Vice President Kashim Shettima has emphasized the importance of eliminating fuel subsidy from Nigeria’s economy. During a press briefing at the Presidential Villa in Abuja on Tuesday, May 30, Shettima acknowledged the anticipated resistance from individuals who are benefiting from the subsidy scheme following President Bola Tinubu’s announcement of its removal on May 29.
Shettima stated, “The president addressed the issue of fuel subsidy yesterday, and the reality is that we must either eliminate the subsidy or risk its detrimental effects on the Nigerian nation. In 2022 alone, we spent $10 billion subsidizing the extravagant lifestyles of the upper class, while the majority of Nigerians, particularly the less privileged, derived minimal benefits. It is important to consider the consequences before revealing the true nature of a situation.”
He further acknowledged the likelihood of strong opposition from those profiting from the oil subsidy scam. However, he expressed confidence in President Tinubu’s determination and principles, assuring the public that they would come to appreciate his noble intentions for the country. Shettima emphasized that the issue of fuel subsidy would be dealt with directly, urging for swift action.
Regarding the exchange rate, Shettima confirmed the government’s plan to consolidate multiple rates into a single rate. He referred to the fuel subsidy and exchange rate issues as significant challenges that needed to be addressed. He also emphasized the unity and collaboration between himself and President Tinubu, stating, “There can never be two captains in a ship. He is the president and commander-in-chief of the armed forces, while I serve as the vice president. Our importance is directly linked to our loyalty to the president. Having known him closely for over a decade, I assure you that we will work harmoniously as a team, like a family, for the betterment of our nation.”