Fuel subsidy cabal bent on undermining Govt-Shettima
By Patience Ikpeme
Recipients of fuel subsidy payments are working tirelessly to thwart government programmes and policies
This disclosure was made at the 16th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute of Bankers of Nigerian by the vice president Sen. Kashim Shettima.
“This administration remains committed to it’s decisions, policies and programmes” said Sen. Shettima, as he also stated that the removal of fuel subsidy is irrevocable.
Sen Shettima in his speech stated that “we know the consequences of unveiling a masquerade. We know the fuel scam industry is a very hugely loaded industry, they will make every effort to undermine us bust as I said earlier, the removal of fuel subsidy is irrevocable, truly we are in dire straits”.
Speaking on the outcome of recent government policies latest of it being the fuel subsidy removal, the Vice president said, “I must announce with pride that our decisions are already yielding tangible results, with both state and federal governments now enjoying more substantial allocations” he said.
Sen. Shettima also stated that “these funds promise a direct and positive impact on the lives of citizens. Without the serially unaccounted fuel subsidies, we can now redirect our savings towards more deserving causes”.
Also in his address, Sen. Shettima urged the banking community to join the government in restoring the economy, ” we must now do what pessimist may regard as impossible; turning the economy around in record time . We seek your partnership in getting this done. We can not take your support for granted.”
Sen Shettima stated that the journey towards restoring the economy is not to be undertaken in isolation. It is a call to forge robust partnerships with strategic nations and multilateral organizations, for in unity Nigeria can reposition itself as a formidable, globally competitive partner.
Sen. Shettima further stated that ” we have promised to reposition consumer finance, and that can’t be done without you. We have promised to incentives and finance value-addition to our agricultural and other products , and you are our ally in this. We need you because Nigeria teeters on the edge of a precarious balance of payments as we import more than we export”.
Sen. Shettima added that the future is already hear and the banking industry is the springboard for the success of this government’s reforms and programs. Nigeria is hear to occupy the high table in this fast changing world whether in incorporating blockchain technology or expanding financial inclusion to deliver dividends of democracy to banking and unbanked citizens.
Also in his address, he stated that the “government envisions a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments. Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme.”
Speaking on the Eight- point agenda of Tinubu’s Administration, Sen. Shettima stated that ” we have resolved to prioritize food security and ending poverty. We are prioritizing economic growth and job creation . We are prioritizing access to capital and improving security. ”
“We are prioritizing improving the playing field on which people and particularly companies like yours operate. We are also prioritizing the rule of law and the fight against corruption. Each agenda cannot be fully implemented without your cooperation” he stated.
Speaking earlier at the event, the President of Chattered Institute of Bankers, Mr Ken Opara, stated that this event provides a platform for professionals to come together to drive conversations on topical issues that are critical to the growth of the Nigerian economy, and the event has grown to become the largest gathering of banking and finance professionals in Africa.
Mr Opara also praised the reform initiatives of president Bola Tinubu , nothing that ” the reform initiatives such as subsidy removal , unifying the foreign exchange regime, investing in infrastructure, promoting agriculture, supporting SMEs and tax reforms, among others, if well implemented will unlock the economic potentials of the country”.
The Chairman, Body of Bank CEOs and Managing Director of Zenith Bank Mr Ebenezer Onyeagwu made a call for deliberate action from commercial banks and development banks in Nigeria to support small and medium-sized enterprises (SMEs) and promote economic growth.
Mr Onyeagwu stated that the sole role of financing and supporting SMEs should fall on commercial banks which will lead to development and growth .” Development banks should also share the risk and support SMEs, as a collective effort is needed to grow these businesses ” he said .
Also speaking at the event, the Minister of Budget and Economic Planning, Sen. Abuakar Atiku Bagudu said the government has resolved to make the annual budget ‘ plan-based’ and noted that the banking sector is well placed to contribute to national growth.
The Acting Governor of the Central Bank of Nigeria(CBN) Mr. Folashodun Adebisi Shonubi Cried out that the banking industry is not contributing enough to the nation’s Gross Domestic Product( GDP).
“So what we are doing differently , yes I have heard all the nice things you people were doing at the end of two days of the conference we are here, I heard a nice report and I will tell you why. I look at the numbers of the economy,the banking industry contributes about 3.6% thereabout, and I will like to compare us with the telecom industries so what’s so special about them . They said they have how many phone lines , we all know that phone lines are replicated we have a certain number of bank accounts so what is the problem?” Shonubi said.
Shonubi further stated that ” when we look at economic contributions, we are fighting below our weight so can we promise them that instead of 3.6%, we will be contributing alot more than that and will sit down to find what the drivers are that we can influence and we can do”.