• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 9, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Subsidy Removal, Currency Reforms Will Revive Nigeria’s Economy – Shettima

by Jonathan Nda-Isaiah
1 year ago
in News
Shettima
Share on WhatsAppShare on FacebookShare on XTelegram

Again, Vice President Kashim Shettima has implored Nigerians to be patient with the administration of President Bola Tinubu as he steers the ship of state through the economic turbulence and storm he met on ground on assumption of office.

Advertisement

“Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people,” he declared.

Senator Shettima made the appeal on Thursday during the 2nd Chronicle Roundtable organized by 21st Century Media Services, publishers of ‘21st Century Chronicle,’ as part of its public service enlightenment series, at Ladi Kwali Hall, Abuja Continental Hotel, Abuja.

The Vice President who was the Guest Speaker at the roundtable in a statement by his spokesman, Stanley Nwocha, explained some key policy decisions taken by the Tinubu administration as well as its economic and social agenda, including the removal of subsidy on petroleum products, which he described as the ‘biggest elephant in the room’ before Tinubu took charge.

Appealing for patience and time to address the serious challenges, the Vice President said they met on ground, especially the nation’s ailing economy, which was already tottering towards an eclipse.

RELATED

In A Special Video Message To Sway Voters For Tinubu, Buhari Vows To End Current Hardship

We’ll Build On Buhari’s Legacy, Reform Agenda — Tinubu

1 minute ago
Property Dispute: Developer Denies Receiving EFCC’s Letter Over N102m Draft

Property Dispute: Developer Denies Receiving EFCC’s Letter Over N102m Draft

5 minutes ago

Shettima said, “We look forward to the positive impact on the economy that will be brought by some of our new initiatives in the oil and gas sector, creative arts sector, the newly rejigged steel and solid minerals sectors, our housing sector, the blue economy, and the digital sectors, to mention but a few.

“There is no doubt that there’s a time to plant and a time to reap. In between those times, we appeal for patience and seek collective sacrifice from all, especially from us. We wish there were a way to treat this ailment without surgery,” the vice president said.

While delivering his speech titled, “Because These Shortcuts Are Not The Right Ways,” the VP noted that though the decision to remove fuel subsidy was quite tough, considering its negative impact on the lives of the citizens, but it became an inevitable option when it was discovered that the immediate past administration of former President Muhammadu Buhari did not make provision for it in the 2023 budget.

He explained: “His Excellency, President Bola Ahmed Tinubu, chose the option that would save the life of the nation, instead of one that would merely prolong its imminent and predicted economic death. Before we took charge, the biggest elephant in the room was the question of fuel subsidy removal.

“We understood why our predecessor made the decision to remove it and refused to budget for it in their final fiscal year. The year before we took office, Nigeria’s debt service-to-revenue ratio had grown to 111.8%. The anticipated debt crisis may sound like fancy economic jargon to the man on the street, but you and I are in a better position to understand how such miscalculations have played out in other countries. It’s an economic death sentence.

“In plain terms, our debt servicing was such that if you earned, say, N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor. How do you intend to survive this, and how many more loans before you become a pariah?

“We are not even discussing the nation’s budget deficits, diversions of resources from critical sectors of the economy, and corruption masterminded in the subsidy regime.”

Acknowledging that government is a continuum, the VP said whoever had “succeeded the previous government would have either chosen to steer the ship through the storm as President Tinubu is doing or jumped ship and let the country implode.”

He observed that those who contested the presidency with President Tinubu did not feel morally justified to question the decision to remove fuel subsidy because it was part of the solutions they also tabled before Nigerians.

“This was because, whether in handling the subsidy matter or the forex crisis, they had also promised the solutions we had adopted. Those who attempted to eat their words were instantly proven wrong by data, history, and their antecedents—those emotionless reality checkers,” he pointed out.

Senator Shettima regretted that for long Nigeria had endured economic sabotage, leading to the resolve by Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, and the National Security Adviser, Malam Nuhu Ribadu, “to take matters into their hands to neutralise the overpowering influence of currency manipulators who had conspired to frustrate our reforms.

“Today, I stand proud to say that their interventions have translated into desired results, and Naira’s pushback against all odds is an inspiring journey that doesn’t have to be learned in Buenos Aires, as some would want us to do,” he added.

Earlier in his opening remarks, chairman of the Ministry of Finance Incorporated and former Finance Minister, Dr Shamsudeen Usman, praised the content of the Renewed Hope Agenda of the Tinubu administration, describing it as one of the most detailed and carefully crafted policy document in the history of the country.

He stressed the need for the Renewed Hope Agenda document to be reviewed and integrated into the medium and long-term development framework of the country, noting that policy consistency with a long-term vision to transform critical sectors of the economy, is the way to go.

Dr Usman also commended the administration’s establishment of a central coordination delivery unit to track the performance of programmes, policies and key interventions of the Federal Government, insisting that the monitoring of key performance indicators in the policy document was critical to the success of the government.

On his part, the CEO of 2nd Chronicle Newspaper, Malam Mahmud Jega had while welcoming guests to the event, said the need to critically analyse government policies and programmes was not just an expectation from the media, but indeed borne out of the necessity to collectively contribute in shaping the nation’s development trajectory.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Kashim Shettima
SendShareTweetShare
Previous Post

Senegal Finally Goes To The Polls After Delay With Faye Emerging Outright Winner

Next Post

Lagos-Calabar Coastal Highway Not Priority, Obi Insists

Jonathan Nda-Isaiah

Jonathan Nda-Isaiah

You May Like

In A Special Video Message To Sway Voters For Tinubu, Buhari Vows To End Current Hardship
News

We’ll Build On Buhari’s Legacy, Reform Agenda — Tinubu

2025/07/09
Property Dispute: Developer Denies Receiving EFCC’s Letter Over N102m Draft
News

Property Dispute: Developer Denies Receiving EFCC’s Letter Over N102m Draft

2025/07/09
First Time In 7 Months, Crude Production Output Drops To 1.26mbpd
News

Delineation: Delta Communities Threaten To Disrupt Oil Facilities Over Alleged Marginalisation

2025/07/09
Jigawa Court Sentences 2 Kidnappers To 28 Years Imprisonment
News

Federal Gov’t Begins Batch 7 Trials Of Suspected Terrorists

2025/07/09
Trump Faces Backlash For Praising Liberian President’s Fluent English
News

Trump Faces Backlash For Praising Liberian President’s Fluent English

2025/07/09
NDLEA Intercepts Europe-bound Cocaine Consignments At Lagos Airport
News

EFCC Probes Undeclared $29,000 Cash Intercepted At Lagos Airport

2025/07/09
Leadership Conference advertisement

LATEST

We’ll Build On Buhari’s Legacy, Reform Agenda — Tinubu

Property Dispute: Developer Denies Receiving EFCC’s Letter Over N102m Draft

Zamfara Gov Distances Self From APC, Says He’s Still In PDP

Delineation: Delta Communities Threaten To Disrupt Oil Facilities Over Alleged Marginalisation

19 Parties To Contest Ibadan North By-election

Federal Gov’t Begins Batch 7 Trials Of Suspected Terrorists

2027: ADC Candidate ‘ll Emerge Via Primary Election, Says Lukman

Djokovic Beat Cobolli To Reach 14th Wimbledon Semi-finals

Trump Faces Backlash For Praising Liberian President’s Fluent English

EFCC Probes Undeclared $29,000 Cash Intercepted At Lagos Airport

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.