Tinubu transforming Nigeria into a global economic power – Shettima

Vice-President Kashim Shettima has stated that President Bola Tinubu’s bold and decisive policies, including the removal of the petroleum subsidy, are steadily shaping Nigeria into one of the world’s largest economies.

Shettima made these remarks on Tuesday when he received a delegation from the Harvard Kennedy School Alumni, who were on a Nigeria-Ghana Trek, at the Presidential Villa in Abuja.

He assured the delegation that the government is implementing measures to tackle the challenges brought about by subsidy removal. These measures include promoting alternative energy sources and investing in green technology, which, he noted, would soon lead to an improved standard of living for Nigerians.

According to Shettima, President Tinubu is a committed leader driven by an unrelenting desire to propel Nigeria forward.

“When we assumed office, one of the most pressing issues that had plagued Nigeria for the past 50 years was the subsidy on petroleum products.

“We reached a crossroads where we had to choose between removing the subsidy or allowing it to cripple our economy.

“My principal, President Tinubu, made the difficult but necessary decision. We knew that if we failed to confront the fuel subsidy issue within the first three weeks of the administration, we might never be able to do so.

“In his inaugural address, he made the tough call and announced the subsidy’s removal.

“As expected, the decision provoked strong reactions, but we remained resolute, and today, the subsidy is a thing of the past,” he stated.

The Vice-President explained that in addition to social welfare initiatives, the administration is actively exploring alternative energy solutions.

“We are making substantial investments in green technology—electric buses, electric cars, and electric tricycles.

“Only two weeks ago, the Federal Executive Council (FEC) approved an allocation of N158 billion for procuring these vehicles for the North East, with plans to extend the initiative to other regions of the country,” Shettima disclosed.

He further described the realignment of Nigeria’s multiple exchange rate system as another transformative step taken by President Tinubu to eliminate corruption in the foreign exchange market.

“In the past, individuals with the right connections at the Central Bank could secure an allocation of $50 million at the official exchange rate of around N300-N400 per dollar.

“Without any effort, they could turn a huge profit by reselling at the black-market rate, potentially earning $30 million within a matter of weeks. This administration has put an end to such manipulations.

“Our fiscal policies and tax reforms are equally pivotal. Some of these decisions have been difficult, but leadership is not about seeking popularity.

“If leadership were simply about being well-liked, one could just focus on being a ‘nice’ leader. However, President Tinubu prioritises being an effective and competent leader, which is exactly what Nigeria requires at this time,” Shettima asserted.

He urged the delegation to disregard negative portrayals of Nigeria and instead pay attention to the tangible progress being made by the government.

Earlier, the leader of the visiting group, Sheffy Kolade, explained that the Nigeria-Ghana Trek was initiated by four West Africans who invited 50 of their colleagues and friends to gain deeper insights into Nigeria’s current trajectory.

“This initiative seeks to move beyond mere curiosity about our culture and appearance to a deeper understanding of where Nigeria, the most populous black nation in the world, is headed,” she stated.

Kolade noted that many Harvard students had taken courses on Africa’s economy, policies, and history. She added that their visit to Nigeria’s Vice-President would offer them first-hand knowledge of government programmes and initiatives.

“This visit provides us with an opportunity to grasp how Nigeria is positioning itself globally and transitioning from an emerging economy to a self-sustaining economic powerhouse,” she remarked.

Also speaking, the Minister of Trade, Industry and Investment, Dr Olajumoke Oduwole, noted that Nigeria is capitalising on trade agreements, particularly the African Continental Free Trade Area, to expand its economic reach.

She stated that while oil and gas remain a key revenue source, the country is shifting its focus towards technology, which now contributes approximately 70 per cent of Nigeria’s GDP.

Contributing to the discussion, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasised that Nigeria has recorded significant progress over the past 20 months under President Tinubu’s leadership.

“Today, there is stability across all sectors of the economy due to well-timed and sound policies, reduced wasteful spending, and the removal of the petroleum subsidy, which was previously draining up to five per cent of the GDP.

“Recent data shows a decline in inflation, a stabilised exchange rate, and a reduction in the cost of food, energy, and petroleum products,” Edun stated.

He further highlighted that the fiscal deficit reflects the government’s commitment to responsible financial management.

The Special Adviser to the President on Energy, Mrs Olu Verheijen, expressed appreciation to the Harvard alumni for their visit, noting that the energy sector has undergone significant structural reforms.

She explained that although the sector contributes less than 10 per cent of Nigeria’s GDP, it remains the primary source of foreign exchange revenue for the country.