Petrol Subsidy Scam Beneficiaries Plotting Against Tinubu Government, Says Vice President Shettima

Vice President Kashim Shettima has unveiled a stark warning to those profiting from the petrol subsidy scam, asserting that they are determined to undermine the policies of the Tinubu administration. Speaking at the 16th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Shettima made it clear that the removal of the fuel subsidy is an irreversible decision.

Addressing the audience under the theme “Nigeria’s Economic Growth and Empowerment: The Role of The Financial Services Industry,” Shettima acknowledged the challenges posed by the influential fuel scam industry but emphasized the administration’s commitment to its policies.

He reported that the Tinubu administration’s recent policies were already yielding tangible results, leading to more substantial allocations for both State and Federal governments. Shettima stated, “These funds promise a direct and positive impact on the lives of our citizens. Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes.”

The Vice President envisioned a future where the excuse of ‘scarcity of funds’ would no longer hinder project completion or salary payments, emphasizing that Nigeria is striving to prioritize the welfare of its people and uphold financial accountability.

Shettima called for a stronger partnership with experts in the Banking and Finance industry, highlighting the need to turn the economy around swiftly, especially in the post-pandemic world. He stressed that unity and collaboration with strategic nations and multilateral organizations would help Nigeria become a formidable global competitor.

Regarding the role of Banking and Finance in rejuvenating the economy, Shettima urged stakeholders to support Tinubu’s administration, particularly in areas like repositioning consumer finance and financing value-addition to agricultural and other products. He emphasized that the industry holds the key to success in implementing reforms and programs, whether through incorporating blockchain technology or expanding financial inclusion.

Discussing the ‘Eight-Point Agenda’ of the Tinubu Administration, Shettima highlighted priorities like food security, poverty eradication, economic growth, job creation, access to capital, and improved security. He also emphasized the importance of the rule of law and the fight against corruption, calling for the cooperation of all stakeholders to achieve these goals.

The President of the Chartered Institute of Bankers, Mr. Ken Opara, hailed the conference as the largest gathering of banking and finance professionals in Africa. Opara commended President Bola Tinubu’s reform initiatives, including subsidy removal, foreign exchange regime unification, infrastructure investment, agricultural promotion, SME support, and tax reforms, which, if well-implemented, could unlock Nigeria’s economic potential.

Prominent figures in attendance at the event included Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso, acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, and World Bank Representative in Nigeria, Mr. Shubam Chaudhuri.