Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, saying the administration’s decisions helped prevent Nigeria from descending into a deeper economic crisis.
Shettima made the remarks on Saturday while speaking with journalists in Lagos after visiting Tinubu, who had recently returned from a vacation in Europe.
According to the Vice President, Nigeria faced serious economic challenges when the current administration assumed office in May 2023, particularly in relation to foreign reserves and the country’s foreign exchange system.
He argued that Tinubu demonstrated the courage to implement difficult policies, including the removal of the petrol subsidy and changes to the multiple exchange rate system.
“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 described the economy as being on the verge of collapse and credited Tinubu’s decisions with helping to stabilise the country.
“The withdrawal of the fuel subsidy, the realignment of the multiple exchange rate were far-reaching decisions. The economy was actually on the verge of collapse. He saved the economy,” the Vice President stated.
Shettima added that Nigerians should understand the administration’s assessment of the economic situation, saying Tinubu had prevented the country from “falling into pieces.”
Government Promises Measures to Ease Hardship
While defending the reforms, Shettima acknowledged that Nigerians were experiencing significant economic hardship.
He said the government recognised the difficulties facing citizens and was introducing programmes intended to reduce the pressure on households and businesses.
“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.
The Vice President disclosed that the government planned to introduce e-logistics initiatives in the North-West and distribute 10,600 electric tricycles in the North-East.
He also announced plans for 300 buses and electric taxis, describing the initiatives as part of efforts to ease the burden on Nigerians.
Shettima maintained that Tinubu was concerned about ordinary citizens and that the government was working to improve their circumstances.
Opposition Leaders Challenge Government’s Assessment
The administration’s positive assessment of its economic policies has been disputed by opposition figures.
In his Independence Day message, Tinubu said Nigeria was moving from economic reforms towards prosperity. However, former Vice President Atiku Abubakar and former Labour Party presidential candidate Peter Obi criticised the government’s claims.
Atiku argued that the administration’s policies had worsened poverty, while Obi raised concerns about hunger, insecurity and the difficulties confronting Nigerians.
Their criticism highlights the continuing political disagreement over the impact of the government’s economic reforms and whether the measures are delivering sufficient relief to citizens.
Shettima’s comments come as the administration seeks to defend its policies while promising additional programmes to address the effects of economic hardship.
