“President Bola Tinubu’s decision to remove fuel subsidy during his inauguration at the Eagle Square, Abuja on May 29, 2023 was a bold decision he took and not in his official inauguration speech”, Vice President Kashim Shettima said.
It was reported that the removal of fuel subsidy had led to major changes in petrol prices and the wider cost of living.
But Shettima said Nigeria was now on the right track, insisting the economic reforms introduced by President Tinubu were starting to show positive results.
This was announced by Kashim Shettima, the Vice Presidential candidate of the APC, at the Nasarawa Economic Summit 2026 where he was the special guest of honour.
He said the administration of President Bola Tinubu had taken hard but necessary steps to stabilize the economy, restore investors’ confidence and correct fundamental distortions that have weakened the country’s financial standing.
The Vice President noted that some of the decisions taken by the Presidency were inevitable, especially given the poor state of the country’s reserves when the administration came into office.
He said one of the major reforms carried out by the administration was the removal of fuel subsidy, adding that the decision was necessary as the country could no longer sustain the subsidy regime.
“Some economic decisions taken by the Presidency was almost unavoidable because even our national reserves were paltry and not even enough to import fuel for one month,” he said.
He never, though, ran to town with the news of bankruptcy, because he understood what it would do to the economy.
‘He did the brave thing. He did not mention the fuel subsidy abolition in his formal speech. He clutched it to his heart. “Either he took it there, or he might never take it again.
The Vice President said the reforms of the administration were beginning to build confidence in the Nigerian economy adding that the investors were now reacting positively to the direction of the government.
He said the country’s gross external reserves had shown signs of recovery while the capital market had also recorded strong gains.
And now, our gross external reserves that was above $46 billion in 2025 has been recovering. Shettima said,
“Confidence is coming back to the marketplace. Who invested in the capital market one year ago are worth three times their investments.
“I know the stock market… what was the price of Zenith, GT banks last year… ₦40-₦50. The prices of the stock are now N130. That’s a sign that the economy is working and booming. Investors are beginning to see Nigeria as a country that is ready to put itself right.
“A country that can make tough decisions in tough times. “Capital goes where it is credible, stable and in one direction.”
He said the reforms sent a strong signal to investors that Nigeria was ready to take corrective steps even when such decisions were politically difficult.
Tinubu tells investors Nigeria has attained FX stability
Shettima’s remark followed President Tinubu’s declaration to foreign investors in Paris, France that Nigeria had attained stability in the foreign exchange market after the removal of fuel subsidy.
Tinubu, who spoke in a statement by his Special Assistant on Social Media, Dada Olusegun, told the investors that the removal of subsidy had freed the country from a major economic burden.
“We removed subsidy that was a burden to the whole country and we have since attained FX stability,” the President was quoted as saying.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a separate statement, said Tinubu’s economic reform programme was designed to remove distortions, stabilise macroeconomic indicators and create the foundation for inclusive growth.
Onanuga said the administration had prioritised transparency, fiscal discipline and fast implementation of tough reforms.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele was also said to have dismissed the return of fuel subsidy despite public grumbling over the rising cost of living.
Oyedele said subsidy payments created distortions in the economy and maintained that the government would not control petrol prices.
And the market can take care of itself without government interference, he said. The Presidency believes so.
The removal of fuel subsidy has been one of the most controversial policies of the Tinubu administration. Government officials have insisted the decision was necessary to stabilise public finances, while many Nigerians continue to complain about its impact on transport, food prices and household spending.
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