VICE President Kashim Shettima has said that Nigeria is now on the right track as the economic reforms of the Bola Tinubu administration are now yielding positive returns for the country.
News Point Nigeria reports that the Shettima made the submission at the Nasarawa Economic Summit 2026, where he spoke as a special guest of honour.
According to him, the bold economic reforms of Tinubu have resulted in improved investors’ trust in the country’s economy.
He also listed some of the reforms implemented by the current administration, including the removal of the fuel subsidy.
VP Shettima speaking at the Nasarawa Economic Summit 2026 on May 6, 2026
Shettima noted that the decision to stop petrol subsidy payments was not part of Tinubu’s official speech but an on-the-spot decision as he delivered his address following his swearing-in in 2023.
“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.
“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…N40-N50. Now the stock prices are N130. 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”.
Shettima’s positive review of the economy comes as President Tinubu, on Tuesday, told foreign investors in Paris, France, that Nigeria has recorded stability in its foreign exchange following the removal of the “burden” of fuel subsidy, according to a statement by his Special Assistant on Social Media, Dada Olusegun.
“Subsidy that was a burden to the entire country, was removed and ever since we have achieved FX stability”, Tinubu told the investors.
A subsequent statement by his Adviser on Information and Strategy, Bayo Onanuga, emphasised that the economic reform programme of his administration included measures to remove economic distortions and stabilise macroeconomic indicators, laying the foundation for sustained inclusive growth.
He also emphasised transparency and fiscal discipline, and explained the rationale for the swift implementation of bold reforms.
The Minister of Finance and Coordinating Minister of Economy, Taiwo Oyedele, also insisted that the Presidency would not bring back fuel subsidy, following widespread clamour over the effect of its removal on the cost of living.
Oyedele noted that subsidies created economic “distortions”, adding that the prices of petrol would not be controlled because the Presidency believed the market was capable of regulating itself.