FG’s policies averted economic collapse – Shettima

Vice President Kashim Shettima has given high praise to President Bola Tinubu's economic reforms, stating that they have saved the life of the nation. Speaking as the guest speaker at the Second Chronicle Roundtable in Abuja, Shettima elaborated on the measures taken by the Tinubu administration in response to the dire state of the Nigerian economy when Tinubu assumed office on May 29, 2023. 

Shettima explained that the administration acted on the petrol subsidy regime and the foreign exchange market intervention, saying that Tinubu chose the harshest but most certain path to recovery. He further emphasized that the Tinubu-led government understands the reasons for the steps taken by the immediate past Buhari administration and does not blame it for the current economic hardship.

The VP 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, predicting that Nigeria’s economy will experience significant growth once it has overcome these sacrifices. 

Shettima highlighted the nation's debt-service-to-revenue ratio, which had risen to 111.18 per cent before Tinubu assumed office, describing it as an "economic death sentence." He also cited the nation’s budget deficits, diversions of resources from critical sectors of the economy, and corruption masterminded by the subsidy regime. Shettima argued that since President Tinubu's opponents in the 2023 elections all promised to tackle these head-on, they cannot blame the government for taking the obvious steps.

The VP lamented the level of sabotage Nigeria's economy had suffered at the hands of those who are only concerned with personal gains over national interest. He pointed at fuel subsidy beneficiaries and foreign currency speculators, saying that the Tinubu administration's colleagues in charge of the CBN and the NSA had to take matters into their own hands.

Regionally, Shettima opined that Nigeria must get its acts together first before it can lead Africa into its projected growth revolution. He emphasized that governance is not a photocopying machine and cited the Argentine Solution suggested by the presidential candidate of the Peoples Democratic Party in the last election, Atiku Abubakar, noting that every nation's journey is different.

In conclusion, Shettima expressed confidence that some of the measures being administered would soon bring desired results for the nation. He argued that policy consistency with a long-term vision to transform critical sectors of the economy is the way to go and called for periodic review and integration into the medium and long-term development framework of the country.