Vice President declares oil cabal fought back but Tinubu stood firm; urges closer ties with private sector to drive national transformation
Byline: IDNN Political Desk
ABUJA — Vice President Kashim Shettima has reaffirmed the Federal Government’s commitment to bold economic reforms under President Bola Ahmed Tinubu, declaring that the fuel subsidy removal, FX unification, and tax reforms are irreversible steps taken in the national interest — despite fierce resistance from entrenched interests.
Shettima made the comments while hosting 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, but the President refused to budge. He acted with courage, in the best interest of Nigerians,” Shettima declared.
🔻 “We’re romancing the real builders of this economy”
The Vice President, who chairs several national economic councils, including the National Economic Council (NEC) and Presidential Enabling Business Environment Council (PEBEC), said the administration will deepen engagement with the private sector and treat them as core partners in economic revitalization.
“I plead guilty to romancing the business community,” he said. “That is how great nations are built — not by rhetoric, but by unleashing enterprise.”
He cited the rise of South Korea and Singapore as examples of what coordinated private-public sector synergy can achieve.
🔺 Tinubu’s economic credentials matter — Shettima
Shettima reminded the delegation that President Tinubu is not new to business logic, noting his past as financial controller at Mobil Oil and former Lagos State Governor.
“This is a President who speaks the language of commerce. He understands risk, return, and regulation.”
🔻 Fuel subsidy: A national bleeding point
According to Shettima, the fuel subsidy regime was a “massive drain” on the economy and a racket sustained by an elite oil cabal that prioritized personal gain over national development.
“The burden of subsidy was suffocating this nation. For decades, leaders danced around it. President Tinubu stood alone and dismantled it.”
He said the administration knew the decision would spark temporary hardship, but maintained it was necessary to redirect national funds to productive sectors.
🔺 Call for institutional collaboration and private sector inclusion
In his remarks, NACCIMA President Jani Ibrahim commended Shettima’s leadership across multiple economic bodies and called for permanent private sector seats on national councils relating to trade, MSMEs, and privatisation.
He also proposed bi-annual consultative sessions between NACCIMA and the Vice President’s office to align private sector aspirations with federal economic direction.
“National prosperity depends on strong collaboration. The private sector is the engine of growth; the government must be the driver of vision,” Ibrahim said.
🔻 N14.9 trillion revenue, macro reforms cited as proof of progress
The Vice President pointed to recent Federal Inland Revenue Service (FIRS) reports indicating ₦14.9 trillion revenue collected in the first half of 2025 — a 43% increase from the previous year — as evidence of reform impact.
“We’re stabilising the economy. We’re not out of the storm yet, but there’s no fear for the country. We’re sailing upward.”
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