Tinubu saved Nigeria from economic collapse – VP Shettima

Vice President Kashim Shettima has said President Bola Tinubu’s economic reforms prevented Nigeria from sliding into a deeper crisis and saved the country from economic collapse.

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

Defending the administration’s economic policies, the Vice President said Nigeria’s foreign reserves were below $3.9bn when the Tinubu administration assumed office, arguing that the country’s economy was already approaching a critical point.

“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’s “courage and conviction” for decisions including the removal of the fuel subsidy and the unification of the country’s multiple exchange rates.

“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.

“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.”

Shettima acknowledged the economic difficulties confronting Nigerians but said the Federal Government was implementing measures intended to reduce the impact of the hardship on citizens.

“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.”

According to the Vice President, the administration would introduce additional initiatives in the coming weeks, including an e-logistics scheme in the North-West and electric tricycles in the North-East.

He said the President had “empathy for the common man”, adding that the planned interventions were aimed at easing transportation and economic pressures.

“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.

Saturday’s meeting in Lagos was the first public engagement between Tinubu and Shettima since the President returned from his European vacation. It also marked their first public interaction since the Vice President returned from the 81st United Nations General Assembly, UNGA, in New York.

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

However, opposition figures, including former Vice President Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC, challenged the administration’s assessment of the economy.

Atiku accused the Tinubu administration of worsening poverty since it came into office in 2023, while Obi said Nigerians were facing increased hardship amid worsening hunger and insecurity.