Vice President Kashim Shettima is hopeful about a notable upturn in the Nigerian economy in the near future.
Speaking at the second Chronicle Roundtable organised by 21st Century Media Services in Abuja, Shettima uurged Nigerians to remain patient with President Bola Tinubu’s administration as he looked through the economic challenges inherited upon assuming office.
”Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices,” said Mr Shettima.
Mr Shettima, the guest speaker at the roundtable, explained some key policy decisions that Mr Tinubu’s administration took and its economic and social agenda, including removing subsidies on petroleum products.
He described the removal of fuel subsidy as the “biggest elephant in the room” before Mr Tinubu took charge.
“We met on the ground, especially the nation’s ailing economy, which was already tottering towards an eclipse.
” There is no doubt that there’s a time to plant and a time to reap. Between those times, we appeal for patience and seek collective sacrifice from all, especially from us.
“We wish there were a way to treat this ailment without surgery,” he said.
The vice president noted that the decision to remove the fuel subsidy was quite tough, considering its negative impacts on the lives of the citizens.7
He said the removal, however, became an inevitable option when it was discovered that former President Muhammadu Buhari’s immediate past administration did not include it in the 2023 budget.
Mr Shettima said Mr Tinubu chose the option that would save the nation’s life instead of merely prolonging its imminent and predicted economic death.
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“We understood why our predecessor made the decision not to budget for fuel subsidy in their final fiscal year, because Nigeria’s debt service-to-revenue ratio had grown to 111.8 per cent,” he said.
Mr Shettima added: “In plain terms, our debt servicing was such that if you earned N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor.”
The vice president noted that whoever had succeeded the previous government would have either chosen to steer the ship through the storm as Mr Tinubu is doing or jumped ship and let the country implode.
He said those who contested the presidency with Mr Tinubu were not morally justified to question the decision to remove fuel subsidy because it was part of the solutions they also tabled before Nigerians.
“This was because, whether in handling the subsidy matter or the forex crisis, they had also promised the solutions we had adopted.
“Those who attempted to eat their words were instantly proven wrong by data, history, and their antecedents—those emotionless reality checkers,” he said.
Mr Shettima said Nigeria had endured economic sabotage for a long time, leading to the resolve of the CBN governor, Yemi Cardoso, and the National Security Adviser, Nuhu Ribadu, to neutralise the overpowering influence of currency manipulators.
The vice president said the manipulators had conspired to frustrate government reforms.
” Today, I stand proud to say that their interventions have translated into desired results, and Naira’s pushback against all odds is an inspiring journey that doesn’t have to be learned in Buenos Aires, as some would want us to do,” he said.
Earlier, the chairman of the Ministry of Finance Incorporated and former Finance Minister, Shamsudeen Usman, praised the content of the Renewed Hope Agenda of the Tinubu administration.
