Vice President Kashim Shettima has defended President Bola Tinubu’s economic policies, saying decisions including fuel subsidy removal and exchange rate realignment saved Nigeria from economic collapse.

Shettima spoke on Saturday after visiting Tinubu in Lagos, where he said the country’s foreign reserves were below $3.9 billion when the administration assumed office, leaving Nigeria unable to import fuel for a month.

“When we assumed the mantle of leadership, our foreign reserves were a staggering below $3.9 billion that was not enough to import fuel for one month,” he said.

The Vice President described the removal of fuel subsidy and the realignment of the multiple exchange rate as far-reaching decisions taken by Tinubu despite the challenges involved.

“The withdrawal of the fuel subsidy, the realignment of the multiple exchange rate were far-reaching decisions.

“The economy was actually on the verge of collapse. He saved the economy,” Shettima said.

He urged Nigerians to understand the administration’s position, saying the country had been heading towards a crisis similar to that experienced in Venezuela.

“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 into pieces,” he added.

Acknowledging the hardship facing Nigerians, Shettima said the government was rolling out programmes and projects to ease the burden on citizens.

“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.

“The government is rolling out programmes and projects to assuage the pains of our people.”

He announced plans to introduce e-logistics in the North-West and deploy 10,600 electric tricycles in the North-East, alongside 300 buses and e-taxis.

“In the next couple of weeks, we are going to launch e-logistics in the North-West. We are going to launch 10,600 electric tricycles to ease the pains of the people in the North-East, and 300 buses and e-taxis; all these are meant to ameliorate the suffering of our people,” Shettima said.

The Vice President also said Tinubu had “empathy for the common man”.

The meeting marked the first public interaction between Tinubu and Shettima since the President returned from his vacation in Europe and the Vice President returned from the 81st United Nations General Assembly in New York.

In his Independence Day broadcast on October 1, Tinubu said Nigeria was moving from economic reforms towards prosperity.

However, opposition figures, including African Democratic Congress (ADC) leader Atiku Abubakar and Nigeria Democratic Congress (NDC) leader Peter Obi, criticised the administration’s assessment of the economy.

Atiku accused the government of deepening poverty since taking office in 2023, while Obi said Nigerians were suffering from worsening hunger and insecurity.