The Vice President of Nigeria, Kashim Shettima, defended the urgent need to end the country’s petroleum subsidy regime on Tuesday, stating that the policy must be phased out for the country’s survival.
According to him, the new government anticipated significant opposition to its decision to eliminate fuel subsidies, but emphasised the imperative need to be resolute in achieving the goal.
Shettima, speaking to reporters on his first day in office at the State House in Abuja, emphasised that Nigeria must eliminate petroleum subsidies or the subsidies will eliminate the Nigerian nation.
According to him, the subsidy system has not benefited the average Nigerian, but rather has been used to subsidise the lifestyles of the wealthy.
He guaranteed that Tinubu, whom he described as a man of strong will and conviction, would confront the threat head-on, despite opposition from beneficiaries of the subsidy regime.
The vice president added, “The president has already addressed the issue of the gasoline subsidy on Tuesday (Monday). Either we eliminate petroleum subsidies, or the Nigerian nation will be eradicated by them.
“In 2022, we spent $10 billion to subsidise the ostentatious lifestyle of the upper class because you and I receive 90% of our income from oil subsidies. The impoverished forty percent of Nigerians receive very little benefit, and we are aware of the consequences of revealing a mask.
“Those who profit from the oil subsidy scam will oppose us fiercely, but where there is a will, there is a means. Rest assured that our President is a man of firm conviction and strong will.
“In due time, you will recognise his virtuous intentions for the nation. The issue of petroleum subsidy will be addressed head-on. The sooner we act, the better”, he stated.
Commenting on the issue of multiple foreign currency exchange rates, the vice president stated, “We will consolidate them into a single rate.”
He added that Tinubu would soon reveal the agenda of the new administration, which would benefit all Nigerians.
These are, therefore, the two elephants in the room, and as the days progress, we will reveal our agenda. Because, as I’ve always said, there can never be two commanders on a ship, he will reveal his plans.
“He is President and Supreme Commander of the Armed Forces. I serve as vice president. Your importance is directly proportional to the degree of your president-oriented loyalty. This gentleman is someone I have known for over a decade and with whom I have had extensive interactions.
“You can rest assured that we will work harmoniously as a team, as a family, for the greater good of our country,” he said.
Shettima stated that the president was poised to redefine the meaning of modern governance, asserting that he would provide the necessary leadership, and he asked Nigerians to provide him and his administration with the necessary support.
He stated, “I believe this generation has a rendezvous with destiny, and my principal, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Bola Ahmed Tinubu, is poised to redefine the meaning and concept of modern governance.”
