Vice President Kashim Shettima has defended the sweeping economic reforms introduced by President Bola Ahmed Tinubu, describing them as “courageous and unavoidable” measures aimed at fixing Nigeria’s long-standing structural weaknesses.
Speaking in Abuja on Tuesday, September 9, at the opening of the 66th Annual Conference of the Nigerian Economic Society (NES), Shettima argued that while the reforms have triggered hardship for citizens, they represent the political will required to restore fiscal discipline, attract investment, and stabilize the macroeconomy.
“Under President Tinubu’s leadership, this administration has embarked on bold and inevitable reforms to address structural weaknesses that others before us only paid lip service to,” Shettima said. “Their painful but necessary consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent.”
Since assuming office in May 2023, Tinubu has rolled out major policy shifts, including the removal of the long-standing fuel subsidy, unification of multiple exchange rates, restructuring of the tax system, and halting of Central Bank financing of budget deficits.
While the reforms have been praised by investors and international observers for restoring confidence in Nigeria’s economy, they have also led to soaring inflation, rising living costs, and public discontent.
Shettima acknowledged the difficulties but urged patience, stressing that the government remains committed to alleviating the immediate pains while laying foundations for long-term prosperity. He added that the reforms demonstrate Nigeria’s willingness to break away from “outdated economic explanations” that have held back growth across Africa.
He also used the platform to call on African nations to embrace the knowledge economy, stressing that structural transformation and human capital development are critical for addressing unemployment and poverty.
“We live in a world where a random citizen in Daura can outsource his services to a corporation in Dallas without leaving his bedroom,” Shettima noted. “For Africa to catch up, we must reinvent our human capital and confront poverty head-on. There is no justification for the low per capita income afflicting our nations despite the resources at our disposal.”
The Vice President concluded by highlighting President Tinubu’s “listening ear” as a unique strength, assuring that the administration remains open to constructive engagement as it navigates Nigeria through its most difficult economic transition in decades.
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