Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, arguing that the country was “teetering on the verge of collapse” when the administration assumed office.
Shettima specifically defended the removal of fuel subsidy and the unification of multiple exchange rates, describing the decisions as difficult but necessary measures taken to prevent a deeper economic crisis.
The Vice President spoke after meeting Tinubu at the President’s Lagos residence following his return to Nigeria from an extended stay abroad.
Shettima said the administration had remained in regular contact with the President throughout his time outside the country, with officials providing him with updates on developments.
“We are quite thrilled that he is back on the beat, and we have been in regular contact throughout his sojourn abroad,” he said.
According to the Vice President, advances in technology had made it possible for the President to remain engaged with government affairs despite being outside the country.
“We speak almost every other day, and we are updating him,” Shettima added.
Shettima said Tinubu inherited a difficult economic situation, claiming that Nigeria’s foreign reserves stood at about $3.9bn when the administration took over.
“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 said.
He said the President had the courage to take what he described as “far-reaching decisions”, particularly the withdrawal of the petrol subsidy and the realignment of multiple exchange rates.
“He literally… the economy was actually teetering on the verge of collapse. He saved the economy. I want Nigerians to understand this fundamental truism,” Shettima said.
He also urged Nigerians to show understanding towards the President amid the economic difficulties associated with the reforms.
“It’s absolutely essential that Nigerians need to be generous to this poor man,” he said.
While acknowledging the hardship being experienced by Nigerians, Shettima said the administration was working on interventions designed to cushion the effects of the economic reforms.
“We appreciate the pains Nigerians are going through, but tough times do not last forever. Tough people do,” he said.
He announced plans for several interventions in the North-East, including e-logistics, electric tricycles, electric taxis and buses.
According to him, the government plans to deploy 10,600 electric tricycles, alongside 300 electric buses and taxis, as part of efforts to reduce the burden on residents.
“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,” Shettima said.
Shettima highlights NELFUND
The Vice President also pointed to the Nigerian Education Loan Fund as another intervention by the administration.
He described NELFUND as a “masterstroke” aimed at helping students from financially disadvantaged backgrounds access higher education.
“The president has empathy, a lot of empathy for the common man,” Shettima said.
He added that the government would continue to introduce programmes and projects aimed at easing the difficulties faced by Nigerians.
With the 2027 elections approaching, Shettima acknowledged that political activities were already intensifying but said the administration would continue to focus on governance.
“Politics is in the air, but we will combine politics and governance,” he said.
