Move To End Fuel Subsidy Scam: Shettima

In a pivotal moment at the 16th Annual Banking and Finance Conference organized in Abuja by the Chartered Institute of Bankers of Nigeria (CIBN), Vice President Kashim Shettima made a resounding declaration that those profiting from the petrol subsidy scam are determined to undermine the policies of the Tinubu administration.

This revelation sheds light on a significant challenge facing Nigeria’s economic growth.

Shettima minced no words in addressing the saboteurs of this scam, asserting that the removal of the fuel subsidy is non-negotiable.

He emphasized the enormity of the fuel scam industry, acknowledging the challenges ahead but maintaining a steadfast commitment to its eradication.

The Vice President’s unwavering stance against the subsidy scam sets the tone for a resolute transformation.

Shettima went on to highlight the tangible results arising from the policies of the Tinubu administration.

Both State and Federal governments are now benefiting from more substantial allocations.

These newfound funds promise a direct and positive impact on the lives of Nigerian citizens.

The removal of serially unaccounted fuel subsidies allows redirected savings towards more deserving causes.

The vision that emerges is one where Nigerian leaders can no longer resort to the tired excuse of “scarcity of funds” to evade project completion or delay salary payments.

Nigeria is crafting a story where the welfare of its people takes precedence, and financial accountability reigns supreme.

This commitment signals a new era of responsible governance.

Shettima stressed the importance of forging stronger partnerships with experts in the Banking and Finance industry to expedite the economy’s turnaround.

In his address titled ‘Our Priorities in a Post-Pandemic World,’ he challenged the notion that pessimists may regard as impossible: turning the economy around in record time.

He called upon the industry to be a crucial partner in achieving this ambitious goal.

The Vice President urged stakeholders to support Tinubu’s administration in serving the nation.

Key promises, such as repositioning consumer finance and incentivizing value-addition to agriculture and other products, depend on the support of the industry.

Nigeria’s future prosperity hinges on bridging the balance of payments gap and embracing innovations, like blockchain technology, to boost financial inclusion.

Shettima elaborated on the ‘Eight-Point Agenda’ of the Tinubu Administration, highlighting priorities that include food security, poverty alleviation, economic growth, job creation, access to capital, and improved security.

He also underscored the importance of enforcing the rule of law and combating corruption.

These agendas require collaboration with the Banking and Finance sector for successful implementation.

The President of the Chartered Institute of Bankers, Mr. Ken Opara, celebrated the conference as the largest gathering of banking and finance professionals in Africa.

He recognized its significance in driving conversations on critical issues for Nigeria’s economic growth.

Opara commended President Bola Tinubu’s reform initiatives, believing they could unlock the nation’s untapped economic potential.

In attendance were distinguished figures such as the Minister of Budget and Economic Planning, Sen.

Abubakar Bagudu, and the Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso.

Also present were the acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, and the World Bank Representative in Nigeria, Mr. Shubam Chaudhuri.

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Julius is a Journalist BSc Holder in Mass Communication His Twitter handle is: @tambayajulius His Facebook Page is: @Julius Barnabas

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