VP Shettima recent made some bold claims about the Tinubu administration’s controversial economic policies during his remarks at the Second Chronicle Roundtable in Abuja. While defending the government’s actions, Shettima’s statements warrant a critical examination.
Shettima stated that President Tinubu’s economic reforms over the past year, including removing the gasoline subsidy and altering foreign exchange policies, “saved the life of the nation” from imminent economic collapse. He argued these were necessary sacrifices given Nigeria’s dire fiscal situation upon Tinubu taking office in May 2023.
While the previous administration’s policies did contribute to economic imbalances like a 111% debt-service-to-revenue ratio, Shettima provided little evidence that Tinubu’s “bitter pill” policies have actually begun reversing these trends after just one year. The costs of these policies in terms of soaring inflation, depressed purchasing power, and potential social unrest may ultimately outweigh any perceived benefits so far.
The VP chided critics, including opposition figures who made similar campaign promises, saying data and facts proved the administration’s approach was correct. However, he failed to provide much of this data to back up his assertions about the policies’ effectiveness. More transparency around the economic impacts to date would have strengthened his argument.
Shettima also blamed “saboteurs” in the oil sector and bureaux de change for undermining the economy through personal greed – a convenient scapegoat without addressing potential flaws in the government’s policy design and implementation. And his dismissive tone towards an Argentine economic model suggested by opposition shows an unwillingness to consider alternative approaches.
On the whole, VP Shettima came across as incredibly confident, if not overconfident, that the Tinubu administration’s policies would bear fruit and revive Nigeria’s sputtering economy. Only time will tell if his optimism is warranted or misplaced. But greater evidence and data, rather than rhetoric, is needed to truly judge whether these “bitter pills” were the right remedy. Nigerian citizens facing economic hardship deserve more transparency.
Reference
FG’s policies averted economic collapse – Shettima published in punch