Vice President Kashim Shettima has commended the fiscal responsibilities and resource management of the President Bola Tinubu-led federal government, stating that it has performed well in these aspects.
Shettima made this assertion on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.
He referenced the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s credit outlook to positive, describing it as a reflection of increasing confidence in the nation’s economy.
In a statement issued by his spokesman, Stanley Nkwocha, the vice president emphasized that the Tinubu administration will continue to prioritize transparency in financial dealings.
“There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, it is not surprising that just a few days ago, Fitch Ratings upgraded Nigeria’s credit outlook to positive, citing reform progress under President Tinubu.
“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden,” Shettima said.
Nkwocha also noted that NEC had members of the Institute of Chartered Accountants of Nigeria in attendance to shed light on the accountability index and their ranking of states on public financial management (PFM).
He mentioned that this information would guide the government at all levels to adjust their finances and planning based on realistic projections.
During the meeting, NEC deliberated on the general state of the economy and resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).
Shettima urged Council members to assess the administration’s journey so far and acknowledge the impact of their decisions, emphasizing the importance of MSMEs to the economy.
“As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.
“Accounting for about 96% of all businesses in the country and contributing 49% of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry. We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival,” he stressed.
To achieve President Tinubu’s promise to create jobs and eradicate poverty, VP Shettima emphasized that access to capital must be a central driver of the target.
“Therefore, our agenda today revolves around the ongoing and proposed interventions we have designed to support our small businesses.
“Whether it is addressing the inflationary impacts of the inevitable solutions proposed to save the economy or tackling the issue of high-interest rates at our financial institutions, our focus is on ensuring the survival and prosperity of these enterprises,” he added.
