Vice President Kashim Shettima has revealed that President Bola Ahmed Tinubu faced strong resistance from powerful interests in the oil sector following the removal of fuel subsidy but refused to back down.
Shettima made the statement on Wednesday during a courtesy visit by the newly elected leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to the Presidential Villa in Abuja.
He said the decision to end petrol subsidy, which had burdened past administrations, was long overdue, adding that Tinubu had the “courage and conviction” to finally take the bold step.
“While fuel subsidy had been an albatross around the neck of successive administrations, President Tinubu had the courage and the conviction to withdraw it,” Shettima said. “The oil cabal is richer than the Nigerian nation. They fought back, but he refused to budge.”
Shettima stated that the President’s background in business, including his role as a former financial controller at Mobil, influenced his tough stance on economic reforms.
He assured the NACCIMA delegation that the Tinubu administration is committed to supporting the private sector. “This administration is your own because the President speaks your language – the language of commerce,” he said.
Shettima also praised NACCIMA as a key partner in national development and said regular engagement with the organised private sector is important for economic progress.
In his remarks, NACCIMA President Jani Ibrahim, who recently assumed office, commended Shettima’s leadership of critical economic bodies, including the National Economic Council and the Presidential Enabling Business Environment Council.
He urged the government to include more private sector representatives in key policy discussions and requested bi-annual consultations with the Vice President’s office.
President Tinubu announced the removal of fuel subsidy on May 29, 2023, during his inauguration. Nigeria fully exited subsidy payments in October 2024 after deregulating the downstream sector, which led to petrol prices exceeding ₦1,000 per litre at retail outlets.
