Subsidy Removal Spurs Determined Opposition, Warns VP Shettima at Banking Conference
Vice President Kashim Shettima has issued a stark warning, revealing that those adversely affected by the subsidy removal are preparing to resist government policies. Speaking at the Chartered Institute of Bankers of Nigeria’s (CIBN) 16th Annual Banking and Finance Conference in Abuja, Shettima reiterated the commitment of President Bola Ahmed Tinubu’s administration to its decisions.
Shettima made it clear that the removal of the fuel subsidy is non-negotiable, despite the anticipated challenges from vested interests within the fuel industry.
He also highlighted the positive impact of recent government policies, particularly the subsidy removal, which has led to increased allocations for both state and federal governments, promising tangible benefits for citizens.
Furthermore, Shettima urged the banking sector to collaborate with the government in revitalizing the economy and emphasized the need for partnerships with strategic nations and international organizations to bolster Nigeria’s global competitiveness.
The Vice President also emphasized the importance of the administration’s “Eight-Point Agenda,” which focuses on critical areas such as food security, poverty alleviation, economic growth, job creation, access to capital, security, the rule of law, and the fight against corruption.
CIBN President, Mr. Ken Opara, commended President Tinubu’s reform initiatives, which include subsidy removal, foreign exchange unification, infrastructure investment, support for agriculture and SMEs, and tax reforms. Opara highlighted the potential of these reforms to unlock Nigeria’s economic potential.
Mr. Ebenezer Onyeagwu, Chairman of the Body of Bank Chief Executive Officers (CEOs) and Managing Director of Zenith Bank, called for a concerted effort from both commercial and development banks to support SMEs and foster economic growth. He stressed the importance of development banks sharing the risk and supporting SMEs for collective growth.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, reaffirmed the government’s commitment to a budget plan-based approach and encouraged the banking sector to play a vital role in contributing to national growth.
Acting Governor of the Central Bank of Nigeria (CBN), Mr. Adebisi Shonubi, expressed concern about the banking industry’s contribution to the nation’s GDP and called for collaborative efforts to enhance this contribution.
The conference served as a platform for meaningful discussions on critical economic issues and the role of the banking sector in shaping Nigeria’s future.
