Shettima rejects return of fuel subsidies in Nigeria
By the AFREEQUE newsroom, based on Punch
Nigerian Vice-President Kashim Shettima rejected a return to fuel subsidies and defended their removal by President Bola Tinubu in 2023. He said such a reversal would weaken the country’s fiscal stability at the Nigerian Economic Summit in Abuja, according to Punch.
Nigerian Vice-President Kashim Shettima rejected any return to petrol subsidies on Monday, saying such a measure would reverse the economic reforms launched by President Bola Tinubu, according to Punch. Representing the head of state at the 32nd Nigerian Economic Summit in Abuja, he urged voters to prioritise fiscal stability over politically appealing promises.
Kashim Shettima criticised a proposal from a declared presidential candidate, whom he did not name, in favour of restoring the subsidy. He defended Bola Tinubu’s decision to scrap it in May 2023, saying the president had inherited an economy on the verge of collapse and foreign exchange reserves of $33.9 billion, according to Punch.
The vice-president also accused the former system of encouraging abuses and diverting public resources. He argued that keeping fuel artificially cheap in Nigeria encouraged smuggling to neighbouring countries and increased the cost to the public finances.
The position comes after Tinubu defended the removal of fuel subsidies on 21 October. The president had presented the reform as a necessary choice in response to the country’s economic difficulties.
