Vice President Kashim Shettima has defended President Bola Tinubu’s economic policies, claiming that the country was close to economic collapse before the removal of the petrol subsidy and the unification of exchange rates.
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Shettima made the remarks after meeting with Tinubu at the President’s residence in Lagos following his return from an overseas trip.
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The Vice President said the administration had remained in regular communication with Tinubu throughout his time abroad, with officials keeping him informed about developments in the country.
Shettima said Tinubu inherited an economy facing severe pressure, particularly from low foreign reserves. According to him, Nigeria had foreign reserves of about $3.9bn when the administration assumed office, which he said was insufficient to cover even one month of crude oil imports.
He said the administration therefore had to take difficult economic decisions, including the removal of the petrol subsidy and changes to the multiple exchange-rate system.
Shettima described the measures as major decisions that were necessary to prevent a deeper economic crisis. He credited Tinubu with taking the decisions despite the hardship they have caused many Nigerians.
The Vice President acknowledged that Nigerians were experiencing economic difficulties but said the government was working on measures aimed at reducing the impact of the hardship.
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He said the administration would soon introduce several interventions in the North-East, including the deployment of e-logistics services and electric transportation.
According to Shettima, plans are underway to deploy 10,600 electric tricycles across the region, alongside 300 electric buses and taxis. He said the initiatives were intended to make transportation easier and reduce some of the economic pressure on residents.
Shettima also pointed to the Nigerian Education Loan Fund as one of the administration’s programmes designed to support Nigerians facing financial difficulties.
He said NELFUND would provide students from less privileged backgrounds with greater access to higher education and described the programme as an important intervention by the Federal Government.
The Vice President also said Tinubu had shown concern for the difficulties faced by ordinary Nigerians and promised that additional programmes would be introduced to reduce the effects of the current economic challenges.
On the political situation ahead of the 2027 elections, Shettima acknowledged that political activities were already increasing but said the administration would continue to combine governance with political engagements.
He maintained that the government’s focus remained on implementing its policies while preparing for the political activities ahead.
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