Shettima: Tinubu Prevented Nigeria’s Economy From Collapsing

Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Tinubu, saying the measures helped prevent Nigeria from sliding into a deeper economic crisis.

Shettima made the remarks on Saturday while speaking with journalists in Lagos after meeting with President Tinubu.

According to the Vice President, Nigeria’s foreign reserves were below $3.9 billion when the Tinubu administration came into office in 2023. He argued that the situation left the country in a financially precarious position, with the available reserves insufficient to cover even a month’s fuel imports.

Shettima said the administration nevertheless proceeded with major economic decisions, including the removal of fuel subsidy and the unification of the country’s multiple exchange-rate windows.

He described the reforms as difficult but necessary steps, insisting that the government inherited an economy that was approaching a critical point.

“The economy was actually on the verge of collapse. He saved the economy,” Shettima said, referring to President Tinubu.

The Vice President further argued that Nigeria had been heading towards a situation similar to what Venezuela experienced before the current administration intervened.

Shettima also acknowledged the economic difficulties facing Nigerians, but maintained that the government was working on measures designed to reduce the impact of the reforms on households and businesses.

“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.

He disclosed that the Federal Government would soon introduce additional initiatives aimed at easing transportation and logistics challenges in different parts of the country.

Among the planned programmes, according to Shettima, is an e-logistics initiative in the North-West, alongside the deployment of 10,600 electric tricycles in the North-East.

He added that the government also plans to introduce 300 buses and e-taxis as part of efforts to improve transportation and reduce the burden on citizens.

The meeting between Tinubu and Shettima in Lagos was their first public engagement since the President returned from his European vacation and the Vice President returned from the 81st United Nations General Assembly in New York.

Tinubu had, in his Independence Day address, said Nigeria was gradually moving from the reform stage towards economic prosperity.

However, opposition figures have challenged the administration’s assessment of the economy.

Former Vice President Atiku Abubakar, who is associated with the African Democratic Congress, criticised the government over what he described as worsening poverty since Tinubu assumed office.

Similarly, Peter Obi of the Nigeria Democratic Congress has raised concerns over hunger and insecurity, arguing that Nigerians continue to face significant economic hardship under the current administration.