Shettima: Economy Would Have Collapsed Without Tinubu’s Reforms, Food Prices to Fall “in Coming Weeks”

By: Ganiyu Olayinka

Vice President Kashim Shettima has defended President Bola Tinubu’s economic reforms, saying Nigeria’s economy would have collapsed without the administration’s “far-reaching decisions.” He also promised relief from high food prices in the coming weeks.

He acknowledged that Nigerians have endured hard times but argued that things could have been worse if the President had not taken what he called courageous decisions to reposition the economy.

Shettima spoke on Monday at the Banquet Hall of the Presidential Villa, Abuja, at “Together Till 2027: An Evening with Original City Boy.” The forum was organised by the City Boy Movement with the Relax-Tinubu-Is-Fixing-Nigeria Movement, both of which are mobilising support for Tinubu’s re-election bid.

“A mountaintop”

The Vice President said the reforms have started to produce results, pointing to economic growth and rising foreign reserves. “The President took those far-reaching decisions. He had the courage of conviction and the knowledge to take those far-reaching decisions that repositioned the Nigerian economy, so that now the economy grew by 4.43 per cent in the last quarter. Most importantly, our foreign reserves are now hovering at the level of $60bn,” he said.

He urged Nigerians to consider how far the country has come before condemning the administration. “It’s only those who have been in the deepest valley that will appreciate how magnificent it is to be on a mountaintop,” he said.

He also took a swipe at critics, saying the President deserved commendation, not condemnation. “If the President had not taken those far-reaching decisions, wallahi, I am not talking to you as a politician. I am talking to you as a Nigerian, our economy would have collapsed,” he said. He added that some critics would otherwise be writing long commentaries on the country’s collapse from homes abroad, then said: “I have not mentioned anybody’s name.”

Food prices

Shettima said the administration is preparing measures to address persistently rising food prices. “Yes, Nigerians have gone through some tough times, but it could have been worse. Be reassured that in the coming weeks, the President will come up with robust responses to agricultural challenges, and prices of foodstuff will certainly come down,” he said.

He cited infrastructure investment and the Nigerian Education Loan Fund as part of efforts to reposition the economy and widen opportunities for young Nigerians, and urged youths to answer criticism by taking the government’s message to communities. “I urge the youth of Nigeria. I beseech thee. I implore you to go out to the streets and tell the truth to other Nigerians,” he said.

What the data show

Figures from the National Bureau of Statistics show real GDP growth of 4.43 per cent in the second quarter of 2026, up from 4.23 per cent in the same quarter of 2025. The bureau reported that headline inflation eased to 14.63 per cent in September 2026 from 15.39 per cent in August and 20.98 per cent in September 2025. Food inflation, however, stood at 19.59 per cent.

Central Bank of Nigeria (CBN) data put external reserves at $55.07 billion as of 9 October, below the roughly $60 billion Shettima cited.