Vice President Kashim Shettima has said President Bola Tinubu saved Nigeria from economic collapse after taking what he described as difficult but necessary decisions to stabilise the economy.
Shettima made the statement on Saturday in Lagos after meeting with Tinubu, who recently returned to the country following his annual vacation.
The Vice President said Tinubu inherited an economy facing severe challenges in 2023 and responded by removing the petrol subsidy and unifying the country’s multiple exchange rates.
Shettima urged Nigerians to appreciate the President’s decisions despite the hardship they have caused.
“It is absolutely essential that Nigerians need to be generous to this poor man,” he said.
Shettima said Nigeria’s foreign reserves stood at just $3.9bn when the Tinubu administration assumed office, adding that the amount was insufficient to fund fuel imports for a month.
“When we assumed the mantle of leadership, our foreign reserves was a staggeringly low $3.9 billion that was not enough to import fuel for one month. He had the courage and the conviction to take power-reaching decisions,” he said.
According to Shettima, the economy was “teetering on the verge of collapse” when Tinubu took office.
“The withdrawal of the fuel subsidy, the realignment of the multiple exchange rate were far-reaching decisions. The economy was actually on the verge of collapse. He saved the economy,” the Vice President said.
He added, “I want Nigerians to understand this fundamental truism. We were on the road to Caracas; he saved our economy; he saved the nation from falling into pieces.”
Shettima acknowledged the economic difficulties Nigerians are facing but assured citizens that the hardship would not last forever.
“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.
The Vice President said the Federal Government was rolling out measures to ease the impact of the economic challenges, including transportation interventions.
He disclosed that the government would launch an e-logistics programme in the North-West within weeks and deploy 10,600 electric tricycles in the North-East to reduce transportation costs.
Shettima also announced plans to deploy 300 buses and e-taxis as part of efforts to address transportation challenges.
He said Tinubu remained concerned about Nigerians’ welfare and had “a lot of empathy for the common man.”
The Vice President also described the Nigerian Education Loan Fund as a major intervention that would enable students from low-income families to access higher education.
Shettima said the Federal Government would continue to introduce programmes and projects aimed at cushioning the effects of the economic challenges on Nigerians.
He added that the administration would remain focused on governance despite increasing political activities ahead of the 2027 general elections.
“Politics is in the air, but we’ll combine politics and governance,” Shettima said.
