Tinubu Saved Nigeria From Economic Collapse — Shettima

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

Shettima made the assertion on Saturday after meeting with President Tinubu at his residence in Ikoyi, Lagos, where he defended some of the administration’s most controversial economic decisions.

The Vice President said the country’s foreign reserves stood at less than $3.9 billion when the Tinubu administration assumed office in 2023, arguing that the situation left Nigeria dangerously close to economic crisis.

According to him, the reserves were insufficient to finance even one month of fuel imports, while the economy was already heading towards the kind of crisis experienced by countries such as Venezuela.

“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.

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He credited Tinubu with having the “courage and conviction” to implement far-reaching measures, particularly the removal of fuel subsidy and the reform of the multiple exchange-rate system.

“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 said.

Shettima further declared: “We were on the road to Caracas. He saved our economy; he saved the nation from falling into pieces.”

The Vice President, however, acknowledged the economic hardship confronting Nigerians, saying the administration was aware of the pains caused by its reforms.

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

Shettima disclosed that the Federal Government would soon roll out additional programmes targeted at easing the burden on citizens, including e-logistics services in the North-West and electric transportation projects in the North-East.

He said the government would launch 10,600 electric tricycles in the North-East, alongside 300 buses and e-taxis, as part of efforts to reduce transportation difficulties and ameliorate the effects of economic hardship.

The Vice President also said the initiatives were evidence of Tinubu’s concern for ordinary Nigerians, insisting that the administration remained committed to improving living conditions.

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

Tinubu had, in his Independence Day broadcast, maintained that Nigeria was on the path to prosperity.

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

Former Vice President Atiku Abubakar accused the Tinubu administration of worsening poverty since assuming office, while former Anambra State Governor Peter Obi argued that Nigerians were experiencing increased hunger and insecurity under the present government.