VP Shettima Highlights $25 Billion Spent Annually On Fuel Imports, Promises End To Dependency

Date: 25-05-2024 11:30 am (3 weeks ago) | Author: Mister Jay Wonder
- at 25-05-2024 11:30 AM (3 weeks ago)

Vice-President Kashim Shettima revealed on Friday that Nigeria spends approximately $25 billion annually on importing petroleum products. However, Shettima expressed confidence that this heavy reliance on fuel imports will soon be a thing of the past, thanks to the concerted efforts of President Bola Tinubu's administration to improve the quality of life for Nigerians.

Speaking at the Vanguard Economic Discourse titled "Reforms in the Era of Global Economic Uncertainties: Whither Nigeria," held at the Civic Centre in Lagos, Shettima assured citizens that the government's new policies would soon yield positive results. Represented by Special Adviser on Economic Affairs, Tope Fasua, Shettima emphasized the administration's dedication to ending fuel imports, attributing this impending shift to government support and the refurbishment of state-owned refineries.

Shettima's remarks align with recent statements by Aliko Dangote, chairman of the Dangote Group, who predicted that Nigeria would stop petrol imports by June. Highlighting President Tinubu's proactive measures in addressing Nigeria's petroleum challenges, Shettima said, "With the support our government is lending to our private sector-led oil refineries and the rejuvenation of some 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."

The Vice-President underscored the government's commitment to revising policies that could potentially burden Nigerians, prioritizing sustainability and enhancing economic prosperity. He pointed out the significant investments attracted by President Tinubu, noting, "Mr. President has been able to secure more than $20 billion in potential investments into the country, including $14 billion from India, $250 million from the Netherlands, and commitments of $500 million for lithium development in Nasarawa state, as well as another $500 million from Germany for renewables."

Shettima also highlighted the progress of the Siemens power sector projects, which are expected to significantly improve the country’s energy sufficiency. "The Siemens power sector projects are picking up speed and will have a salutary effect on our energy sufficiency in good time," he stated.

The Vice-President's optimistic outlook provides a glimmer of hope for Nigeria's economic future, emphasizing the administration's focus on reducing import dependency, boosting local production, and fostering sustainable economic growth.

Posted: at 25-05-2024 11:30 AM (3 weeks ago) | Addicted Hero
- gogoman at 25-05-2024 11:35 AM (3 weeks ago)
 Cheesy Cheesy Cheesy
Posted: at 25-05-2024 11:35 AM (3 weeks ago) | Grande Master
- fineboy77 at 25-05-2024 01:39 PM (3 weeks ago)
 Cool Cool Cool

Posted: at 25-05-2024 01:39 PM (3 weeks ago) | Addicted Hero
- kp45 at 25-05-2024 05:51 PM (3 weeks ago)
Can the money be accounted for at the end Huh?
Posted: at 25-05-2024 05:51 PM (3 weeks ago) | Addicted Hero