ENUGU, Nigeria (VOICE OF NAIJA)- Vice President Kashim Shettima has declared that Nigeria’s economy is regaining stability, insisting that recent reforms by President Bola Ahmed Tinubu are beginning to deliver measurable results.
Speaking at the Nasarawa Economic Summit 2026, Shettima said the administration’s policy direction had restored investor confidence and repositioned the country for growth.
He pointed to key decisions, particularly the removal of fuel subsidy, as necessary steps taken to stabilise the economy and correct longstanding structural distortions.
According to him, the move was taken at a critical moment when Nigeria’s financial position could no longer sustain subsidy payments.
“Some of the decisions were inevitable,” he said, noting that the country’s reserves at the time were insufficient to support continued fuel imports.
Shettima revealed that the subsidy removal was not initially planned as part of Tinubu’s inauguration speech but was taken decisively at the point of delivery.
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He said the impact of the reforms is now becoming visible, citing improvements in foreign reserves and renewed activity in the capital market.
The Vice President claimed that investor confidence is returning, with significant gains recorded in stock valuations and broader market performance.
“Capital follows credibility, stability and direction,” he said, arguing that Nigeria’s willingness to implement tough policies is beginning to attract investment.
His remarks align with recent comments by Tinubu to foreign investors, where the President linked foreign exchange stability to the removal of fuel subsidy.
The administration has repeatedly defended the reforms as essential for long-term economic recovery, despite concerns over rising living costs.
Also weighing in, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reiterated that the government would not reverse the subsidy removal policy.
He maintained that subsidy regimes distort markets and that petrol pricing would continue to be determined by market forces rather than government control.
The government says the reforms are aimed at stabilising macroeconomic conditions and laying the foundation for sustained and inclusive growth.