Shettima criticises Obi over fuel subsidy as Nigeria’s Vice-President defends petrol pricing reforms and compares costs with neighbouring African countries

Vice-President Kashim Shettima has criticised former Anambra State governor and opposition politician Peter Obi over his economic proposals, defending Nigeria’s petrol subsidy removal at the 32nd Nigerian Economic Summit in Abuja on Monday, 26 October 2026, and arguing that petrol prices in neighbouring African countries offer important context for assessing the government’s policy.

Shettima acknowledged Obi’s position against restoring the petrol subsidy but questioned the substance of his wider economic arguments, intensifying an increasingly prominent political debate ahead of Nigeria’s 2027 general election.

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“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,” Shettima said, according to reports by TheCable and Punch.

The Vice-President urged members of Nigeria’s economic community to support the Federal Government’s economic policies, maintaining that the consequences of subsidy removal should be considered beyond the price motorists pay at filling stations.

Shettima compared petrol prices in Nigeria with those in Niger Republic, Benin Republic and Cameroon. According to figures reported by TheCable, he cited prices of approximately ₦1,148.36 per litre in Niger, ₦1,729.29 in Benin and ₦1,945.50 in Cameroon, against around ₦1,390 in Nigeria.

The figures were presented as evidence that Nigerian petrol remained comparatively cheaper than fuel in some neighbouring countries.

However, prices can vary by location and date, and the comparison alone does not establish the overall economic impact of subsidy removal on Nigerian households.

Shettima also referred to Nigeria’s former petrol consumption of approximately 67 million litres per day, arguing that the previous pricing arrangement had created opportunities for subsidised fuel to move across national borders.

He warned against a return to a system in which public funds intended to support Nigerian consumers could indirectly benefit fuel users in other countries.

“Unless we want to revert back to the old status quo of Nigeria being the godfather or the Father Christmas of Africa, of Nigerian oil going as far as Central African Republic,” he said, as reported in the supplied account.

The argument reflects one of the Federal Government’s principal justifications for ending the subsidy: reducing the financial burden on public finances and limiting distortions associated with keeping domestic petrol prices below market levels.

President Bola Ahmed Tinubu announced the removal of the petrol subsidy on 29 May 2023, shortly after taking office. The decision prompted a sharp rise in petrol prices and placed additional pressure on transport costs, food prices and household budgets.

The government has defended the reform as necessary to redirect public resources towards infrastructure and social development.

Critics, however, have questioned the pace of implementation, the adequacy of relief measures and whether the savings have translated into tangible improvements in living standards.

Those concerns remain relevant even as the administration continues to defend its economic direction. In an assessment published in 2026, the International Monetary Fund noted that estimated savings from subsidy removal did not appear to have accrued fully to the budget in 2025, highlighting continuing questions about public revenue management and spending transparency.

The wider debate is therefore not confined to whether petrol is cheaper in Nigeria than in neighbouring countries.

It also concerns the distribution of economic costs, the use of government savings and the extent to which reforms can protect vulnerable households while improving fiscal stability.

For Obi, the use of statistics has been a recurring feature of public commentary on Nigeria’s economy.

The former Anambra governor has used economic data and public spending figures to challenge government decisions, while calling for greater accountability and more disciplined management of public resources.

Shettima’s criticism did not, in the reported remarks, identify specific statistics from Obi that he considered inaccurate or set out a detailed assessment of the former governor’s alternative economic proposals.

That distinction matters in a debate where competing claims need to be tested against evidence, rather than political rhetoric alone.

The latest exchange also follows earlier public criticism of Obi by Shettima. On 16 October, the Vice-President reportedly described him as a “master of bogus statistics and incoherent economic prescriptions” during a political event linked to the ruling All Progressives Congress.

The remarks underline how economic policy and political positioning are becoming increasingly intertwined as parties prepare for the 2027 election cycle.

Fuel prices, inflation, employment, public spending and the cost of living are likely to remain central to discussions about the country’s direction.

For millions of Nigerians, the practical test of the subsidy policy remains whether its long-term fiscal benefits can be matched by improvements in household purchasing power, transport affordability and access to essential services.

Shettima’s regional comparison offers one perspective on the government’s case for reform.

The broader challenge for policymakers, however, is to demonstrate that the benefits of economic adjustment reach ordinary citizens, while opposition figures are expected to explain how their proposals would address the same pressures.

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As the political debate gathers pace, the questions facing Nigerians extend beyond the exchange between Shettima and Obi: they concern the credibility of economic data, the transparency of public finances and the real-world consequences of decisions made in Abuja.