Economic Challenges: Examine the “Big Picture,” Shettima Tells Nigerians

Vice President Kashim Shettima is urging patience from Nigerians and thinks Bola Tinubu’s economic reforms would soon show benefits.

Among other reforms, the elimination of gasoline subsidies and the unification of all currency exchange (FX) market segments have driven living costs to previously unheard-of heights.

Still, Shettima assured the audience at the 2nd Chronicle Roundtable in Abuja on Thursday that Nigeria is headed in the right direction in spite of the early economic difficulties.

Especially the elimination of fuel subsidies, which he referred to as the “big elephant in the room,” he said the reforms were essential actions.

I really wish there was a faster way to our promised land. The only short way, he continued, is to give the country placebos, which would mortgage both the current and future generations.

We have decided to save the country, nonetheless, and I can guarantee you that our economic pledges are still good. When we get over these sacrifices, Nigeria’s economy will soon grow significantly. Inflation, GDP figures, per capita income, poverty reduction, food security, and many other economic metrics that are dear to our people will soon show positive changes.

“As leaders, we bear the burden of responsibility for our actions even when we are convinced that we are right, even when data seems to favour our positions, even when common sense appeals to our decisions and, especially, when we are wrong,” he said.

“I must ask of you to look at the big picture with me and believe me when I say: there is no shortcut to where we are headed. I believe that the time of crisis or expectations is precisely the time that a leader of note proves their resilience.”

Shettima also restated the government’s commitment to take on corruption without partiality.

Our pledge to fight corruption impartially and without bias is being kept. The current high-profile examples point to a new era of responsibility, Shettima remarked.

“With revenue collecting in all ministries, departments, and agencies continuing to be digitalized, the administration’s revenue drive is on track to produce outstanding results.”