Vice-President Kashim Shettima has revealed that Nigeria spends $25 billion per annum on the importation of petroleum products.
He said this while speaking at an event in Victoria Island, Lagos on Thursday, May 23.
According to him, “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.”
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 said.
