Vice President Kashim Shettima says Nigeria’s fuel usage has dropped from 67 million to 41 million litres since the fuel subsidy was removed.
The Vice President mentioned that the Nigerian government was determined to fostering a conducive environment for economic activity in the country.
The vice-president emphasised the need of economic reforms in positioning the country’s economy for growth in the aftermath of the recent withdrawal of fuel subsidies.
This was contained in a statement signed by Olusola Abiola, spokesman for the vice-president on Wednesday.
Shettima mentioned this during a courtesy call at the Presidential Villa with the British High Commissioner to Nigeria, Richard Montgomery.
He said, “This is just the beginning because it was a fait accompli to withdraw the fuel subsidy. We either get rid of the fuel subsidy or the fuel subsidy gets rid of the Nigerian nation.
In 2012, we spent $10 billion on fuel subsidy alone,” explained the Nigerian vice-president.
He added, “Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy, it dropped to 41 million litres per day, nearly four per cent off.
So the whole subsidy regime was opaque, ridden with a lot of inconsistencies.”
The Vice President went on to say that the previous multiple exchange rate regime with a lot of corruption brought about the proliferation of many schemes, adding that the government had no other option but to collapse the exchange rate regimes into one.
“In the coming weeks and months, we are going to make more pronouncements on how to reposition the Nigerian economy and make it vibrant for business,” noted the vice-president.
Shettima also spoke on the role of the private sector in driving economic growth.
According to him, Lagos is booming fundamentally because of the private sector but not because of the government, as the government has created the avenue for businesses to thrive.
Regarding finding a lasting solution to the worsening insecurity in the country, Mr Shettima stated that there was a need for both kinetic and non-kinetic approaches toward addressing the problems.
Montgomery praised the new administration’s forward-thinking economic initiatives, particularly the changes. He praised Nigeria’s long-standing friendship and collaboration, particularly in commerce and investment, security and defense, digital technology, and education.
The British ambassador informed Shettima of the UK government’s willingness to work closely with Nigeria to advance the country’s overall development.
