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Says nation was “on the road to Caracas” before reforms
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Government to deploy 10,600 e-tricycles, 300 e-buses, taxis in Northeast
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Vice President Kashim Shettima has declared that the Tinubu administration saved Nigeria from economic collapse, saying the country was already “on the road to Caracas” when the President assumed office.
Shettima spoke after meeting with Tinubu at the President’s Lagos residence, where he said the two leaders had remained in regular contact during Tinubu’s period abroad.
According to the Vice President, Tinubu】 took difficult but necessary decisions, including the removal of fuel subsidy and the unification of multiple exchange rates, to prevent the economy from collapsing.
He said the country’s foreign reserves stood at a “staggeringly low” $3.9 billion when the administration assumed office, arguing that the figure was insufficient to sustain the country’s oil imports for even a month.
“When we assumed the mantle of leadership, our foreign reserves were a staggeringly low $3.9 billion that was not enough to import oil for one month.
“He had the courage and the conviction to take far-reaching decisions. The withdrawal of the fuel subsidy, the realignment of the multiple exchange rates, were far-reaching decisions.
“He literally, the economy was actually teetering on the verge of collapse; he saved the economy. I want Nigerians to understand this fundamental truism. We are on the road to Caracas. He saved our economy. He saved the nation from falling to pieces,” Shettima said.
The Vice President acknowledged the economic hardship being experienced by Nigerians, but urged citizens to remain patient, stressing that the government was introducing measures to cushion the impact of the reforms.
“We appreciate the pains Nigerians are going through, but tough times do not last forever. Tough people do,” he said.
Shettima also disclosed that the Federal Government would, in the coming weeks, roll out a series of electric mobility and logistics initiatives in the Northeast as part of measures to reduce the burden on residents.
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He said the programme would include the deployment of 10,600 electric tricycles, as well as 300 buses and electric taxis.
“In the next couple of weeks, we are going to launch e-logistics in the Northeast. We are going to run 10,600 electric tricycles to ease the pains of the people in the Northeast, and 300 buses and taxis, e-taxis.
“All these were meant to ameliorate the sufferings of our people,” the Vice President said.
Shettima said Tinubu remained concerned about the welfare of Nigerians, describing the President as a leader with “a lot of empathy for the common man.”
He cited the Nigerian Education Loan Fund (NELFUND) as one of the administration’s interventions designed to expand access to higher education for students from disadvantaged backgrounds.
“The President has empathy, a lot of empathy for the common man. The NELFUND is a masterstroke aimed at assisting students of limited means to have access to drink from the Western Spring,” he said.
On the political environment ahead of the 2027 general elections, Shettima said the administration would continue to focus on governance while engaging in politics.
“Politics is in the air, but we will combine politics and governance,” he said.
Shettima also expressed satisfaction with Tinubu’s return to active engagement, saying the President remained in constant communication with his team while abroad.
“We are quite thrilled that he is back on the beat, and we have been in regular contact throughout his sojourn abroad.
“Advances in science and technology have made it possible to really have impactful leadership wherever one might find himself. So we have been in regular contact. We speak almost every other day, and we are updating him. We are updating him on developments in the nation, and we are happy he’s back on the beat,” he said.
