Vice President Kashim Shettima has voiced strong opposition to proposals aimed at reinstating petrol subsidies in Nigeria, emphasizing the importance of maintaining the economic reforms introduced by President Bola Tinubu. Speaking at the 32nd Nigerian Economic Summit held in Abuja, Shettima underscored the necessity for consistent economic policies over politically motivated promises that could jeopardize fiscal stability.

During the summit, themed "Growth that Works: Delivering Jobs, Productivity and Shared Prosperity," Shettima expressed concerns regarding a prominent presidential aspirant advocating for the return of the subsidy scheme. He questioned the economic acumen of the candidate, suggesting that such proposals were driven by political convenience rather than sound economic judgment.

"One of the leading presidential candidates is advocating a return to the subsidy scheme," Shettima stated, urging Nigerians to reflect on the long-term implications of competing economic proposals. He warned that abandoning the difficult reforms initiated by Tinubu, which were necessary to stabilize the economy, could have dire consequences.

Defending the removal of the petrol subsidy in May 2023, Shettima pointed out that the decision was made in response to an economy on the brink of collapse, with foreign reserves at a mere $33.9 billion. He criticized the previous subsidy arrangement for fostering abuses and diverting public resources away from productive economic activities. "We have created a subsidy scam, a subsidy industry that we are taking part in at the agony of our people," he remarked.

Shettima acknowledged the political risks associated with the subsidy removal but emphasized that delaying such decisions would only exacerbate the nation's economic challenges. "Mr. President understood that postponing difficult decisions would multiply the eventual cost. He accepted the burden of acting while others calculated the comfort of delay," he explained.

In his remarks, Shettima also highlighted the disparity in petrol prices between Nigeria and its neighboring countries, noting that historically low prices in Nigeria had led to rampant cross-border smuggling. He pointed out that the previous pricing structure effectively turned Nigeria into a supplier of subsidized fuel to other African nations, including the Central African Republic.

The Vice President called for informed economic decision-making and policies that would endure beyond individual administrations. He emphasized the need for stable policy frameworks, stating, "Administrations can go and go. I am the 17th Vice President of Nigeria, and there will be 17 more Vice Presidents of Nigeria after my lecture. But the Nigerian nation has to be sustained."

On the economic front, Shettima reported that Nigeria's real Gross Domestic Product (GDP) grew by 3.89 percent in the first quarter of 2026, compared to 3.18 percent in the same period in 2025. He noted a significant increase in capital importation, which reached $10.37 billion, reflecting an 83.83 percent year-on-year growth, a sign of improving investor confidence.

The Vice President also mentioned that crude oil and condensate production hit 1.735 million barrels per day in June 2026. He reiterated the administration's commitment to reforms in various sectors, including taxation, electricity, agriculture, solid minerals, and petroleum production, aimed at attracting investment and expanding employment opportunities. Shettima concluded by stressing that economic growth must translate into improved livelihoods and greater opportunities for Nigerians, urging all stakeholders to sustain policy reforms for long-term economic development.