Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Tinubu, arguing that the measures prevented Nigeria from sliding into a deeper financial crisis.
Shettima made the remarks on Saturday after meeting with President Tinubu at his residence in Lagos. He said the administration inherited an economy facing serious challenges and had to make difficult decisions to stabilise it.
According to the Vice President, Nigeria’s foreign reserves were below $3.9 billion when the Tinubu administration assumed office, a situation he said reflected the severity of the crisis at the time.
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He pointed specifically to the removal of petrol subsidy and the adjustment of the country’s multiple foreign exchange rates as major steps taken by the administration.
Shettima said Tinubu had the political will to implement the reforms despite the hardship they caused for many Nigerians.
He described the economy at the time as being close to collapse and said the country was “on the road to Caracas”, referring to Venezuela’s prolonged economic crisis.
The Vice President, however, acknowledged that Nigerians have experienced significant difficulties as a result of the reforms.
“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.
FG Plans Electric Transport Programme
Shettima also announced plans by the Federal Government to introduce an electric transportation and logistics programme in the North-East.
He said the initiative would involve the deployment of 10,600 electric tricycles, as well as 300 buses and electric taxis, with the aim of reducing transportation costs and easing pressure on residents.
The programme is expected to be launched in the coming weeks.
The Vice President said the planned intervention formed part of wider government efforts to cushion the effects of the economic challenges facing Nigerians.
He also cited the Nigerian Education Loan Fund as another government initiative designed to help students from financially disadvantaged families gain access to tertiary education.
According to Shettima, the administration remains aware of the difficulties being experienced by households and will continue introducing programmes aimed at reducing the impact of the economic reforms.
Shettima Says Tinubu Remained Involved While Abroad
Shettima also dismissed suggestions that Tinubu’s recent stay outside Nigeria affected the running of government.
He said he maintained regular communication with the President during his time abroad and kept him informed about developments in the country.
The Vice President said advances in technology had enabled Tinubu to remain engaged with government affairs despite being outside the country.
Tinubu recently returned to Nigeria after spending time in Europe and has since resumed official activities in Lagos.
Shettima added that the government would continue its work despite increasing political activities ahead of the 2027 general elections.
“Politics is in the air, but we will combine politics and governance,” he said.
Added Source: ThisDay
