Vice President Kashim Shettima has praised the federal government under President Bola Tinubu for its fiscal responsibility and management, highlighting the administration’s commitment to transparency in all financial dealings.
He used Fitch’s recent ranking as an example, saying that the improvement to positive from negative by Nigeria’s credit outlook reflected growing confidence in the country’s economy.
At Thursday’s 141st National Economic Council (NEC) meeting in Abuja’s Presidential Villa, Senator Shettima delivered a speech.
In all of its fiscal transactions and safeguards, this administration has shown itself to be completely forthright.
Fitch Ratings recently raised Nigeria’s credit rating to positive, citing President Tinubu’s reform achievements, so it’s not shocking.
“This shows how optimistic we are about our economic future, particularly considering the changes in policies that will help us pay down our debt,” he said.
On hand to “shed light on the accountability index and their ranking of states on public financial management (PFM)” were NEC members who were also affiliated with the Institute of Chartered Accountants of Nigeria.
The vice president claimed that this will help all levels of government better prepare for “the rainy days based on realistic projections” and “finances.”
NEC discussed the national economy as a whole and decided to do more to help small and medium-sized businesses (MSMEs) thrive.
Shettima highlighted the nation’s micro, small, and medium-sized enterprises (MSMEs), calling them the basis of the country’s economy, and urged Council members to evaluate the administration’s progress and recognize the consequences of their decisions.
We must keep in mind that large firms are not the only ones who contribute to our economy as we work toward stability.
Our Micro, Small, and Medium Enterprises (MSMEs) are the real culprits, even though these organizations are critical for monitoring national employment and production statistics.
The backbone of our economy is MSMEs, which account for approximately 96% of all firms in the country and contribute 49% of the national GDP.
Disruptions that have sent shockwaves throughout the business have been generated by our efforts to rebuild the economy in the previous several months.
Taking swift action is crucial to lessen the impact and guarantee their survival; we must not turn a blind eye to this fact,” he emphasized.