By Erewunmi Peace

Nigeria’s Vice President, Kashim Shettima, has revealed that President Bola Ahmed Tinubu came under intense pressure from a powerful oil cabal following the removal of fuel subsidies, but remained resolute in his decision.

Shettima made the disclosure during a courtesy visit by the leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) at the Presidential Villa in Abuja.

“The oil cabal fought back after the removal of fuel subsidy, but President Tinubu refused to budge. He stood his ground because he acted in the best interest of Nigerians,” Shettima stated.

The Vice President commended Tinubu’s economic policies, describing them as bold steps aimed at rebuilding Nigeria’s economy and positioning it for sustainable growth. He noted that the President’s reforms—including the subsidy removal, exchange rate harmonization, and tax adjustments—are laying a solid foundation for long-term development.

Support from the Business Community

Shettima called on the private sector to rally behind the administration, noting that the government is committed to policies that support business growth, local production, and investment.

“We are determined to ensure that the business community thrives. The reforms may be tough, but they are necessary,” he added.

The NACCIMA delegation, led by its president Dele Oye, expressed support for the administration’s economic direction and pledged continued collaboration to achieve inclusive national development.

President Tinubu announced the removal of fuel subsidies on May 29, 2023, during his inauguration speech, ending decades of government-backed pricing for petrol. The move triggered mixed reactions across the country, with labour unions and civil society groups protesting the immediate rise in fuel prices.

Despite the backlash, the federal government has maintained that subsidy removal is essential to reduce fiscal pressure and redirect funds toward infrastructure, healthcare, and education.