Vice President Kashim Shettima has defended the economic reforms of President Bola Tinubu’s administration, saying the measures prevented Nigeria’s economy from sliding into deeper crisis.
Shettima made the remarks on October 3, 2026, while speaking with journalists in Lagos after meeting President Tinubu. He said the administration inherited foreign reserves of about $3.9 billion, which he described as insufficient to finance fuel imports for one month.
According to the Vice President, the government had to take difficult decisions, including the removal of the petrol subsidy and the unification of multiple foreign exchange rates, to stabilise the economy.
“He saved the economy,” Shettima said, urging Nigerians to understand the circumstances under which the administration assumed office.
The Vice President, however, acknowledged the economic difficulties facing Nigerians as a result of the reforms, saying the government was implementing programmes intended to reduce the impact of the cost-of-living pressures.
Among the measures announced is an e-logistics initiative for the North-East, which Shettima said would involve 10,600 electric tricycles, 300 buses and electric taxis. The initiative is expected to be launched in the coming weeks.
Shettima also highlighted the Nigerian Education Loan Fund (NELFUND) as one of the administration’s interventions aimed at expanding access to tertiary education for students from low-income families.
The Vice President urged Nigerians to remain patient with the reform process, saying the government was conscious of the hardship being experienced across the country and would continue to introduce measures to cushion its effects.
The Federal Government has previously said that the reforms have contributed to improvements in foreign reserves and other economic indicators. In September, Shettima said reserves had risen from about $3.9 billion to more than $55 billion, while the economy recorded 4.45 per cent growth in the preceding quarter.
Shettima’s latest comments come amid continued public debate over the impact of the administration’s economic policies, particularly fuel subsidy removal, exchange-rate reforms and the rising cost of living.
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