Nigeria Spending $25bn On Petrol Importation Yearly – Shettima

Vice-President Kashim Shettima has revealed that Nigeria spends $25 billion per annum on the importation of petroleum products.

He said that the importation of fuel would soon be forgotten as the government of President Bola Tinubu is making efforts to make life comfortable for Nigerians.

Shettima made this known at the Vanguard Economic Discourse themed ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria’, which held at the Civic Centre, Victoria Island, Lagos.

Shettima, who was represented by Special Adviser on Economic Affairs, Tope Fasua, assured Nigerians that new policies put in place by his principal would yield fruits in the nearest future.

He said the country will stop importing the product due to the backing of the government and the revamping of state-owned refineries.

His words came barely a week after Africa’s richest billionaire and chairman of the Dangote Group, Aliko Dangote, said Nigeria will no longer need to import petrol by June.

Speaking about the effort of Tinubu in solving petroleum’s headache, Shettima said, “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 country will not hesitate to backtrack and review policies if it would impose undue hardship on Nigerians as it “has been seen over time”.

“So this administration is not out to make the life of Nigerians tougher, but to make the Nigerian economy sustainable, and the lives of our people more enjoyable,” Shettima said.

“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.”

About the investments which the President has secured for the country, Shettima said, “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 and into renewables.”

“The Siemens power sector projects picks up speed presently and will be able to show a salutary effect on our energy sufficiency in good time,” he added.