Vice President Kashim Shettima has declared that Nigeria’s economy is on a path of recovery, stating that the sweeping reforms introduced by President Bola Ahmed Tinubu are beginning to produce tangible results.
Shettima made this known on Wednesday while speaking at the Nasarawa Economic Summit 2026, where he emphasized that investor confidence in Nigeria has improved significantly due to the administration’s bold economic policies.
According to the Vice President, the reforms—particularly the removal of the long-standing fuel subsidy—have played a key role in stabilizing the country’s economic outlook. He described the decision as both difficult and necessary, given the financial realities facing the nation at the time.
Shettima revealed that the decision to remove the petrol subsidy was not originally included in President Tinubu’s inaugural speech in 2023 but was taken spontaneously during his address shortly after being sworn into office.
“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,” Shettima said.
He noted that despite the dire financial situation, the President chose not to publicly declare the country bankrupt, citing the potential negative impact such a statement could have had 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 added.
Highlighting the impact of the reforms, the Vice President pointed to an improvement in Nigeria’s gross external reserves, which he said stood above $46 billion in 2025 and are now on a recovery trajectory.
Shettima reiterated the administration’s commitment to sustaining economic reforms aimed at strengthening fiscal stability, attracting investment, and driving long-term growth across the country.
