Vice President Kashim Shettima has disclosed that President Bola Tinubu deliberately excluded plans to remove petrol subsidy from his inauguration speech to avoid pressure that could have discouraged the policy’s implementation.
Speaking during a visit to the president’s residence in Lagos, Shettima said Tinubu had already resolved to end the subsidy regime before assuming office in May 2023 but chose not to publicly announce the plan beforehand.
According to the vice president, the decision reflected Tinubu’s determination to pursue reforms he believed were necessary for the country’s long-term economic stability.
“The decision had already been made before inauguration day, but it was kept private because there were concerns that public discussions beforehand could lead to attempts to dissuade the president from carrying it out,” Shettima said.
Tinubu’s declaration that “fuel subsidy is gone” during his inaugural address on May 29, 2023, marked the beginning of one of the most significant economic reforms of his administration. The move led to a sharp increase in fuel prices and transportation costs across the country, sparking mixed reactions among Nigerians.
Despite the immediate economic challenges associated with the policy, the administration has maintained that subsidy removal was necessary to reduce fiscal pressure on government finances and redirect resources toward development priorities.
Shettima also argued that the administration’s economic reforms have significantly improved the financial position of state governments by increasing allocations from the Federation Account.
He noted that governors across the country now have greater financial capacity to execute projects and deliver services to their citizens.
The vice president further stated that the reforms, though difficult, are intended to create a stronger foundation for sustainable economic growth and long-term national development.
According to him, the government’s policy choices are designed to secure future stability despite the political and social costs that often accompany major economic reforms.
