Tinubu Saved Nigeria from Economic Collapse, Says Shettima
• FG to deploy 10,600 electric tricycles, 300 buses, taxis in North-east
Deji Elumoye in Abuja
Vice President Kashim Shettima yesterday declared that President Bola Tinubu saved Nigeria from an economy that was “teetering on the verge of collapse”, saying the country was already “on the road to Caracas” before the administration embarked on tough reforms.
The vice president said 10,600 electric tricycles would be deployed across the North-east region alongside 300 buses and electric taxis under an e-logistics programme expected to be launched in the coming weeks to reduce the cost of transportation.
Shettima, who spoke with journalists after visiting the President at his Lagos residence, said Nigerians should appreciate the difficult circumstances under which Tinubu assumed office and the far-reaching measures subsequently taken to stabilise the economy.
He acknowledged the hardship occasioned by the reforms but insisted that the removal of fuel subsidy and realignment of multiple foreign exchange rates were necessary decisions that prevented a deeper economic crisis.
“The economy was actually teetering on the verge of collapse; he saved the economy. I want Nigerians to understand this fundamental truism. We are on the road to Caracas. He saved our economy. He saved the nation from falling to pieces”, the vice president said.
According to Shettima, the administration inherited what he described as foreign reserves of about $3.9 billion, which he said underscored the severity of the economic situation confronting the government at inception.
He said Tinubu nevertheless demonstrated “the courage and the conviction” to take difficult decisions, particularly the withdrawal of fuel subsidy and changes to the foreign exchange regime.
Shettima appealed to Nigerians to show understanding towards the president, stressing that the administration was conscious of the difficulties households had experienced as a consequence of its economic policies.
“We appreciate the pains Nigerians are going through, but tough times do not last forever. Tough people do”, he said.
The vice president disclosed that the federal government was rolling out programmes and projects intended to ease the cost-of-living pressure, including a major electric transportation initiative in the North-east.
He said 10,600 electric tricycles would be deployed across the region alongside 300 buses and electric taxis under an e-logistics programme expected to be launched in the coming weeks.
“In the next couple of weeks, we are going to launch e-logistics in the Northeast. We are going to run 10,600 electric tricycles to ease the pains of the people in the Northeast, and 300 buses and taxis, e-taxis. All these were meant to ameliorate the sufferings of our people”, he said.
The federal government had earlier announced plans for the deployment of electric tricycles through the North East Development Commission as part of efforts to reduce transportation costs and modernise the country’s logistics system.
Shettima said the president remained particularly concerned about the impact of the reforms on ordinary Nigerians and would continue to introduce interventions aimed at cushioning their effects.
He cited the Nigerian Education Loan Fund (NELFUND) as one of the administration’s interventions aimed at ensuring that students from families with limited financial means were not denied access to tertiary education.
“The president has empathy, a lot of empathy for the common man,” he said, assuring Nigerians that the government would “come up with programmes and projects to ease the pains of the people”, he said.
Shettima also disclosed that he remained in regular communication with Tinubu throughout the President’s recent stay abroad, dismissing suggestions that his absence had disrupted the business of government.
According to him, advances in technology had made it possible for the president to remain actively engaged with developments at home.
“We have been in regular contact. We speak almost every other day, and we are updating him. We are updating him on developments in the nation, and we are happy he’s back on the beat”, Shettima said.
He said Tinubu’s return would herald further decisions designed to affect the lives of Nigerians, adding that the administration would not allow the gathering political momentum ahead of the 2027 elections to distract it from governance.
“Politics is in the air, but we will combine politics and governance”, the vice president said.
Tinubu returned to Nigeria earlier in the week after his stay in Europe and has since been operating from Lagos, where he has held meetings and attended official engagements.