Nigeria’s fuel consumption has dropped to 41 million litres per day from 67 million litres after the current regime of President Bola Tinubu removed the petrol subsidy, says Vice-President Kashim Shettima. 

Mr Shettima said the federal government was committed to creating an enabling environment for business activities to flourish in the country. The vice-president underscored the need for economic reforms to position the country’s economy for growth to march the recent removal of fuel subsidy.

This is contained in a statement signed by Olusola Abiola, spokesman for the vice-president on Wednesday.

Mr Shettima stated this when he received the British High Commissioner to Nigeria, Richard Montgomery, on a courtesy call at the Presidential Villa.

“This is just the beginning because it was a fait accompli to withdraw the fuel subsidy. We either get rid of the fuel subsidy or the fuel subsidy get rid of the Nigerian nation. In 2012, we spent $10 billion on fuel subsidy alone,” explained the Nigerian vice-president.

He added, “Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy, it dropped to 41 million litres per day, nearly four per cent off. So the whole subsidy regime was opaque, ridden with a lot of inconsistencies.”

Mr Shettima said that the previous multiple exchange rate regime with a lot of corruption brought about the proliferation of many schemes, adding that the government had no other option but to collapse the exchange rate regimes into one.

 “In the coming weeks and months, we are going to make more pronouncements on how to reposition the Nigerian economy and make it vibrant for business,” noted the vice-president.

Mr Shettima also spoke on the role of the private sector in driving economic growth.

According to him, Lagos is booming fundamentally because of the private sector but not because of the government, as the government has created the avenue for businesses to thrive.

Regarding finding a lasting solution to the worsening insecurity in the country, Mr Shettima stated that there was a need for both kinetic and non-kinetic approaches toward addressing the problems.

Mr Montgomery commended the new administration’s proactive economic policies, especially the reforms. He lauded the long-standing relationship and cooperation with Nigeria, especially in trade and investment, security and defence, digital technology, and education.

The British ambassador assured Mr Shettima of the UK government’s willingness to partner Nigeria closely to achieve the nation’s overall development.

(NAN)