Vice-President Kashim Shettima has said that President Bola Tinubu abolished petrol subsidies and various exchange rates in the official market because they were generating billionaires overnight.
Shettima spoke during a courtesy visit in Abuja by a team from the Lagos Chamber of Commerce and Industry (LCCI) led by the chamber’s president, Gabriel Idahosa on Thursday.
Tinubu had announced the end of petrol subsidies in his inaugural speech as president on May 29, 2024.
A month later, the Central Bank of Nigeria (CBN) also harmonized the several exchange rates in the official market.
Shettima also voiced hope about the naira’s performance.
He stated that the naira will continue to rise in the foreign currency (FX) market. On April 19, the naira fell by 17.14 percent to N1,230 per dollar, following a trend of successive appreciation beginning March 20.
He believed the naira would strengthen in the following days.
He said:
“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend.”
“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”
Shettima added that the current administration is working tirelessly to address difficulties in the electricity industry because it understands the importance of power.
“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.”
According to him, Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.
