(VP Kashim Shettima. Photo by Channels TV)
According to Vice President Kashim Shettima, Nigeria is now headed in the right direction since the Bola Tinubu administration’s economic reforms are starting to pay off.
Shettima presented the proposal as a special guest of honor at the Nasarawa Economic Summit in 2026.
He claims that investors’ confidence in the nation’s economy has increased as a result of Tinubu’s audacious economic changes.
He also enumerated several of the present administration’s changes, such as the elimination of the fuel subsidy.
Shettima pointed out that Tinubu made the decision to halt gasoline subsidy payments on the spur of the moment while giving his statement after being sworn in in 2023.
Even our national reserves were insufficient to import petroleum for a month, thus some of the economic decisions made by the presidency were practically inescapable.
However, he was aware of the impact of bankruptcy on the economy, so he never ran to town with the tale.
“He made the daring choice. His official speech did not address the elimination of the fuel subsidy. He held it dear to his heart. He might never take it again, or he might take it there.
Our gross external reserves, which exceeded $46 billion in 2025, have since started to rebound.
“The marketplace is seeing a resurgence of confidence. Those who made capital market investments a year ago are now worth three times as much.
“I am familiar with the stock market. How much did Zenith and GT banks cost last year? N40 to N50. The current stock price is N130. That proves that the economy is thriving and functioning. Nigeria is starting to be perceived by investors as a nation ready to make changes.
“A nation prepared to make difficult choices when faced with challenging circumstances. Credibility, stability, and direction are what attract capital.
Shettima’s optimistic assessment of the economy coincides with President Tinubu telling foreign investors in Paris, France, on Tuesday that Nigeria has seen stability in its foreign exchange after the “burden” of fuel subsidies was lifted, according to a statement from his Special Assistant on Social Media, Dada Olusegun.
“We have achieved FX stability since the removal of a subsidy that was a burden to the entire country,” Tinubu told the investors.
In a later statement, his adviser on information and strategy, Bayo Onanuga, emphasized that his administration’s economic reform program includes steps to eliminate economic distortions and stabilize macroeconomic indicators, creating the groundwork for long-term inclusive growth.
Additionally, he emphasized fiscal restraint and openness while outlining the justification for the quick adoption of audacious measures.
In response to public outcry about the impact of the fuel subsidy’s elimination on living expenses, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of Economy, likewise reiterated that the Presidency would not reinstate it.
Oyedele pointed out that subsidies led to economic “distortions” and said that the Presidency’s belief that the market could self-regulate meant that gas prices would not be regulated.
