Nigeria's Fiscal Recovery: Tinubu's Reforms Under Shettima

Vice President Shettima Encourages National Unity Amid Economic Reforms

Vice President Kashim Shettima has called on citizens across Nigeria to maintain calm and confidence in the face of ongoing challenges, emphasizing that President Bola Tinubu’s administration is committed to addressing the country’s pressing issues. His remarks were made during the opening ceremony of the Nasarawa Investment Summit 2026, held in Lafia, the capital of Nasarawa State, on Wednesday.

Shettima highlighted that when President Tinubu took office in 2023, Nigeria was grappling with severe financial difficulties, particularly in debt servicing. He explained that the previous administration had left the nation in a precarious fiscal position, with debt payments consuming nearly 96% of government revenue. However, he praised the current administration for its bold approach, noting that it has taken steps to shift focus from speculative practices to productive economic activities.

“President Bola Ahmed Tinubu is a man of honour. Instead of blaming the previous administration, he took the bold decision to work for the nation,” Shettima said. “The old order had rewarded arbitrage over productive activity. Oil subsidies and exchange-rate distortions had become feeding bottles for privileged intermediaries, while the public treasury was starved of the revenue required to build roads, fund schools, support states, and protect the vulnerable.”

He added that the Tinubu administration is now laying the foundation for an economy that rewards production, protects enterprise, and gives states the autonomy to become engines of growth. This vision, according to Shettima, requires the support of all citizens, regardless of their religious, tribal, or political backgrounds.

Nasarawa as a Model for Economic Development

During the summit, Shettima commended Governor Abdullahi Sule for his leadership in prioritizing investments in Nasarawa State. He noted that over the past seven years, the state has pursued development with a clear sense of direction, becoming a hub for investment and innovation.

“Governor Abdullahi Sule is a good man. I am absolutely certain that the people of Nasarawa State will miss him. I have no doubt that Nasarawa is an answer to every investment dilemma,” Shettima said. He pointed out that the state possesses abundant natural resources, including land, minerals, and energy prospects, along with a government that understands the importance of sustainable development.

Shettima urged Sule to ensure that his successor continues the progress made in the state. He emphasized that the greatest gift any leader can leave behind is the assurance that progress will endure beyond their tenure.

A Strategic Platform for Economic Transformation

Governor Sule described the 2026 summit as a defining moment for Nasarawa’s economic trajectory. He highlighted that the event serves as a strategic platform to consolidate existing gains and chart a pathway for future growth. The summit, titled “Bold Transitions, Building a Legacy for a Sustainable Future,” marks the final investment forum under Sule’s administration.

Sule recalled the previous editions of the summit, such as the 2022 “Diamond in the Rough” edition, which introduced Nasarawa’s natural resources and proximity to Abuja to investors, and the 2024 “Industrial Renaissance,” which focused on agriculture, mining, manufacturing, and infrastructure. He stressed that the current edition aims to embed reforms in durable institutions to ensure long-term progress.

“A key concern is that political transitions can create uncertainty for investors, particularly when reforms are tied to specific leaders rather than institutional frameworks,” Sule said. “Maintaining investor confidence requires clear signals that policy, regulatory systems, and contractual commitments will remain stable and predictable.”

The Lafia Declaration and Investor Confidence

A significant highlight of the summit was the launch of the “Lafia Declaration,” a voluntary commitment by political parties, the legislature, judiciary, development partners, and investors to sustain Nasarawa’s economic reform trajectory beyond 2027. Sule explained that this declaration assures investors that their commitments will remain secure, regardless of who succeeds him.

“To reinforce that assurance, the state invited governorship aspirants across party lines, traditional institutions, youth, women, and disability groups to endorse the commitment,” Sule said.

Minister of Industry, Trade and Investment, Jumoke Oduwole, praised Nasarawa for becoming a model of how sustained reform translates into investment activity. She urged the state to continue attracting investments to guarantee rapid growth and development.

Business Enabling Reforms and Economic Growth

Earlier, the Managing Director of the Nasarawa State Investment and Development Agency, Ibrahim Abdullahi, highlighted the impact of the agency’s Business Enabling Reform Action Plan. He noted that the plan has delivered more than 50 business environment improvements, including harmonized taxes, digitized regulatory processes, a robust PPP law, and the new State Electricity Commission.

These reforms have significantly boosted the state’s Internally Generated Revenue, which grew from N7bn in 2019 to N37bn in 2025. As a result, Nasarawa has ranked among Nigeria’s top 10 most competitive states for business.

Investment Opportunities at the Summit

The summit’s Deal Room is showcasing eight investment-ready projects, including the Gudi Agro-Industrial Hub, Technology Hub at the Technology Village, small hydro-power projects at Farin Ruwa and Doma Dam, gold and lithium processing facilities, the N100bn Infrastructure Fund, the Embedded Power Network, and the Akwanga-Panda-Yanyanya Toll Road.

The two-day summit, themed “Bold Transitions, Building a Legacy for a Sustainable Future,” is the third edition since the initiative began in 2022. It comes as the Nasarawa Investment Development Agency reported over $2 billion in investment inflows and the creation of more than 50,000 jobs in the past seven years.