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Nigeria spends $25bn on petrol importation yearly – Shettima

Vice-President Kashim Shettima has revealed that Nigeria spends $25 billion per annum on the importation of petroleum products.

Speaking at the Vanguard Economic Discourse themed ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria’, which was held at the Civic Centre, Victoria Island, Lagos, Shettima said the importation of fuel would soon be forgotten as the government of President Bola Tinubu is making efforts to make life comfortable for Nigerians.

Shettima, who was represented by Special Adviser on Economic Affairs, Tope Fasua, told Nigerians that new policies put in place by his principal would yield fruits in the near future.

He also said that the country would stop importing the product due to the backing of the government and the revamping of state-owned refineries.

Shettima said;

“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.

“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.”

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