Vice President Kashim Shettima has defended the economic reforms introduced by President Bola Tinubu, saying the administration deserves commendation rather than criticism for measures taken to stabilise the country’s economy.
Shettima spoke on Monday at the Delta State Economic and Investment Summit in Asaba, where he highlighted what he described as improvements in Nigeria’s economic outlook since the Tinubu administration assumed office.
He also praised Anambra State Governor, Prof. Chukwuma Soludo, for publicly supporting the Federal Government’s reform agenda.
According to the vice president, Soludo stood by his views during the 2023 elections by insisting that the presidency would be decided through grassroots support rather than intimidation or blackmail.
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Shettima said the administration inherited an economy facing capital shortages but noted that the situation has improved with increased investor confidence and rising capital inflows.
He credited the government’s policies with strengthening the country’s external reserves, saying Nigeria’s foreign reserves have grown to more than $52 billion despite challenges in the global economy.
“Professor Soludo, you have done a lot for the Federal Government, especially by helping Nigerians understand where we were coming from. We moved from reserves of about $3 billion when the country was facing capital shortages to a situation where capital is flowing into the economy.
“Our foreign reserves have risen to over $52 billion and are still increasing despite the turbulent global environment. The President deserves commendation, not condemnation,” Shettima said.
The vice president also assured investors that the Federal Government would continue to support genuine investments and work with state governments to remove barriers affecting businesses.
Available data show that Nigeria’s foreign exchange reserves stood at $35.09 billion on May 29, 2023, when the Tinubu administration took office. By June 2026, the reserves had increased to $51.03 billion, the highest level recorded since January 2009.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.