Nigerian Government’s Policies Averted Economic Collapse – VP Shettima

Vice President Kashim Shettima on Thursday said President Bola Tinubu’s economic reforms of the past one year “saved the life of the nation”.

He described them as necessary given the poor state of Nigeria when he assumed office on May 29, 2023.

“His Excellency, President Bola Tinubu, chose the option that will save the life of the nation instead of one that will merely prolong its imminent and predicted economic death,” said Shettima when he appeared as the guest speaker at the Second Chronicle Roundtable in Abuja.

He explained why the administration acted on the petrol subsidy regime and the foreign exchange market intervention, saying the President chose the harshest but most certain path to recovery.

The VP affirmed that the Tinubu administration does not blame the previous regime for its decisions

Shettimma implored Nigerians to be patient with the administration assuring them that Tinubu is steering the ship of state through economic turbulence and storms he encountered on taking office.

He expressed confidence that the measures taken so far would soon yield the desired results for the nation.

“Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people,” the VP predicted.

Shettima emphasised that the Tinubu-led government understands the reasons for the steps taken by the immediate past Buhari administration.

Therefore, it does not blame it for the current economic hardship.

“We understood why our predecessor made the decision to remove the subsidy. We do not resort to putting the blame on the previous administration.

“Leadership is about courage, leadership is about continuity, leadership is about taking far-reaching decisions.  Before we took charge, the biggest issue was the fuel subsidy removal. We had to get rid of the subsidy or the subsidy would have destroyed the Nigerian nation, it was a bitter pill to swallow, but necessary.

“The government is a continuum. Whoever succeeded the previous government could either steer the ship through the storm as President Tinubu is doing or let the country implode,” he stated firmly.

Shettima cited Nigeria’s debt-service-to-revenue ratio which rose to 111.18 per cent before Tinubu assumed office describing it as a “an economic death sentence.”