Vice-President Kashim Shettima has announced that Nigeria spends $25 billion annually on importing petroleum products, a practice the current administration aims to eliminate soon.
Speaking at the Vanguard Economic Discourse themed “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria,” held at the Civic Centre, Victoria Island, Lagos, Shettima conveyed that the government under President Bola Tinubu is taking significant steps to improve the lives of Nigerians by reducing reliance on imported fuel.
Represented by Special Adviser on Economic Affairs, Tope Fasua, Shettima assured Nigerians that new government policies would bear fruit in the near future. He highlighted the administration’s commitment to revitalizing state-owned refineries and supporting private sector-led oil refineries.
“With the support our government is lending to private sector-led oil refineries and the rejuvenation of state-owned facilities, the $25 billion we spend yearly importing petroleum and other refined products will soon be a thing of the past, allowing the naira a much-deserved breath,” Shettima said.
He emphasized that the administration’s goal is not to make life harder for Nigerians but to create a sustainable economy and improve living standards. Shettima predicted that the coming years would see significant positive changes, including better living standards, higher productivity, food security, and remarkable achievements.
“Rest assured, ladies and gentlemen, that the next few years will be full of positive achievements. They include improvements in the standards of living, higher productivity, food security, bumper harvests, and remarkable achievement with the guidance and grace of Almighty God,” he concluded.
