Tinubu Policies Averted Economic Collapse – Shettima 

Vice President Kashim Shettima has defended the economic policies of President Bola Tinubu’s administration, arguing that the decisions kept Nigeria from economic collapse and political instability.

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

He said the country’s economy was in a precarious position when the administration took office, citing foreign reserves of less than $3.9 billion as evidence of the financial pressures facing the country.

According to the Vice President, the reserves were insufficient to cover even one month of fuel imports, leaving the government with limited room to manage the economy.

“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.

Shettima credited Tinubu’s decision to remove the petrol subsidy and reform the multiple exchange-rate system with helping to avert what he described as an impending economic collapse.

He said the President had demonstrated the political courage to implement difficult measures despite the immediate consequences for citizens.

Shettima said Nigerians should recognise that the country had been heading towards a situation similar to the economic crisis experienced by Venezuela before Tinubu’s interventions changed its trajectory.

He maintained that the President’s actions had not only protected the economy but also prevented the country from disintegrating.

“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 VP 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.” 

Acknowledging the economic difficulties facing Nigerians, Shettima said the Nigerian Government was implementing measures intended to reduce the pressure on households and businesses.

He said the administration understood the hardship being experienced by citizens but expressed confidence that the difficult period would eventually pass.

Shettima said several programmes would be launched in the coming weeks, including an e-logistics initiative in the North-West and the deployment of electric tricycles in the North-East.

He disclosed plans to introduce 10,600 electric tricycles, alongside 300 buses and e-taxis, saying the initiatives were designed to reduce transportation-related pressure and improve mobility.

The Vice President also described Tinubu as a leader who was concerned about the welfare of ordinary Nigerians.

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

“The government is rolling out programmes and projects to assuage the pains of our people.”

Shettima said the government would, in the coming weeks, launch several initiatives, including e-logistics in the North-West and electric tricycles in the North-East.

According to him, Tinubu has “empathy for the common man”.

“In the next couple of weeks, we are going to launch e-logistics in the North-West. We are going to launch 10,600 electric tricycles to ease the pains of the people in the North-East, and 300 buses and e-taxis; all these are meant to ameliorate the suffering of our people,” he added.

The Lagos meeting marked the first public interaction between Tinubu and Shettima since the President returned from a vacation in Europe and the Vice President returned from the 81st United Nations General Assembly in New York.

In a nationwide broadcast marking Nigeria’s 66th Independence Day anniversary, Tinubu said the country was on a path towards prosperity.

However, opposition figures have challenged the administration’s economic assessment.

African Democratic Congress presidential candidate Atiku Abubakar accused the Tinubu administration of worsening poverty since taking office in 2023.