Vice President Shettima Lauds Tinubu Administration For Fiscal Transparency

Vice President Kashim Shettima highlighted that the President Bola Tinubu-led administration was performing well when it came to fiscal responsibilities and management, as the current government was transparent with financial dealings.

Speaking at the 141st meeting of the National Economic Council (NEC) at the Presidential Villa in Abuja, the vice president cited global credit rating agency, Fitch, and noted the agency has upgraded Nigeria's credit outlook to positive.

"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," he said, as per an official statement shared on X (formerly known as Twitter).

He further explained that this move by the agency shows "increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden."

The meeting was attended by some members of the Institute Chartered Accountants of Nigeria, who spoke about the accountability index and their ranking of states on public financial management.

NEC also discussed how the economy is doing overall in Nigeria and noted that the administration needs to work harder to make things better, especially by supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

Shettima further emphasized that as the country wants stability, it is essential to remember that every country's backbone isn't big companies but also MSMEs as they play a vital role in tracking the nation's productivity and employment data.

"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," he said.

He added, "We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival."

The vice president noted that to achieve Tinubu's set goals for the country, the meeting's agenda revolves around ongoing and proposed interventions the administration has created to support our small businesses.

He also highlighted the role of digital technology in the growth and sustainability of small businesses, mentioning a program called Investment in Digital and Creative Enterprises (iDICE), which the administration is working on to upscale these businesses.