Vice President Kashim Shettima has lauded the fiscal management and transparency of President Bola Tinubu’s administration, noting the positive recognition by Fitch Ratings. Speaking at the 141st National Economic Council (NEC) meeting on Thursday at the State House, Abuja, Shettima emphasized the administration’s commitment to financial integrity and economic reforms.
Shettima highlighted Fitch’s recent upgrade of Nigeria’s credit outlook to positive as evidence of growing confidence in the nation’s economy. “This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden,” Shettima stated.
The NEC meeting, attended by members of the Institute of Chartered Accountants of Nigeria (ICAN), discussed the accountability index and state rankings on public financial management (PFM). Shettima urged the government to use these insights for realistic financial planning.
Deliberations at the NEC focused on improving the national economy, particularly through support for Micro, Small, and Medium Enterprises (MSMEs). Shettima stressed the critical role of MSMEs, which account for 96% of all businesses and contribute 49% of the national GDP. He called for immediate interventions to support these enterprises amid economic disruptions.
“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 MSMEs that should keep us awake at night,” Shettima remarked.
To achieve job creation and poverty eradication, Shettima emphasized the importance of access to capital. He outlined ongoing and proposed interventions to support small businesses, addressing inflationary impacts and high-interest rates.
Digital technology and the Investment in Digital and Creative Enterprises (iDICE) were highlighted as key drivers for MSME growth. “The potential of our creative and digital economic sector is vast, and iDICE presents an opportunity to explore it and offer our people an advantage to compete fairly with their counterparts from other parts of the world,” Shettima explained.
Shettima also called for proactive measures to address the anticipated flooding in 2024, urging constant vigilance and preparedness to mitigate potential disasters. “We must not merely prepare for a cure; instead, we must take proactive measures to prevent this annual cycle of loss of lives and properties,” he stated.
The NEC meeting included updates from Central Bank of Nigeria (CBN) Governor Yemi Cardoso on the Excess Crude Account (ECA), Stabilization, and Development of Natural Resources accounts. As of the end of April 2024, the ECA stood at $473,754.57, the Stabilization account at N17,209,155,588.20, and the Development of Natural Resources Account at N62,307,926,804.17.