Vice President Kashim Shettima has emphasized that the current economic hardships in Nigeria should not be solely attributed to the previous administration led by Muhammadu Buhari.
Speaking at the Chronicle Roundtable organized by the 21st Century Chronicle, he highlighted that the incumbent government will not lay blame on its predecessor for the challenges encountered upon assuming power.
Addressing the complexity of governing Nigeria amidst prevailing national issues, the Vice President acknowledged the daunting task of leadership in such a context.
He expressed, “The President opted for measures aimed at protecting the citizens’ lives rather than aggravating the economic turmoil. We refrain from shifting responsibility to past administrations, understanding that leadership demands courage and continuity.”
“Prior to our tenure, a major concern was the lingering fuel subsidy dilemma, which had burdened the nation for two to three decades. Our predecessor’s decision to eliminate this subsidy was influenced by a lack of adequate budgetary provisions,” he continued.
“A year before assuming office, Nigeria’s debt-to-revenue ratio had soared to an alarming 111.18 percent, posing a severe economic threat,” he further explained.
“To provide a clearer picture, our debt servicing necessitated borrowing an additional N11,800 for every N100,000 earned – an unsustainable scenario that risked isolating us internationally,” he elaborated.
“Consequently, we made the tough decision to abolish the subsidy system, albeit reluctantly, in the interest of our economic sustainability,” he concluded.