• News - North Central - FCT
  • Updated: May 16, 2024

Tinubu has demonstrated transparency in financial dealings — Shettima

Tinubu has demonstrated transparency in financial dealings �

Vice President Kashim Shettima said his principal, President Bola Ahmed Tinubu has demonstrated transparency in financial dealings, performing well in fiscal responsibilities and management in the country. 

The Vice President noted that President Tinubu's commitment to fiscal responsibilities has led to the upgrading of Nigeria's credit outlook to positive by the global credit rating agency, Fitch.

Shettima stated this on Thursday at the 141st meeting of the National Economic Council, NEC, at the Presidential Villa in Abuja.

He said: “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.

“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden."

Stanley Nkwocha, the Vice President's spokesperson disclosed this in a statement on Thursday, adding that the council 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.

Shettima said: “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 Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.

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

The vice president further emphasized the need to create central access to capital to achieve President Tinubu's promise of creating jobs and eradicating poverty.

He added: “Therefore, our agenda today revolves around the ongoing and proposed interventions we have designed to support our small businesses.

“Whether it is addressing the inflationary impacts of the inevitable solutions proposed to save the economy or tackling the issue of high-interest rates at our financial institutions, our focus is on ensuring the survival and prosperity of these enterprises.”

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