Vice President Kashim Shettima has stated that President Bola Tinubu's economic reforms have saved Nigeria from imminent collapse and laid the groundwork for sustainable prosperity. Speaking at the All Progressives Congress presidential campaign rally in Port Harcourt, Rivers State, Shettima emphasized that the removal of petrol subsidy, unification of foreign exchange rates, and tax reforms were necessary interventions. These measures, he said, prevented the country from sliding into a severe economic crisis.
Shettima expressed confidence that Tinubu's reforms will transform Nigeria into a middle-income country with a $1 trillion economy within the next decade. He noted that the administration inherited an economy on the brink of collapse in May 2023, but Tinubu demonstrated the courage to implement reforms that previous administrations had avoided. The Vice President cited the country's weak reserve position and structural challenges, which he said were precarious at the time Tinubu assumed office.
According to Shettima, the foreign exchange reserve position inherited by the government was less than $3.9 billion, but the administration's policies have significantly strengthened the country's external buffers, with gross reserves approaching the $60 billion mark. He also pointed to improvements in the country's international credit ratings as evidence that the reforms are yielding results and restoring confidence in the Nigerian economy.
Shettima defended the administration's reform agenda, stating that the consequences of failing to act decisively would have been disastrous for Nigeria's estimated 250 million people. He accused the opposition of attempting to discredit Tinubu's achievements rather than acknowledging the necessity and benefits of his economic interventions. The Vice President particularly criticized former Vice President Atiku Abubakar's economic prescriptions and proposal on fuel subsidy.
Shettima also took aim at former Anambra State Governor, Peter Obi, dismissing his record in public office and the banking industry as unimpressive. He alleged that Obi's performance as governor and bank chairman was mediocre, and that it was after his exit that the bank started performing better. The Vice President accused some opposition figures of making unrealistic promises without sufficient understanding of modern governance and economic management.
Despite criticism from the opposition, Shettima assured Nigerians that Tinubu's policies are driven by a genuine commitment to improving their welfare and securing the country's economic future. He cited initiatives such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation as major interventions designed to expand opportunities for young Nigerians and improve living standards.
The Vice President concluded by stating that the administration is undertaking far-reaching interventions to reposition the agricultural sector and strengthen food production. He expressed optimism that Nigeria will graduate to a real middle-income country and hit the $1 trillion economy mark in the next five to 10 years.
Key points
- Tinubu's economic reforms have saved Nigeria from imminent collapse and set the country on a path to a $1 trillion economy.
