Vice President Kashim Shettima has disclosed that President Bola Tinubu intentionally kept his decision to eliminate fuel subsidy confidential prior to his swearing-in ceremony. This strategic move was aimed at preventing market instability and potential policy backlash, according to the Vice President.
Reason for Confidentiality
Shettima explained that the policy, now recognized as one of the administration's most significant economic reforms, was not openly debated during the transition period. The President believed that premature disclosure could trigger speculation and economic disruption across key sectors.
Swift Implementation
Once in office, Tinubu promptly enacted the subsidy removal. Shettima described it as a necessary yet difficult measure designed to stabilize Nigeria's finances and redirect resources toward more productive areas. The Vice President noted that although the reform initially caused hardship for citizens, it has since started yielding fiscal benefits for both federal and state governments.
Commitment to Reforms
Shettima reiterated the administration's dedication to sustaining economic reforms while mitigating their impact on Nigerians through targeted interventions and development projects. The government remains focused on easing the transition for the populace.
- The subsidy removal was kept secret to avoid market panic.
- Implementation began immediately after inauguration.
- Fiscal benefits are now being realized.
- Support measures are in place for citizens.
