Shettima: Petrol subsidy, multiple exchange rates were producing billionaires overnight

Vice-President Kashim Shettima says President Bola Tinubu ended petrol subsidy and multiple exchange rates in the official market because they were producing billionaires overnight.

Shettima spoke during a courtesy visit by a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by Gabriel Idahosa, president of the chamber, in Abuja on April 18.

Tinubu declared the end of petrol subsidy during his inaugural speech as president on May 29, 2023.

A month later, the Central Bank of Nigeria (CBN) unified the multiple exchange rates in the official markets.

Also, Shettima expressed optimism about the performance of the naira.

He said the naira will continue to appreciate in the foreign exchange (FX) market.

After a consecutive appreciation trend from March 20, the naira depreciated by 17.14 percent to N1,230 per dollar on April 19.

He said the naira will strengthen in the coming days.

“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,” he said.

“Asiwaju knows the game, and truly the naira is gaining and the difference will drop further.”

Meanwhile, Shettima said the present administration is making every effort to address challenges in the power sector because it is aware that power is crucial.

“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,” he said.

Shettima said Tinubu wants to leave a legacy, one of qualitative leadership since Nigeria represents the hope of the black man and Africa as a whole.