Vice President Kashim Shettima has criticised proposals to restore petrol subsidy in Nigeria, warning against reversing the economic reforms introduced by President Bola Tinubu. Speaking at the 32nd Nigerian Economic Summit in Abuja on Monday, which he attended on behalf of Tinubu, Shettima questioned the economic judgment of a leading presidential aspirant advocating the restoration of the subsidy. He said Nigeria needed consistent economic policies rather than politically attractive promises that could undermine fiscal stability. Shettima accused the unnamed aspirant of promoting the proposal for political convenience, questioning whether the individual possessed the skills required to manage a modern economy.
Defending Tinubu's decision to remove the petrol subsidy in May 2023, Shettima said the President inherited an economy facing severe difficulties, with foreign reserves standing at 33.9 billion dollars. He maintained that the previous subsidy arrangement had encouraged abuses and diverted public resources from productive economic activities. Shettima also compared petrol prices in Nigeria with those in neighbouring countries, arguing that historically cheap Nigerian petrol had encouraged cross-border smuggling and effectively turned Nigeria into a supplier of subsidised fuel to other African countries. He said Tinubu recognised the political risks associated with removing the subsidy but proceeded because postponing the decision would worsen the country's economic problems.
Shettima called for informed economic decisions and policies that would survive changes in political leadership. He stressed that administrations change but the Nigerian nation must be sustained, saying that sustainability must be anchored on stable policy frameworks rather than political expediency. He urged government officials, businesses and other stakeholders to sustain policy reforms and strengthen cooperation to achieve long-term economic development.
On economic performance, Shettima said Nigeria's real Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, compared with 3.18 per cent in the corresponding period of 2025. Capital importation reached 10.37 billion dollars during the quarter, representing an 83.83 per cent increase year-on-year, which he presented as evidence of improving investor confidence. He disclosed that crude oil and condensate production reached 1.735 million barrels per day in June 2026, while emphasising the need to increase domestic refining, manufacturing and non-oil exports. Shettima said the administration was pursuing reforms in taxation, electricity, agriculture, solid minerals and petroleum production to attract investment and expand employment.