Vice President Kashim Shettima stated that Nigeria is on the right path as economic reforms under President Bola Tinubu yield results. He spoke at the Nasarawa Economic Summit 2026 as special guest of honour. Shettima attributed renewed investor confidence to bold decisions, particularly the removal of petrol subsidy. He revealed that the subsidy removal was not in Tinubu's inaugural speech but a spontaneous decision made during the swearing-in in 2023.
According to Shettima, the country's gross external reserves exceeded $46 billion in 2025 and are now recovering. He claimed investors in the capital market a year ago have tripled their wealth. Citing Zenith and GT Bank shares, he said prices rose from around N40–N50 to N130. "Capital follows credibility, stability, and direction," he said.
President Tinubu, speaking to foreign investors in Paris, France, said Nigeria achieved foreign exchange stability after removing the fuel subsidy. His Special Assistant on Social Media, Dada Olusegun, relayed the statement. Adviser on Information and Strategy, Bayo Onanuga, said reforms aim to correct economic distortions and stabilise macroeconomic indicators.
Finance Minister Taiwo Oyedele insisted the government will not reintroduce fuel subsidy. He said subsidies caused economic distortions and that petrol prices will be market-driven.
Shettima claims Tinubu's off-script decision to end fuel subsidy was necessary due to near-empty reserves, yet insists the economy is now booming with $46 billion in reserves and soaring stock prices. If reserves were too low to import fuel months after the policy began, the jump to $46 billion by 2025 demands scrutiny of how and when the recovery started. Nigerians paying higher fuel prices are expected to believe both the crisis and the recovery are real, despite overlapping timelines and unverified market claims. The narrative hinges on trust in figures that have not been independently confirmed.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
