Tinubu saved Nigeria from economic collapse, says Shettima

Vice President Kashim Shettima has declared that President Bola Ahmed 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 took tough reform decisions.

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 were 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.