Shettima Discloses Amount Of Money Nigeria Spends On Fuel Importation Yearly

Vice-President Kashim Shettima has said that the country spends over $25 billion to import petroleum products into the country every year.

He stated this on Thursday at the Vanguard Economic Discourse themed “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria.”

The vice-president, who was represented by his special adviser on economic affairs, Tope Fasua, assured Nigerians that the situation would change in the future.

This development comes five days after Aliko Dangote, Africa’s richest person, stated that Nigeria will no longer need to import petrol by June.

Speaking at the event, Shettima explained that the country would stop importing the product due to the backing of the government and the revamping of state-owned refineries.

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,” he said.

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.

“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,” he added.