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Fuel subsidy gulped $10bn in 2022 – Shettima

The immediate-past administration of Muhammadu Buhari spent $10 billion on fuel subsidies in 2022, according to Vice President Kashim Shettima.

According to him, the current administration is determined to end petrol subsidies due to their detrimental effects on the entire nation.

While reporting for work on his first day in office at the Presidential Villa Abuja on Tuesday, Shettima restated the viewpoint of his principal.

He claimed that the decision to end fuel subsidies was made with the knowledge that there would be strong opposition.

His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.

“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’


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Written by Olusesan Oba

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