the largest gathering of banking and finance professionals in Africa.

Opara said that the conference provides a platform for professionals to come together to drive the conversation on topical issues that are critical to the growth of the Nigerian economy.

The financial expert commended President Bola Ahmed Tinubu‘s government reform initiatives, saying that if well implemented, they could unlock the nation’s economic potential.

“The reform initiatives such as subsidy removal, unifying the foreign exchange regime, investing in infrastructure, promoting agriculture, supporting SMEs and tax reforms, among others, if well implemented, will unlock the economic potentials of the country,” Opara said.

In attendance were, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu and the Chairman, the Senate Committee on Capital Market, Sen. Osita Izunaso.

Others are the acting Governor of the Central Bank of Nigeria (CBN), Mr Folashodun Shonubi, and the World Bank Representative in Nigeria, Mr Shubam Chaudhuri.