“We Either Get Rid Of Fuel Subsidy Or It Gets Rid Of Nigeria” – Shettima; Says Nigeria Mulling Bi-National Commission With UK

By Ayodele Oni

Nigeria is contemplating  a Bi-national Commission with United Kingdom as part of measures to boost  business relation between the two countries.

Vice President Kashim Shettima, who made the submission, also  called for stronger relations between Nigeria and the United Kingdom (UK) given the long standing historical antecedents, business activities and shared interests between the two countries.

He was speaking on Wednesday in Abuja during a courtesy visit to his office by the British High Commissioner to Nigeria, Mr. Richard Montgomery.

The Vice President lauded the long standing assistance and support of the UK government to Nigeria and expressed hope for a more robust business relations.

According to him “I will urge you to facilitate the setting up of the Nigeria-UK Binational Commission; that Bi-national Commission can be the driver for accelerating enhance business relationship between our two countries.

“We need to ramp up the trade between our two nations taking into cognizance our proximity.

“There is no nation that we are close to than the UK and our trade represent less than five per cent of the volume of our import and export.”

“Most definitely, we are going to create an enabling environment for businesses to flourish in this country.”

Shettima underscored the need for economic reforms in order to position the country’s economy for growth especially the removal of fuel subsidy.

“This is just the beginning because it was fait accompli to withdraw the fuel subsidy.

“We either get rid of the fuel subsidy or the fuel subsidy get rid of the Nigerian nation. In 2012, we spent $10bn on fuel subsidy alone.

“Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy, it dropped to 41 million bpd, nearly 40% off.

“So the whole subsidy regime was opaque, ridden with a lot of inconsistency.”