Vice President Kashim Shettima yesterday declared that President Bola Tinubu’s bold economic reforms saved Nigeria from imminent collapse, went a long way in stabilizing the economy,and laid the foundation for sustainable prosperity.
Shettima said the removal of petrol subsidy, unification of foreign exchange rates and the recently introduced tax reforms were necessary interventions that prevented the country from sliding into a severe economic crisis.
But he had strong words for former Vice President Atiku Abubakar and the Nigerian Democratic Congress (NDC) presidential candidate, Mr.Peter Obi,both of whom he said lack the economic understanding and leadership credentials required to navigate Nigeria through its development challenges.
He spoke at the All Progressives Congress (APC) presidential campaign rally in Port Harcourt, Rivers State.
Vice President Shettima expressed confidence that the reforms would transform Nigeria into a truly middle-income country, with the economy reaching the $1 trillion mark over the next five to 10 years.
According to him, the administration inherited an economy teetering on the brink of collapse in May 2023, but Tinubu demonstrated the courage to implement reforms that previous administrations had avoided.
‘When he attained the mantle of leadership three and a half years ago, our economy was teetering on the verge of collapse. We were on the road to Caracas. We were on our way to Kinshasa,’ he said.
He added:’Instead of kicking the ball down the road, instead of demonising his predecessor, the President had the moral courage, had the conviction to take the bull by the horns.’
The Vice President cited Nigeria’s weak reserve position and other structural challenges when Tinubu assumed office, and said the country’s economic circumstances at that time were precarious.
He said the foreign exchange reserve position inherited by the government was less than $3.9 billion, but maintained that the administration’s policies had significantly strengthened the country’s external buffers, with gross reserves approaching the $60 billion mark.
Shettima also pointed to improvement in the country’s international credit ratings as evidence that the reforms were yielding results and restoring confidence in the Nigerian economy.
‘Our foreign reserves are now hitting the $60 billion mark. Our ratings by international credit agencies have gone higher. The economy has stabilised’, he said.
Defending the administration’s reform agenda, Shettima maintained that the consequences of failing to act decisively would have been disastrous for the country’s estimated 250 million people.
‘I’m telling you, fellow countrymen, not as a politician. I’m telling you and speaking to you as your countryman.
‘Without those far-reaching decisions that the President took on the withdrawal of the fuel subsidy, on the collapse of the multiple exchange rate regimes, on the tax reforms, this country could have collapsed, and the future of 250 million people could have gone into jeopardy’, he declared.
The Vice President accusing the opposition of attempting to discredit Tinubu’s achievements rather than acknowledging the necessity and benefits of his economic interventions.
He insisted that Tinubu deserved commendation for confronting economic problems that previous governments had failed to resolve.
Shettima particularly singled out former Vice President Atiku Abubakar, questioning his economic prescriptions and criticising his proposal on fuel subsidy.
He described Atiku as ‘intellectually malnourished’ and accused him of relying on advice from those he called ‘voodoo economists’ in formulating his proposed subsidy policy.
The Vice President also took aim at former Anambra State Governor, Peter Obi, dismissing his record in public office and the banking industry as unimpressive.
‘And my friend Peter Obi has been philosophising himself into political irrelevance. He was for eight years the governor of Anambra State. His performance was at best mediocre.
‘He was the chairman of a bank in Nigeria. His performance as the chairman of that bank was equally mediocre. It was after his exit that that particular bank started waxing stronger’, Shettima alleged.
He argued that Obi’s record as governor did not support the leadership image he projected, contrasting his performance with what he described as more ambitious developmental achievements elsewhere in the country.
Shettima accused some opposition figures of making unrealistic promises without sufficient understanding of the complexities of modern governance and economic management.
He said such politicians were misleading Nigerians with proposals that could not be implemented sustainably.
‘Some clowns with very little knowledge of how modern governance is executed, on how a modern economy is being run, are misleading the nation and themselves by making promises that cannot be fulfilled’, he declared.
The Vice President, however, assured Nigerians that Tinubu’s policies were driven by a genuine commitment to improving their welfare and securing the country’s economic future.
He cited the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CreditCorp) as major interventions designed to expand opportunities for young Nigerians and improve the living standards of working families.
According to him, the student loan initiative was helping to remove financial barriers that had previously prevented children from disadvantaged backgrounds from pursuing tertiary education.
He also said the consumer credit programme was creating opportunities for middle-income Nigerians to acquire vehicles, household appliances and other essential assets without resorting to financially damaging alternatives.
Shettima added that the administration was undertaking far-reaching interventions to reposition the agricultural sector and strengthen food production.
‘The President is right now taking far-reaching decisions to reposition the agricultural industry, and be assured that in the coming months and years, Nigeria will graduate to a real middle-income country and will hit the $1 trillion economy in the next five to 10 years’, he said.
Turning to the political significance of Rivers State, Shettima praised the people for what he described as their remarkable understanding of political alliances, loyalty and the importance of sustaining relationships built on trust.
He said Rivers voters demonstrated political maturity by supporting Tinubu during the 2023 presidential election and remaining committed to the administration despite changing political circumstances.
‘If there is one state that understands the mathematics of political alliances, it is Rivers State. You do not jump on a bandwagon. You weigh your choices. You act on conviction, and once you make a choice, you stand by it.
‘Two years ago, you gave us your trust. You have not withdrawn it. Through your support, His Excellency, President Bola Ahmed Tinubu, was entrusted with the leadership of our great nation. Our gratitude to you, therefore, is profound’, he said.
The Vice President noted that the Rivers political coalition had demonstrated that strong alliances were sustained not merely by agreements among political leaders but by mutual confidence and loyalty.
‘We have learned from you the art of building alliances. We have learned that trust sustains them. Without trust, even the firmest handshake becomes an empty ceremony’, he said.
Shettima urged Rivers voters to repeat their support for the Tinubu administration in 2027, arguing that the government’s achievements and ongoing investments deserved continuity rather than a change of direction.
He warned that abandoning the administration midway through its reform programme could undermine the gains already recorded and frustrate the country’s economic transformation.
‘Good people of Rivers State, you chose to stand by us when the easier choice was to stand elsewhere. We ask you to make that choice again.
‘We ask you to renew the mandate you gave His Excellency, President Bola Ahmed Tinubu, and my humble self.
‘We have travelled too far to abandon the journey. We have worked too hard to surrender the gains. We have laid the foundations, and we must now raise the structure’, he said.
The Vice President maintained that Rivers had consistently demonstrated the capacity to distinguish between political rhetoric and purposeful leadership.
He therefore appealed to the electorate to remain steadfast in their support for Tinubu, assuring them that the administration would consolidate its reforms and deliver greater development if re-elected.
‘Rivers State has always known the difference between the noise of a crowd and the wisdom of a choice.
‘In 2027, we ask you to make that distinction once again. Stand by your conviction. Stand by your choice. Stand by President Bola Ahmed Tinubu’, he declared.