Fuel subsidy removal, exchange rate unification, energy sector reforms painful but Nigerians ’ll laugh last -Shettima
Fuel subsidy removal, exchange rate unification, energy sector reforms painful but Nigerians ’ll laugh last -Shettima
By Idun Maximus
Vice President Kashim Shettima has acknowledged that recent economic reforms by the Tinubu administration including the removal of fuel subsidies, unification of the foreign exchange rate, and energy sector overhaul are challenging but necessary steps that will ultimately benefit Nigerians.
Speaking at the Presidential Villa during a visit by a delegation from Berlin’s Hertie School of Governance, Shettima said, “The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.”
According to a statement by his media aide, Stanley Nkwocha, these reforms are part of a broader strategy to unlock Nigeria’s full potential and reposition the country as a leading force on the African continent. “President Bola Ahmed Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” Shettima said.
The Vice President stressed that human capital development remains central to the government’s agenda, highlighting the Human Capital Development (HCD) 2.0 programme as a key driver for equipping Nigerians with vital skills. He also expressed gratitude to international partners such as the World Bank, European Union, and Bill and Melinda Gates Foundation for their support in this effort.
Shettima stressed that investing in human capital is both an economic imperative and a social necessity, noting, “We can only turn our demographic bulge into a demographic dividend when we invest in the human capital of the people.”
Leader of the Hertie School delegation, Rolf Alter, praised the Tinubu administration’s ambitious HCD strategy, describing it as “targeted towards improving the lives of citizens.”
He pledged close collaboration with Nigerian authorities to deliver programmes tailored to the country’s needs while urging government officials to remain agile amid global changes.
Also in the delegation were Germany’s Ambassador to Nigeria, Annett Gunther; Director General of the Nigerian Governors Forum (NGF), Dr Abdulateef Shittu; Permanent Secretary in the Ministry of Foreign Affairs, Amb Dunoma Ahmed; representatives of the Director General of the Budget Office, the Gates Foundation, the World Bank and other officials from the Hertie School of Governance, among others.
