Vice President Kashim Shettima has stated that President Bola Tinubu saved Nigeria from an economy on the verge of collapse. According to Shettima, the country was heading towards a severe economic crisis, similar to that of Caracas, before Tinubu's administration implemented tough reforms. Shettima made these comments after visiting the President at his Lagos residence. He emphasized that Tinubu's decisions, though difficult, were necessary to prevent a deeper economic crisis.
Shettima highlighted that the administration inherited a challenging economic situation, with foreign reserves of about $3.9 billion. Despite this, Tinubu demonstrated the courage and conviction to make tough decisions, including the removal of fuel subsidy and changes to the foreign exchange regime. These decisions, though causing hardship, were necessary to stabilize the economy. Shettima acknowledged the difficulties Nigerians are facing but expressed confidence that the economy would recover.
The Vice President outlined several initiatives aimed at easing the cost-of-living pressure. One major program is an electric transportation initiative in the North-east, which will deploy 10,600 electric tricycles, 300 buses, and electric taxis. This e-logistics program, expected to launch in the coming weeks, aims to reduce transportation costs and modernize the country's logistics system. The program is part of the government's efforts to alleviate the suffering of Nigerians.
Shettima appealed to Nigerians to show understanding towards the President, stressing that the administration is conscious of the difficulties households have experienced due to its economic policies. He expressed empathy for the people, noting that tough times do not last forever. The Vice President emphasized that the administration is committed to introducing interventions aimed at cushioning the effects of the reforms on ordinary Nigerians.
The federal government had earlier announced plans for the deployment of electric tricycles through the North East Development Commission. This initiative is part of a broader effort to reduce transportation costs and modernize the country's logistics system. The program is expected to have a positive impact on the region, improving the quality of life for residents.
Shettima's comments come as the government continues to implement policies aimed at stabilizing the economy. The administration has been working to address the challenges facing the country, including high inflation and a large budget deficit. The Vice President's statement is a clear indication that the government is aware of the difficulties Nigerians are facing and is committed to finding solutions.
The government's efforts to ease the cost-of-living pressure are ongoing, with various programs and projects being rolled out. The electric transportation initiative in the North-east is just one example of the administration's commitment to improving the lives of Nigerians. As the government continues to implement its economic policies, it remains to be seen how the economy will respond in the coming months.
Key points
- President Tinubu's administration implemented tough reforms to stabilize Nigeria's economy.
- The government is rolling out programs to ease the cost-of-living pressure, including an electric transportation initiative in the North-east.
- Vice President Shettima acknowledged the hardship caused by the reforms but expressed confidence that the economy would recover.
