Shettima Slams Subsidy Return Bid, Defends Tinubu’s Economic Reforms
Vice President Kashim Shettima has criticised calls for the restoration of petrol subsidy, warning that reversing President Bola Tinubu’s economic reforms could worsen Nigeria’s financial challenges.
Shettima, who represented Tinubu at the 32nd Nigerian Economic Summit in Abuja on Monday, questioned the economic credibility of an unnamed presidential aspirant advocating a return to the subsidy regime.
Speaking at the summit, themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” the Vice President urged Nigerians to prioritise sustainable economic policies over politically attractive promises.
“One of the leading presidential candidates is advocating a return to the subsidy scheme,” he said, questioning whether the aspirant had the expertise to manage a modern economy.
Defending Tinubu’s decision to remove petrol subsidy in May 2023, Shettima said the President inherited an economy on the brink of collapse, with foreign reserves standing at $33.9bn.
He described the former subsidy arrangement as prone to abuse, alleging that it diverted public resources from productive sectors and encouraged cross-border fuel smuggling.
According to him, Tinubu accepted the political risks of subsidy removal because delaying the decision would have increased the eventual economic cost.
Shettima also stressed the need for consistent economic policies that would survive changes in government, insisting that national development should not be sacrificed for political convenience.
Highlighting the administration’s economic performance, he said Nigeria’s real Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, up from 3.18 per cent recorded in the corresponding period of 2025.
He added that capital importation rose to $10.37bn during the quarter, an 83.83 per cent year-on-year increase, which he said reflected improving investor confidence.
The Vice President said the Federal Government was pursuing reforms in taxation, electricity, agriculture, solid minerals and petroleum production to attract investments, create jobs and boost economic growth.
He further disclosed that crude oil and condensate production reached 1.735 million barrels per day in June 2026, stressing the need to expand domestic refining, manufacturing and non-oil exports.
Shettima maintained that economic growth must translate into better living conditions, productive employment and increased opportunities for Nigerians, urging stakeholders to sustain reforms aimed at long-term national development.
