Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, arguing that Nigeria was “teetering on the verge of collapse” before the removal of the fuel subsidy and the unification of exchange rates.
Shettima appealed to Nigerians to be “generous” towards Tinubu, whom he credited with taking steps he said prevented the economy from collapsing.
The Vice President spoke after meeting with Tinubu at the President’s residence in Lagos. He said the administration had remained in “regular contact” with the President during his time abroad and had continued to brief him on developments across the country.
“We are quite thrilled that he is back on the beat, and we have been in regular contact throughout his sojourn abroad,” Shettima said.
“Advances in science and technology have made it possible to really have impactful leadership wherever one might find himself. So we have been in regular contact. We speak almost every other day, and we are updating him.
“He saved the economy… saved the nation from falling to pieces”
Defending the administration’s policies, Shettima described the removal of the petrol subsidy and the restructuring of multiple exchange rates as “far-reaching” measures that were necessary to prevent a deeper economic crisis.
“As usual, impactful decision-making that will touch the lives of the Nigerian people. It’s absolutely essential that Nigerians need to be generous to this poor man,” Shettima said.
He said Nigeria’s foreign reserves stood at just $3.9 billion when the administration took office, arguing that the amount was insufficient to cover the country’s oil import needs for even one month.
“When we assumed the mantle of leadership, our foreign reserves was a staggeringly low 3.9 billion dollars — that was not enough to import oil for one month. He had the courage and the conviction to take far-reaching decisions.
“The withdrawal of the fuel subsidy, the realignment of the multiple exchange rates, were far-reaching decisions.”
Shettima maintained that the country’s economic situation had been critical before the reforms.
“He literally… the economy was actually teetering on the verge of collapse. He saved the economy. I want Nigerians to understand this fundamental truism.
“We are on the road to Caracas. He saved our economy. He saved the nation from falling to pieces,” Shettima added.
While acknowledging the difficulties facing Nigerians, the Vice President said the government was working on measures aimed at easing the economic burden.
“We appreciate the pains Nigerians are going through, but tough times do not last forever. Tough people do,” he said.
Shettima announced planned interventions in the Northeast, including e-logistics services, electric tricycles, taxis and buses.
“In the next couple of weeks, we are going to launch e-logistics in the North East, we are going to run 10,600 electric tricycles to ease the pains of the people in the North East, and 300 buses and taxis, e-taxis. All these were meant to ameliorate the sufferings of our people,” Shettima said.
He also described the Nigerian Education Loan Fund (NELFUND) as a “masterstroke” designed to support students from financially disadvantaged backgrounds.
“The president has empathy, a lot of empathy for the common man. The NELFUND is a masterstroke aimed at assisting students of limited means to have access to drink from the Western Spring. So be rest assured that we’ll come up with programmes and projects to ease the pains of the people,” he said.
As the country approaches another election cycle, Shettima acknowledged the growing political activity but said governance would remain a priority.
“Politics is in the air, but we will combine politics and governance,” he said.
