Shettima Says Tinubu’s Economic Reforms Saved Nigeria From Collapse

Vice President Kashim Shettima says President Bola Tinubu’s economic reforms saved Nigeria from economic collapse and prevented the country from “falling into pieces.”

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

Defending the administration’s economic decisions, the vice president said Nigeria’s foreign reserves were below $3.9 billion when the Tinubu administration assumed office in 2023.

He described the economy at the time as being on the verge of collapse, saying the country did not have enough reserves to import fuel for a month.

“When we assumed the mantle of leadership, our foreign reserves were a staggering below $3.9 billion that was not enough to import fuel for one month,” Shettima said.

He said Tinubu had the “courage and conviction” to take what he described as far-reaching decisions, including the removal of the petrol subsidy and the realignment of the multiple exchange-rate system.

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

“I want Nigerians to understand this fundamental truism. We were on the road to Caracas. He saved our economy; he saved the nation from falling into pieces.”

Shettima acknowledged the economic hardship faced by Nigerians, saying the government was rolling out programmes and projects intended to reduce the impact on citizens.

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

The vice president said several initiatives would be launched in the coming weeks, including an e-logistics programme in the North-West and 10,600 electric tricycles in the North-East.

He also announced plans for 300 buses and e-taxis, saying the initiatives were intended to ease transportation challenges and reduce the burden on Nigerians.

Shettima said Tinubu had “empathy for the common man” and that the administration remained focused on addressing the effects of the economic reforms.

The meeting in Lagos was the first public interaction between Tinubu and Shettima since the president returned from his vacation in Europe and the vice president returned from the 81st United Nations General Assembly in New York.

Tinubu had said in his Independence Day address on October 1 that Nigeria was moving from economic reform to prosperity.

However, opposition leaders have disputed the administration’s assessment of the economy. African Democratic Congress presidential hopeful Atiku Abubakar said the Tinubu administration had worsened poverty, while Nigeria Democratic Congress presidential hopeful Peter Obi has criticised the government over what he described as worsening hunger and insecurity.