Shettima Reveals Fuel Subsidy Removal Was Not In Tinubu’s Inaugural Speech

Vice President Kashim Shettima has said that the removal of fuel subsidy by President Bola Tinubu at the time of his inauguration at Eagle Square, Abuja, on May 29, 2023, was a deliberate and courageous policy choice, and not part of the formal inaugural address.....KINDLY READ THE FULL STORY HERE▶

The subsidy removal, which led to immediate increases in petrol prices and a sharp rise in the cost of living, has remained one of the most consequential policy shifts of the administration.

Shettima, however, insisted that the country is now moving in the right direction, adding that Tinubu’s economic reforms are beginning to yield positive outcomes.

He made the remarks at the Nasarawa Economic Summit 2026, where he served as special guest of honour.

According to him, the administration was compelled to take tough but necessary decisions to stabilise the economy, rebuild investor confidence, and address long-standing structural weaknesses.

He explained that Nigeria’s financial position at the time made the subsidy regime unsustainable, describing the situation as dire.

Shettima said, “Some of the economic decisions that the Presidency took were almost inevitable because even our national reserves were paltry and not even enough to import fuel for one month.

“But he never ran to town with the story of bankruptcy, as he knew the effect of such on the economy.

“He took the bold decision. The removal of the fuel subsidy was not part of his official speech. He kept it close to his heart. Either he took it there, or he might never take it again.”

He further stated that recent reforms have started restoring confidence in the Nigerian economy, with improved investor sentiment and gains in key financial indicators.

Shettima noted that external reserves had shown recovery trends, while the capital market had also recorded notable growth.

He said, “And now, our gross external reserves, that was above $46 billion in 2025, have been recovering.

“Confidence is returning to the marketplace. Those who invested in the capital market a 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. Now the stock prices are ₦130. That goes to show that the economy is working and booming. Investors are beginning to see Nigeria as a country willing to correct itself.

“A country willing to take tough decisions in the face of difficult situations. Capital follows credibility, stability, and direction.”

He added that the reforms signalled Nigeria’s readiness to make difficult but necessary adjustments for long-term economic stability.

His comments followed President Tinubu’s earlier remarks in Paris, France, where he told global investors that the removal of fuel subsidy had helped stabilise the foreign exchange market.

Meanwhile, government officials including the Minister of Finance, Taiwo Oyedele, have maintained that subsidy removal is irreversible, arguing that it distorted the economy and must not return despite public concerns over rising living costs.

The policy continues to generate debate nationwide, as the government highlights long-term economic gains while many citizens grapple with higher transport, food, and household expenses.