Nigeria: VP Shettima defends economic reforms and oil sector growth

Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, including the removal of fuel subsidies and the unification of foreign exchange rates, stating these measures prevented a total economic collapse. Shettima noted that when the administration took office, foreign reserves were below $3.9 billion, insufficient to cover even one month of petroleum imports.

During the inauguration of Northwest Petroleum and Gas Company Limited’s new headquarters in Lagos, Shettima highlighted that these reforms have renewed investment and strengthened performance within Nigeria’s oil and gas sector. He emphasized that the stabilization of the market is restoring business confidence.

While acknowledging the significant hardships and high cost of living facing Nigerians, the administration maintains that these reforms are necessary for long-term prosperity. Concurrently, Nigeria’s external reserves have shown growth, approaching the $55 billion mark, supported by increased oil export earnings and improved crude production.

However, the Socio-Economic Rights and Accountability Project (SERAP) has called for an investigation into allegations of approximately ₦94.4 billion in unremitted or unaccounted petroleum-sector funds, citing findings from the Auditor-General for the Federation.