Shettima faults subsidy return proposal, defends Tinubu’s reforms

Vice President Kashim Shettima has criticized proposals to restore petrol subsidy in Nigeria, arguing against reversing economic reforms introduced by President Bola Tinubu at the 32nd Nigerian Economic Summit in Abuja. The Vice President questioned the economic judgment of a leading presidential aspirant advocating for the return of the subsidy, warning against reversing recent fiscal stability efforts.

Shettima defended Tinubu's decision to remove the petrol subsidy in May 2023, citing severe economic challenges the previous administration inherited, including low foreign reserves. He emphasized that the previous subsidy arrangement had led to abuses and diverted resources from productive economic activities. Shettima also highlighted the political risks of removing the subsidy, stating that postponing such decisions would exacerbate Nigeria's economic problems.

The Vice President called for informed economic decisions and policies that would withstand changes in political leadership, emphasizing the importance of stable policy frameworks over short-term political promises. Under Tinubu's leadership, Nigeria's real Gross Domestic Product grew by 3.89% in Q1 2026, and capital importation reached $10.37bn in the same period, indicating improving investor confidence.