Vice President Kashim Shettima has defended the administration's economic policies, stating that President Bola Tinubu's reforms prevented Nigeria from sliding into a deeper crisis. According to Shettima, the country's foreign reserves were below $3.9 billion when the Tinubu administration took office, putting the economy on a critical path. He made these remarks during a meeting with journalists in Lagos, following a discussion with Tinubu. Shettima emphasized that the country's economy was on the verge of collapse.
Shettima attributed the country's economic stability to Tinubu's "courage and conviction" in making tough decisions, including the removal of the fuel subsidy and the unification of multiple exchange rates. He noted that these decisions were far-reaching and had a significant impact on the economy. The Vice President stressed that Tinubu's actions saved the economy from collapse, preventing Nigeria from falling into a severe crisis. He also acknowledged the economic difficulties faced by Nigerians but expressed optimism that the situation would improve.
The Vice President acknowledged the economic hardships confronting Nigerians but assured that the Federal Government was implementing measures to reduce the impact of the hardship on citizens. He stated that the government was rolling out programs and projects to alleviate the suffering of the people. Shettima expressed empathy for the common man and emphasized that the planned interventions aimed to ease transportation and economic pressures. He also mentioned that additional initiatives would be introduced in the coming weeks.
According to Shettima, the administration would introduce an e-logistics scheme in the North-West and electric tricycles in the North-East. The e-logistics scheme and electric tricycles aim to ease transportation and economic pressures in the regions. The Vice President mentioned that 10,600 electric tricycles would be launched in the North-East, along with 300 buses and e-taxis. These initiatives are part of the government's efforts to ameliorate the suffering of the people.
The meeting between Tinubu and Shettima in Lagos marked their first public engagement since the President returned from his European vacation and the Vice President returned from the 81st United Nations General Assembly in New York. During a national broadcast marking Nigeria's 66th Independence Day anniversary, Tinubu stated that the country was on the path to prosperity. However, opposition figures have challenged the administration's assessment of the economy.
Opposition figures, including former Vice President Atiku Abubakar and Peter Obi, have criticized the administration's economic policies. Atiku accused the Tinubu administration of worsening poverty since it came into office in 2023, while Obi stated that Nigerians were facing increased hardship amid worsening hunger and insecurity. Despite these criticisms, Shettima remains optimistic about the economy's prospects.
Shettima concluded by stating that tough times do not last forever and that the government was working to address the economic challenges facing the country. He emphasized that the administration's efforts would yield positive results, and Nigerians would soon experience relief from the current economic hardships. The Vice President's comments reflect the administration's commitment to addressing the country's economic challenges.
Key points
- President Tinubu's economic reforms prevented Nigeria from sliding into a deeper crisis.
- The country's foreign reserves were below $3.9 billion when the Tinubu administration took office.
- The administration is rolling out programs and projects to alleviate the suffering of the people.
