Shettima: FEC has approved N158bn to procure electric vehicles for north-east

Vice-President Kashim Shettima says the federal executive council (FEC) has approved N158 billion for the procurement of electric vehicles for the north-east.

Speaking on Tuesday while receiving a delegation from the Harvard Kennedy School alumni on a Nigeria-Ghana trek at the presidential villa, Abuja, Shettima said FEC gave the approval last week.

The vice-president said the federal government is investing heavily in electric vehicles to ease the hardship caused by petrol subsidy removal.

“We are investing massively in green technology – electric buses, electric cars and electric tricycles. Just two weeks ago, the Federal Executive Council approved an expenditure of N158 billion for the procurement of those items for the North East and it will be replicated in other sub-regions of the country,” he said.

Shettima also commended President Bola Tinubu’s decisive leadership, saying that the removal of the petrol subsidy was a crucial step towards economic growth.

He, however, assured that measures being put in place to address the challenges caused by the subsidy removal such as alternative energy sources, and investment in green technology will soon improve the living standard of Nigerians.

“When we assumed the mantle of leadership, the greatest albatross around the neck of the Nigerian government over the past 50 years had been subsidy on petroleum products. We came to a point where we either get rid of the subsidy or the subsidy will get rid of the Nigerian nation,” Shettima said.

“So, my boss (President Tinubu) took the bullet, and we knew that if we failed to address the fuel subsidy scam within the first three weeks of the administration, we wouldn’t dare to do that again. In his inaugural address, he took the bullet and announced the removal of the fuel subsidy. And we should know the consequences of unveiling a masquerade; they came after us. We stood our ground and the fuel subsidy was gone.”

He also highlighted the administration’s fiscal reforms, including the unification of exchange rates, which he said has curbed corruption in the foreign exchange market.

Shettima urged the delegation to ignore the negative narratives about Nigeria and focus on the development strides of the government.

Also speaking, Jumoke Oduwole, minister of trade, industry, and investment, said Nigeria is leveraging its trade policy under the World Trade Organisation (WTO), with a strong focus on the African Continental Free Trade Area (AfCFTA).

Oduwole said while oil and gas remain a significant revenue source, the country is shifting its focus toward export diversification, particularly in the technology sector, which now contributes approximately 70 percent to Nigeria’s gross domestic product (GDP).

‘THERE’S STABILITY IN ALL SECTORS DUE TO TIMELY POLICIES’

Responding to questions on government policies and the economy’s direction, Wale Edun, minister of finance and coordinating minister of the economy, said the country’s economic trajectory has improved significantly under Tinubu’s leadership.

“Today, there is stability in all sectors of the economy due to timely and sound policies, reduction in frivolous spending, removal of petroleum subsidy that was draining the government of up to 5% of the GDP and drawing from the Central Bank far beyond the limits,” Edun said.

According to Edun, inflation rates are declining, exchange rates have stabilised, and the cost of food and energy is becoming more affordable, while the fiscal deficit shows there is a commitment to prudence by the government.

On her part, Olu Verheijen, special adviser to the president on energy, said the energy sector has undergone significant structural reforms.

Verheijen added that although the sector contributes less than 10 percent to Nigeria’s GDP, it remains a crucial source of foreign exchange earnings and fiscal income.

The presidential aide said a key policy focus of the Tinubu administration is to position energy as a catalyst for economic diversification and revenue generation, aiming to boost productivity and earnings across various sectors.