Tinubu’s Economic Policies Restoring Stability — Shettima

Vice President Kashim Shettima has praised President Bola Tinubu’s bold and decisive leadership, highlighting the positive impacts of the administration’s economic policies, including the removal of fuel subsidies, which he said is helping transform Nigeria into one of the largest economies in the world.

Shettima made these remarks during a meeting with a delegation from the Harvard Kennedy School Alumni on a Nigeria-Ghana Trek at the Presidential Villa in Abuja. He explained that the difficult decisions, such as the removal of fuel subsidies, were necessary to ensure the long-term stability of the country’s economy.

“When we assumed the mantle of leadership, the greatest albatross around the neck of the Nigerian government over the past 50 years had been subsidy on petroleum products,” Shettima said. “We came to a point where we either get rid of the subsidy or the subsidy will get rid of the Nigerian nation. So, my boss (President Tinubu) took the bullet, and we knew that if we failed to address the fuel subsidy scam within the first three weeks of the administration, we wouldn’t dare to do that again.”

The Vice President also emphasized that the government was addressing the challenges brought about by the subsidy removal. He pointed to investments in green technology, such as electric vehicles and electric buses, as a means of improving the living standards of Nigerians. “Just two weeks ago, the Federal Executive Council approved an expenditure of N158 billion for the procurement of electric vehicles for the North-East, which will be replicated in other parts of the country,” Shettima revealed.

He also lauded President Tinubu’s efforts to streamline the country’s foreign exchange market, which he said had been plagued by corruption and inefficiency under previous administrations. “There was no need for you to work. If you had contacts, if you had goodwill in the Central Bank, they could allocate $50 million to you at the official exchange rate, and you could make a premium from the black market without lifting a finger,” Shettima explained.

The Vice President further highlighted the monumental fiscal and tax reforms under the Tinubu administration, stressing that leadership was not about popularity but about making tough decisions for the benefit of the country. “If you want to be popular, be a nice man. Bola Tinubu may not be a nice man, but he is a good leader, and that is what leadership is all about.”

Shettima also urged the visiting delegation to look beyond the negative narratives often associated with Nigeria and focus on the strides the government is making in development.

During the meeting, the delegation had the opportunity to ask questions regarding trade policies, the subsidy removal, energy, and security. Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, noted that Nigeria is prioritizing export diversification away from oil and gas, with technology now making up about 70% of the GDP.

Finance Minister Wale Edun emphasized the significant progress made under President Tinubu’s leadership, pointing to the stabilization of the economy and a reduction in the fiscal deficit. He noted that inflation was falling, the exchange rate was stable, and food and energy prices were lower.

Special Adviser to the President on Energy, Mrs. Olu Verheijen, also discussed the reforms in Nigeria’s energy sector. She stated that the Tinubu administration’s focus on energy was aimed at diversifying the economy and fostering productivity across various sectors.

The Vice President’s remarks underscore the administration’s commitment to addressing Nigeria’s long-standing economic challenges through bold and often controversial measures, while also focusing on long-term solutions like energy diversification and green technologies to improve the living standards of Nigerians.