Fuel Subsidy Removal Not Part Of Tinubu’s Inaugural Speech – VP Shettima

Vice President Kashim Shettima has stated that the removal of fuel subsidy by President Bola Tinubu during his inauguration at Eagle Square, Abuja, on May 29, 2023, was a bold decision he took and not part of his official inauguration speech.

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Naija News reports that the removal of fuel subsidy triggered significant changes in petrol prices and the broader cost of living.

However, Shettima has stated that Nigeria is now on the right path, insisting that the economic reforms introduced by President Tinubu are beginning to produce positive results.

Shettima stated this at the Nasarawa Economic Summit 2026, where he spoke as the special guest of honour.

According to him, the Tinubu administration took difficult but necessary decisions to stabilise the economy, restore investor confidence and correct long-standing distortions that had weakened the country’s financial position.

The Vice President said some of the decisions taken by the Presidency were unavoidable, especially given the poor state of the country’s reserves when the administration came into office.

Shettima listed the removal of fuel subsidy as one of the major reforms carried out by the administration, noting that the decision was necessary because the country could no longer sustain the subsidy regime.

He 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.”

The Vice President said the administration’s reforms had begun to strengthen confidence in the Nigerian economy, adding that investors were now responding positively to the government’s direction.

He said the country’s gross external reserves had shown signs of recovery, while the capital market had also recorded strong gains.

Shettima 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 maintained that the reforms had sent a strong signal to investors that Nigeria was ready to take corrective steps, even when such decisions were politically difficult.

Shettima’s remarks came after President Tinubu told foreign investors in Paris, France, that Nigeria had recorded stability in the foreign exchange market following the removal of fuel subsidy.

According to a statement by his Special Assistant on Social Media, Dada Olusegun, Tinubu told the investors that the removal of subsidy had freed the country from a major economic burden.

The President was quoted as saying, “Subsidy that was a burden to the entire country was removed and ever since we have achieved FX stability.”

In a separate statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Tinubu’s economic reform programme was designed to remove distortions, stabilise macroeconomic indicators and create the foundation for inclusive growth.

Onanuga added that the administration had placed emphasis on transparency, fiscal discipline and the swift implementation of difficult reforms.

Naija News reports that the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also ruled out the return of fuel subsidy despite public complaints over the rising cost of living.

Oyedele said subsidy payments created distortions in the economy and insisted that petrol prices would not be controlled by the government.

According to him, the Presidency believes the market has the capacity to regulate itself without government interference.

The removal of fuel subsidy has remained one of the most debated policies of the Tinubu administration, with government officials insisting that the decision was necessary to stabilise public finances, while many Nigerians continue to complain about its impact on transport, food prices and household spending.