Vice President Kashim Shettima has said that the President Tinubu-led Federal government has performed well in its fiscal responsibilities and management, as the administration maintains transparency in financial dealings.
He cited the recent ranking by the 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.
Senator Shettima spoke on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.
He said the administration has demonstrated transparency in its financial dealings, noting that the development reflects the increasing confidence in the country’s economic trajectory, especially in light of policy changes aimed at reducing debt service burden.
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).
Urging Council members to assess the administration’s journey so far and acknowledge the impact of their decisions, Shettima drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.
The Vice President also underscored the role of digital technology in the growth and sustainability of small businesses, tipping investments in Digital and Creative Enterprises (iDICE) as “a work in progress” to upscale these businesses.
Shettima called for proactive measures in tackling flooding this year, cautioning that incident reports of Nigeria’s vulnerability to flooding in 2024 are such that it requires constant vigilance and preparedness.
On the account balances, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, briefed the Council on the update of the Excess Crude Account (ECA), Stabilization and Development of Natural Resources accounts.
Cardoso put the ECA as at the end of April 2024 at $473,754.57, while the Stabilization account was put at N17,209,155,588.20, during the same period. The Development of Natural Resources Account was put at N62,307,926,804.17, also at the end of April, 2024.
(Editor: Ken Eseni)
