By Tony Obiechina, Abuja
Vice-President Kashim Shettima has criticised the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, saying he has nothing to offer Nigerians beyond what he described as questionable statistics and his opposition to restoring petrol subsidy.
Shettima made the remarks at the 32nd Nigerian Economic Summit, where he acknowledged Obi’s position on subsidy removal but questioned the substance of his economic proposals.
Kashim Shettima accused Peter Obi of relying on “bogus” or “dubious” statistics and incoherent economic prescriptions rather than practical solutions suited for Nigeria’s unique demographic and economic realities.
“I respect Peter Obi for having the courage to say he’s not going to restore the petrol subsidy, but beyond spouting some statistics, Mr Peter Obi has absolutely nothing to offer.
“He was surviving on various statistics. So, I call on you, the crème de la crème of the Nigerian economic community, to support us,” the Vice-President said.
In his opening remarks at the summit, the minister of Finance and coordinating minister of the economy Taiwo Oyedele disclosed that the Federal Government is proposing mandatory impact assessments for major economic policy changes in a move to curb policy reversals, restore investor confidence and ensure government decisions translate into productive investment, decent jobs and higher household incomes.
Under the proposed Nigeria Economic Policy Oyedele said policymakers would be required to demonstrate the problem a proposed intervention seeks to solve, the evidence supporting it, who stands to benefit, who bears the cost and the conditions for ending the policy.
According to him, “Our challenge has never been a shortage of ambition or good ideas. It has been the absence of an enduring economic philosophy, consistent policymaking, and disciplined implementation.”
Describing policy uncertainty as an invisible tax on businesses, the minister said the proposed framework was designed to establish enduring economic principles that would survive successive administrations, rather than become another development plan or the economic manifesto of a particular government.
The proposal comes as the private sector intensifies pressure on the government to move beyond macroeconomic stabilisation and demonstrate tangible improvements in productivity, employment, purchasing power and living standards following successive economic reforms.
On trade protection, Oyedele cautioned against using tariffs to shield inefficient businesses indefinitely from competition, saying trade policy should help local industries become competitive rather than entrench inefficiency.
“A tariff must serve as a runway for local industry to take off, never a permanent shelter from competition,” he said.
The draft framework will be opened for public consultation from November 27, 2026, with Nigerians invited to respond to 17 questions through the Federal Ministry of Finance’s website.
Following consultation and validation, the document is expected to proceed to the Federal Executive Council for approval and the National Economic Council for endorsement.
Oyedele said the government also planned to introduce an annual national economic scorecard, to be published on or before October 1, to track indicators including real wages, productive employment and poverty.
The scorecard is intended to shift the measurement of economic performance beyond aggregate GDP growth towards improvements in household incomes, employment opportunities and business productivity.
“GDP growth matters, but per capita income matters even more,” the minister said.
He identified enterprise as the engine of growth, open but fair markets and coordination across government institutions as the framework’s guiding principles”.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has reaffirmed President Tinubu’s commitment to sustaining Nigeria’s economic reform programme, stating that the administration remains determined to maintain the reform trajectory, improve implementation, and address the challenges facing households and businesses.
“For those of us serving under the President and Vice President, the instruction has been clear: we must stay the course,” he said at the 32nd Nigerian Economic Summit (NES#32), which began on Monday in Abuja under the theme “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”.
Opposition politicians, including the African Democratic Congress presidential candidate, Alhaji Atiku Abubakar, had promised to restore the petrol subsidy to reduce the rising cost of living.
However, Bagudu said that would turn back the clock and erode the gains of the reforms that stabilised the economy and put the country on a growth path.
He recalled that the President had taken deliberate steps to ensure the continuity of the reforms, noting that at a National Economic Council meeting in October 2025, the President presented a memorandum on their sustainability.
According to him, the discussion acknowledged differing opinions on the reforms and the need for a framework to ensure their continuity.
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Bagudu stressed that sustaining the reforms would not preclude necessary policy adjustments to respond to prevailing economic realities and to improve implementation.
He reiterated the administration’s position, saying, “There will be no return to the fuel subsidy and the economic distortions associated with the previous system.”
The minister emphasised that the priority now is to consolidate the progress made, tackle the challenges facing Nigerians and ensure that the benefits of economic growth are more widely shared.
“The task before us is to sustain progress, improve implementation, address the challenges facing households and businesses, and ensure that economic growth translates into jobs, productivity and shared prosperity for Nigerians,” he said.
He said the Tinubu administration is investing in agriculture, manufacturing, infrastructure, digital technology and human capital to achieve inclusive, sustainable economic growth.
Commending the Nigerian Economic Summit Group (NESG) for sustaining a platform for constructive engagement among government, the private sector, organised labour, academia, civil society and development partners, he noted that the Summit offers an important opportunity to examine the country’s economic challenges, assess ongoing reforms and develop practical recommendations to accelerate national development.
Bagudu explained that the Renewed Hope Agenda aims to reposition the Nigerian economy for sustainable growth by addressing longstanding structural distortions, strengthening the foundations for investment and expanding productive activities.
He emphasised that the ultimate objective is to build a resilient economy that creates opportunities, improves livelihoods and delivers tangible benefits to Nigerians.
He highlighted improvements in key macroeconomic indicators and increased revenue accruing to the Federal, State and Local Governments, noting that the additional resources available to subnational governments present an opportunity to expand infrastructure, improve public services and advance development priorities.
According to the minister, the distribution of increased revenue across the federation reflects President Tinubu’s commitment to fiscal federalism and to the effective functioning of the three tiers of government. He emphasised that stronger coordination among federal, state and local authorities is essential to converting available resources into measurable development outcomes.
While acknowledging progress, Bagudu stressed that Nigeria must sustain its reform efforts, strengthen domestic production and mobilise greater investment to realise its ambition of building a one-trillion-dollar economy by 2030.
He noted that achieving this target would require improved productivity, stronger private-sector participation, expanded industrial capacity and a more competitive business environment.
He also acknowledged the economic pressures facing households and businesses, emphasising that reforms must be accompanied by effective implementation, responsive policy adjustments, and interventions that protect vulnerable populations, support domestic production, and improve livelihoods.
He maintained that the success of the reform programme would ultimately depend on its ability to create opportunities and translate economic gains into better living conditions.
On grassroots economic development, Bagudu highlighted the Renewed Hope Ward Development Plan, which aims to identify and unlock productive opportunities across Nigeria’s 8,809 wards.
He explained that the initiative aims to identify the distinctive economic strengths of communities and to develop targeted interventions that stimulate local production, increase household incomes and create employment. Communities with potential in agriculture, fishing, livestock, textiles and other productive activities, he said, require support tailored to their specific needs, resources and opportunities.
According to the minister, unlocking economic potential at the ward level would broaden the foundations of national growth, strengthen local economies, and ensure that development opportunities extend beyond major urban centres to communities across the country. He stressed that a more inclusive growth strategy must recognise local communities’ productive capacity and create pathways for them to participate meaningfully in the national economy.
Agriculture, he noted, remains central to economic diversification, food security and employment generation, emphasising the importance of access to farm inputs, agricultural financing, mechanisation, irrigation and stronger agricultural value chains, alongside the National Agricultural Mechanisation Policy and the National Agricultural Mechanisation Investment Strategy.
Bagudu stressed that increasing agricultural production must go hand in hand with improvements in processing, storage, transport, distribution and market access. He explained that these interventions are necessary to reduce post-harvest losses, improve food availability and affordability, raise farmers’ incomes and create sustainable opportunities for agribusinesses and rural communities.
He also emphasised the importance of manufacturing in promoting local value addition, creating skilled employment and reducing dependence on imported goods. In this regard, he cited the Nigeria Industrial Policy 2025 and the Nigeria First Policy as part of efforts to strengthen domestic production, deepen local supply chains and improve the competitiveness of Nigerian enterprises.
Beyond agriculture and manufacturing, the Minister identified digital technology, financial services and trade as sectors with considerable potential to boost productivity, foster innovation and expand economic opportunities.
