Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, saying the administration inherited an economy on the verge of collapse and saved Nigeria from “falling into pieces."
Shettima spoke on Saturday after meeting Tinubu at the President’s residence in Ikoyi, Lagos, in their first public interaction since the President returned from his European vacation.
The Vice President said Nigeria’s foreign reserves were below $3.9bn when the administration assumed office in 2023, arguing that the country was heading towards the kind of economic crisis experienced in 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.
He credited Tinubu with having the “courage and conviction” to take difficult decisions, including the removal of the petrol subsidy and the unification of the multiple exchange rate regime.
“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 added, “We were on the road to Caracas. He saved our economy; he saved the nation from falling into pieces.”
His defence of the reforms comes amid sustained criticism from opposition leaders over the impact of the policies on Nigerians.
Former Vice President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate in next year’s election, had on Independence Day accused the Tinubu administration of plunging Nigerians into deeper poverty.
Similarly, former Anambra State governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has criticised the administration over worsening hunger, insecurity and the cost of living.
Shettima, however, acknowledged the hardship being experienced by Nigerians, saying the government was implementing measures to cushion the impact of its reforms.
“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.
He said the government would roll out several projects in the coming weeks, including e-logistics services in the North-West, 10,600 electric tricycles in the North-East, as well as 300 buses and e-taxis.
According to him, the initiatives were designed to “ameliorate the suffering of our people”.
Shettima also said Tinubu had “empathy for the common man”, arguing that the administration was responding to the economic difficulties confronting citizens.
The meeting between Tinubu and Shettima followed the President’s Independence Day address in which Tinubu said Nigeria was moving from economic reforms to an era of prosperity.
The claim has been challenged by opposition figures, with Atiku arguing that Nigerians were experiencing worsening poverty and Obi saying hunger and insecurity remained widespread.
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