By Iroyin Yoruba Television
Vice President Kashim Shettima has defended the economic policies of President Bola Tinubu’s administration, saying the reforms implemented since the government assumed office prevented Nigeria from sliding into a deeper economic crisis.
Shettima made the remarks on Saturday, October 3, 2026, while speaking with journalists in Lagos after visiting President Tinubu at his residence in Ikoyi.
The Vice President's comments provide one of the administration’s strongest recent political defences of its economic record as Nigeria approaches the 2027 general elections. His assessment focused particularly on the condition of the economy inherited by the administration, the reforms introduced since 2023 and the government's argument that those measures have begun creating stronger economic foundations.
According to Shettima, the country was facing severe economic pressure when the Tinubu administration took office. He said foreign reserves were below $3.9 billion at the time, describing the economy as being close to the kind of instability experienced by countries that have undergone severe economic breakdown.
He argued that the administration's decisions, although difficult and unpopular in some respects, were necessary to prevent a more serious crisis.
Among the most consequential decisions of the Tinubu administration were the removal of the petrol subsidy and the unification of the foreign-exchange market.
Both policies have generated significant debate since their introduction.
The removal of the petrol subsidy immediately changed the cost structure of fuel consumption in Nigeria and contributed to a sharp increase in transportation and household expenses. The foreign-exchange reforms also produced major adjustments in the value of the naira and created new economic pressures for businesses and consumers.
Supporters of the reforms have consistently argued that the previous system was financially unsustainable and that maintaining it would have placed an increasingly heavy burden on government finances.
Critics, however, have pointed to the immediate impact on household purchasing power, food prices, transportation costs and living standards.
Shettima's latest comments reflect the government's continuing position that the difficult adjustment period was unavoidable and that the benefits of reform will become increasingly visible as the economy stabilises.
The Vice President said the administration's decisions were aimed at addressing structural weaknesses rather than simply managing short-term problems.
This distinction is central to the government's economic narrative.
Rather than returning to policies that may provide temporary relief, the administration has argued that Nigeria needs reforms capable of improving fiscal stability, attracting investment, strengthening production and creating conditions for sustainable economic growth.
Shettima said the government's actions had helped prevent Nigeria from falling apart economically.
He also argued that President Tinubu's policies were motivated by concern for ordinary Nigerians, rejecting suggestions that the administration was indifferent to the hardship experienced by households during the reform process.
The government's challenge has been to convince Nigerians that the economic improvements it cites are translating into better living conditions.
Macroeconomic indicators and household experiences do not always move at the same pace.
A government may point to improving reserves, increased output, falling inflation or a more stable foreign-exchange market, while households continue to struggle with food costs, rent, school expenses, transport fares and other everyday bills.
That gap between economic statistics and personal experience has become an important political issue ahead of the next election.
The administration's argument is that reforms require time before their full benefits reach households.
Opposition politicians, meanwhile, have used the continuing pressure on households to challenge the government's record.
The debate is therefore increasingly becoming a contest between two competing interpretations of Nigeria's economic situation.
The government says the economy has been stabilised and placed on a stronger foundation.
Opposition voices argue that ordinary Nigerians should be the primary measure of whether the reforms have succeeded.
Shettima's Saturday remarks come against that political background.
With the 2027 election approaching, economic performance is expected to remain one of the most important issues facing the electorate.
For the governing All Progressives Congress, the ability to demonstrate measurable economic progress will be important to its effort to defend its record.
For opposition parties, the same economic indicators provide an opportunity to argue that the government's policies have imposed excessive costs on citizens.
The political significance of Shettima's statement therefore extends beyond his defence of specific policies.
It represents an effort to establish the administration's preferred interpretation of the country's economic journey.
Under that interpretation, Nigeria inherited a vulnerable economic structure, and the government responded by removing policies it regarded as unsustainable.
The immediate consequences were severe, but the government believes the reforms have created a foundation for future growth.
One of the biggest questions surrounding that argument is how quickly economic improvement can become visible to ordinary citizens.
If inflation falls but food prices remain high, many households may not immediately experience the improvement reflected in official statistics.
If the naira becomes more stable but imported goods remain expensive, businesses and consumers may continue to feel pressure.
Similarly, economic growth does not automatically translate into employment or higher household incomes.
The government therefore faces the challenge of converting macroeconomic stabilisation into broader improvements in living standards.
Shettima's comments suggest that the administration believes the next phase of its programme should focus increasingly on the benefits of reform.
The Vice President said the administration would launch several projects in the coming weeks, signalling an intention to demonstrate practical outcomes from the government's policies.
Such projects could become politically significant because infrastructure, employment opportunities and visible public investments are easier for citizens to evaluate directly than abstract economic indicators.
For communities, the question will be whether government programmes improve roads, electricity, healthcare, education, transportation, agricultural productivity and employment opportunities.
For businesses, the key questions include access to foreign exchange, interest rates, energy costs, infrastructure and consumer demand.
For young Nigerians, employment and opportunities for entrepreneurship are likely to remain among the most important measures of economic progress.
The administration therefore faces a dual task.
It must continue defending the structural reforms that it considers necessary while also demonstrating that those reforms can produce tangible improvements in people's lives.
This is particularly important because economic reforms often involve a period in which the costs are felt immediately while the expected benefits take longer to appear.
Political opponents can exploit that gap, while governments must demonstrate why citizens should remain patient.
The Tinubu administration has repeatedly maintained that its policies are designed to place Nigeria on a more sustainable economic path.
Shettima's statement reinforces that position.
However, the political debate will ultimately depend on whether the public accepts the government's explanation and whether measurable improvements continue to emerge.
The Vice President's reference to the economic situation at the beginning of the administration also raises questions about how Nigeria should evaluate economic policy.
Governments often inherit difficult conditions from their predecessors, while each administration also becomes responsible for the policies it introduces.
Consequently, the assessment of the Tinubu administration will involve both an evaluation of the conditions it inherited and an examination of what its own reforms have produced.
That assessment will increasingly take place as Nigerians prepare to vote in 2027.
The political environment is already becoming more competitive, with opposition parties seeking to build alliances and challenge the governing party.
Economic performance will therefore form part of the wider contest over which political platform offers Nigerians the most credible path toward improved living standards.
For the APC, Shettima's defence provides a clear political message: the government's difficult decisions should be judged by their long-term effects rather than solely by the hardship experienced during the transition.
For opposition parties, the response is likely to remain that reform cannot be considered successful if citizens continue to experience severe financial pressure.
Both arguments are likely to remain central to political debate.
The wider question is how Nigeria can achieve economic stability while protecting vulnerable households during periods of major policy adjustment.
Removing a subsidy or changing a foreign-exchange system may address a structural problem, but governments also need mechanisms that protect people who are least able to absorb the immediate costs.
Social intervention programmes, employment creation, targeted assistance, affordable transportation and improved public services can all play roles in cushioning the effects of reform.
The effectiveness and reach of such measures will influence how citizens assess the government's economic programme.
Another important consideration is investor confidence.
The administration has argued that its reforms are intended to make Nigeria a more predictable environment for investment.
A stable foreign-exchange market, stronger public finances and clearer economic policies can potentially encourage investment and expand productive activity.
But investors also consider infrastructure, security, taxation, access to credit, regulatory consistency and consumer purchasing power.
Economic reform therefore cannot operate in isolation.
For the benefits of reform to become sustainable, improvements must extend across multiple parts of the economy.
Agriculture, manufacturing, energy, transportation, technology and services all have roles to play in creating employment and increasing domestic production.
The administration's future projects will therefore be watched not simply for their political visibility but for their ability to generate lasting economic value.
The government's economic message also faces a communication challenge.
Citizens may understand the argument that reforms were necessary but still demand evidence that the sacrifices are producing results.
That is why economic data, government projects and household experiences will increasingly become part of the political conversation.
As the election approaches, competing parties will interpret the same economic developments differently.
The governing party will emphasise improvements and structural reforms.
Opposition parties will focus on hardship, unemployment, poverty and the cost of living.
Voters will ultimately decide which interpretation more closely reflects their experience.
Shettima's intervention therefore comes at an important political moment.
His message is that Nigeria avoided a potentially much worse economic crisis because the government was willing to take difficult decisions.
The administration now has to demonstrate that the stabilisation it describes can lead to stronger economic opportunity and improved living standards.
That will require more than political speeches.
It will require sustained implementation, credible economic management, investment, job creation and effective delivery of public services.
For Nigerians, the most meaningful measure will remain the condition of everyday life.
A stronger economy should eventually mean that households can afford essential goods, businesses can plan with greater certainty, young people can find productive opportunities and communities can access reliable public services.
If those improvements become increasingly visible, the government's argument that its reforms were necessary and are beginning to work will gain greater political credibility.
If economic pressure remains severe despite improved macroeconomic indicators, opposition arguments will continue to resonate.
The coming months will therefore be important for both the economy and the political environment.
The Tinubu administration will have to translate its economic narrative into practical results while continuing to explain why the reforms were undertaken.
The opposition will continue scrutinising those results and presenting alternative approaches.
And Nigerian voters will increasingly be asked to decide whether the government's difficult choices have placed the country on the right path.
For now, Shettima's message is unequivocal: the administration believes its reforms prevented a deeper economic collapse and created the foundation for recovery.
The next test will be whether that recovery becomes sufficiently visible in the lives of ordinary Nigerians to shape public confidence ahead of the 2027 election.