Nigeria’s Vice President Kashim Shettima has defended the federal government’s sweeping economic reforms, saying the measures were necessary to stabilize the country’s finances and reset long-term growth.
Speaking at a public forum in Abuja, Shettima said recent policy changes including fuel subsidy removal and foreign exchange adjustments were difficult but unavoidable. He argued that the reforms are aimed at correcting structural distortions that have weighed on Africa’s largest economy for years.
The vice president acknowledged the hardship faced by many Nigerians amid rising food prices and inflation but maintained that the government under Bola Ahmed Tinubu is focused on cushioning vulnerable households through targeted interventions and social investment programs.
Nigeria scrapped its long-standing petrol subsidy shortly after Tinubu took office in 2023, triggering sharp increases in fuel and transport costs. The administration also moved to unify the exchange rate, a step officials say was needed to attract investment and improve transparency in the foreign currency market.
Critics, including opposition figures and labor unions, have blamed the reforms for deepening economic pain and eroding purchasing power. Organized labor groups have staged protests in recent months, demanding wage adjustments and stronger safety nets.
Shettima told participants that early signs of stabilization are emerging, pointing to increased state revenues and renewed investor engagement. He urged patience, saying structural reforms take time to produce visible results.
His remarks come as policymakers continue to grapple with inflation, unemployment and currency volatility, with further fiscal and monetary measures under review.