Tinubu saved Nigeria from economic collapse – VP Shettima
Vice President Kashim Shettima asserted that President Bola Tinubu’s economic reforms have helped Nigeria avoid a deeper financial crisis and stave off potential collapse.
Shettima made his remarks Saturday during a media briefing following a meeting with Tinubu in Lagos. The Vice President defended the administration’s economic strategies, highlighting that Nigeria’s foreign reserves were below $3.9 billion when the current government took office, indicating an alarming economic situation.
“When we assumed leadership, our foreign reserves were dangerously low, insufficient to cover even one month of fuel imports,” Shettima stated.
He credited Tinubu’s “courage and conviction” for the critical decisions involved in eliminating the fuel subsidy and unifying the country’s exchange rates. “The withdrawal of the fuel subsidy and the realignment of the multiple exchange rates were indeed far-reaching decisions. The economy was on the verge of collapse, but he intervened and saved it,” Shettima added.
The Vice President called on Nigerians to recognize the significance of these changes, asserting, “We were on a path toward economic despair. The President saved our economy and the nation from disintegration.”
While acknowledging the economic challenges facing the populace, Shettima noted that the Federal Government is enacting measures aimed at alleviating the hardships endured by citizens. “We understand the difficulties Nigerians are experiencing, but tough times do not endure; tough people do,” he remarked.
He announced that the administration plans to introduce several initiatives in the coming weeks, including an e-logistics program in the North-West and a fleet of electric tricycles in the North-East. “In the next couple of weeks, we will launch e-logistics in the North-West and introduce 10,600 electric tricycles to ease the challenges in the North-East, along with 300 buses and e-taxis—these measures are intended to mitigate the suffering of our people,” Shettima explained.
The meeting in Lagos marked the first public engagement between Tinubu and Shettima since the President’s return from a European trip and the Vice President’s return from the 81st United Nations General Assembly in New York.
In a recent broadcast celebrating Nigeria’s 66th Independence Day, Tinubu asserted that the country is on a trajectory toward prosperity. However, opposition figures have challenged this assessment, with former Vice President Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress criticizing the administration’s economic management. Atiku accused Tinubu’s government of exacerbating poverty since assuming office in 2023, while Obi emphasized the rising hardships, hunger, and insecurity faced by Nigerians.
