Vice President Kashim Shettima praised the fiscal management and transparency of President Bola Ahmed Tinubu’s administration, highlighting a recent upgrade of Nigeria’s credit outlook to positive by Fitch Ratings as evidence of growing confidence in the nation’s economy.
During the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja, Shettima underscored the significance of this upgrade.
“This government has shown remarkable transparency in its financial dealings, which was reflected in Fitch’s recent positive outlook for Nigeria, citing reforms under President Tinubu,” he stated.
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The meeting also featured members of the Institute of Chartered Accountants of Nigeria, who discussed the accountability index and public financial management rankings of various states. Shettima emphasized the importance of these evaluations for guiding government financial planning.
The NEC deliberated on improving the economy, particularly focusing on Micro, Small, and Medium Enterprises (MSMEs). Shettima stressed the vital role of MSMEs, which constitute about 96% of all businesses in Nigeria and contribute 49% to the national GDP. He called for immediate interventions to mitigate disruptions affecting these enterprises and support their survival and growth.
Addressing economic stability, Shettima highlighted the need for accessible capital to fulfill President Tinubu’s job creation and poverty eradication promises.
He emphasized ongoing and proposed support for small businesses, tackling high-interest rates, and addressing inflationary impacts.
Shettima also underscored the potential of digital technology for small business growth, advocating for the Investment in Digital and Creative Enterprises (iDICE) initiative to help Nigerian businesses compete globally.
Additionally, Shettima called for proactive flood management measures, citing reports of Nigeria’s vulnerability to flooding in 2024. He urged for preparedness to prevent loss of lives and properties.
Regarding the Human Capital Development (HCD) Programme, Shettima announced the commencement of its implementation phase, with the inauguration of the steering committee and core working group.
Central Bank of Nigeria (CBN) Governor Yemi Cardoso provided an update on the nation’s financial accounts. As of the end of April 2024, the Excess Crude Account 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.
This NEC meeting highlighted the government’s commitment to fiscal responsibility, economic stability, and the growth of small businesses, aiming for a prosperous future for Nigeria.
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