Vice President Senator Kashim Shettima has asserted that the challenges encountered by the present administration upon assuming office on May 29 cannot be solely attributed to the immediate-past administration led by former President Muhammadu Buhari.
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Speaking at a roundtable hosted by the 21st Century Chronicle, Shettima emphasized that President Bola Tinubu made a tough decision for the country’s benefit rather than opting for an easier path.
He stated, “The president chose the option that would save the lives of the people instead of prolonging economic turmoil. We refrain from laying blame on previous administrations as leadership requires courage and continuity.”
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Before the current administration assumed office, one of the major challenges faced was the issue of fuel subsidy removal, which had persisted for 20 to 30 years, according to Shettima. He explained that there was insufficient budgetary provision for it in the fiscal year, leading to the need for its removal.
A year before we took office, Nigeria’s debt service to revenue ratio had grown to 111.18 percent, posing a significant economic threat,” Shettima continued. Our debt service ratio meant that for every N100,000 earned, an additional N11,800 had to be borrowed to service debts. This was unsustainable.”
Consequently, the administration had to make the difficult decision to jettison the subsidy regime, despite it being a bitter pill to swallow.
Shettima also highlighted a past incident where a presidential candidate in the previous election pointed to Argentina as a model for Nigeria’s economic trajectory. However, within weeks, Argentina experienced a surge in inflation, underscoring the complexities of governance.
Shettima emphasized that governance requires strategic decision-making tailored to Nigeria’s unique circumstances, rather than blindly copying models from other countries.
