Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Vice President Kashim Shettima has issued a robust defence of President Bola Tinubu's economic reforms, declaring that the administration deserves commendation rather than condemnation for policies that have repositioned the nation's economy and attracted significant capital inflows. Speaking on Monday, August 3, 2026, at the Delta State Economic and Investment Summit in Asaba, the Vice President argued that the country's foreign reserves had surged to over $52 billion, a dramatic turnaround from the dire economic situation inherited by the Tinubu administration. According to Shettima, the country was experiencing severe capital flight and scarcity when the administration took office, but is now witnessing substantial capital inflows.
"We were experiencing capital plight and scarcity, now we are experiencing capital inflows. Our foreign reserves have gone up to over $52 billion and counting in a turbulent world. Even the President deserves commendation and not condemnation," Shettima declared, according to multiple reports published on August 3 and 4, 2026. The Vice President's remarks came at a summit attended by political leaders, captains of industry, and other dignitaries, where he highlighted the administration's achievements in stabilising the economy and creating an enabling environment for investment.
Shettima used the occasion to commend Governor Chukwuma Soludo of Anambra State for publicly supporting the administration's reform agenda, recalling that the former Central Bank governor had taken an unpopular position during the 2023 electioneering period. "Professor Soludo, you have done a lot of things for the federal government, especially in informing Nigerians where we were coming from — from reserves of $3 billion," Shettima said. He noted that Soludo had "defied the direction of the wind" by insisting that the presidential election would not be won through "blackmail and intimidation" but through "grassroot support." The Vice President stressed that the Anambra governor's position demonstrated his commitment to what he believed was right, irrespective of political pressure.
The Vice President's remarks were delivered against the backdrop of Nigeria's improving economic indicators. According to TheCable, Nigeria's foreign exchange reserves stood at $35.09 billion on May 29, 2023, when President Tinubu assumed office. By June 2026, the reserves had risen to $51.03 billion, the highest level since January 20, 2009. The surge in reserves has been attributed to a combination of factors, including the unification of the foreign exchange market, increased oil production, and improved investor confidence. The Tinubu administration has also implemented sweeping reforms, including the removal of fuel subsidies, the liberalisation of the foreign exchange market, and tax reforms aimed at protecting vulnerable Nigerians and encouraging enterprise.
Beyond the economic data, Shettima used the summit to assure investors that the Federal Government remained committed to creating a business-friendly environment that would encourage investment and enterprise across the country. He said the Federal Government would continue to work with state governments to identify and remove obstacles that could discourage investors from doing business in Nigeria. "The federal government is ready to support credible investments and work with states to remove obstacles to enterprise," he said. The Vice President stressed the importance of cooperation between the Federal Government and sub-national governments in creating an economy where businesses could thrive and investors could operate with confidence, adding that the administration would continue to support policies aimed at attracting investment, strengthening the economy, and improving the country's overall business environment.
The Delta State Economic and Investment Summit, which provided the platform for Shettima's remarks, was a strategic platform for economic transformation aimed at deepening investor confidence, fostering strategic partnerships, and attracting both domestic and foreign direct investment. Governor Sheriff Oborevwori of Delta State announced that his government had set aside $100 million as viability gap funding to de-risk new investments in the state. He also disclosed that the state had earmarked over 12,000 hectares of farmland for agricultural development for prospective investors, with investment opportunities available in the value chain production of cassava, oil palm, rice, potato, and other cash crops. "In addition, the entire state has a coastline of one to three kilometres suitable for the development of a thriving marine economy," the governor said.
The Vice President's defence of the administration's economic reforms comes amid persistent criticism from opposition figures and civil society groups who have argued that the reforms have imposed severe hardship on Nigerians, with inflation soaring and the cost of living remaining high. However, Shettima maintained that the administration's policies were laying the foundation for long-term economic stability despite the political and social costs associated with the policy changes. He pointed to the growth in foreign reserves, the moderation of inflationary pressures, and the improved fiscal position of state governments as evidence that the reforms were beginning to yield results.
On May 29, 2023, when President Tinubu assumed office, Nigeria's economy was grappling with multiple challenges, including dwindling foreign reserves, a volatile exchange rate, and sluggish economic growth. The administration's decision to remove fuel subsidies and unify the foreign exchange market was met with initial resistance, but Shettima argued that these measures were necessary to restore fiscal credibility and attract investment. He noted that the reforms had increased allocations to states from the federation account, giving sub-national governments a stronger foundation to drive development. "With more money coming to states, sub-nationals have a stronger foundation," he said, referring to the rise in investment summits across the country as a sign of healthy competition among states.
The Vice President's remarks have been widely reported across Nigerian media, with Vanguard, TheCable, Channels Television, and Naija News all covering his address at the Delta summit. The reports highlighted his defence of the President's economic policies and his call for Nigerians to commend the administration for its achievements rather than condemn it for the difficulties associated with the reforms. While acknowledging that the reforms had imposed short-term pain, Shettima insisted that the long-term benefits were becoming increasingly evident, and that the administration's commitment to creating a business-friendly environment would ultimately drive sustainable economic growth.
As Nigeria continues to navigate the complex challenges of economic transformation, the Vice President's message was clear: the Tinubu administration has made difficult but necessary choices, and the results are beginning to speak for themselves. With foreign reserves at their highest level in over 17 years and capital inflows replacing capital flight, the administration is confident that its reforms are on the right track. Whether the public will be persuaded by Shettima's defence of the administration's record remains to be seen, but the Vice President has made it clear that the government will continue to pursue its reform agenda with determination and conviction.
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