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At the Vanguard Economic Discourse themed “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria,” Vice-President Kashim Shettima announced that Nigeria spends $25 billion per annum on the importation of petroleum products.
He assured Nigerians that the importation of fuel would soon become a thing of the past, as President Bola Tinubu’s administration is actively working to make life more comfortable for citizens through new economic policies.
Represented by his Special Adviser on Economic Affairs, Tope Fasua, Shettima highlighted the government’s efforts to back private sector-led oil refineries and rejuvenate state-owned facilities.
He stated that these initiatives would end the nation’s reliance on imported petroleum products, allowing the naira to strengthen.
“With the support our government is lending to our private sector-led oil refineries and rejuvenation of some of the 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.
The Vice-President emphasized that the Tinubu administration is focused on making the Nigerian economy sustainable and improving the lives of its citizens.
He promised a future filled with positive achievements, including improvements in the standards of living, higher productivity, food security, and bumper harvests, all guided by the grace of Almighty God.
This announcement comes as a beacon of hope for Nigeria, signaling a shift towards economic self-sufficiency and prosperity in the coming years.
The government’s commitment to supporting private sector initiatives in the oil and gas sector is a crucial step towards achieving this goal.
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