Vice President Kashim Shettima said on Thursday that President Bola Tinubu’s administration has performed well in its fiscal responsibilities and management.

Mr Shettima spoke at the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.

The vice-president said Mr Tinubu’s administration maintained transparency in financial dealings.

He cited the recent ranking by global credit rating agency Fitch, which upgraded Nigeria’s credit outlook to positive, describing it as a reflection of increasing confidence in the nation’s economy.

” 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,” he stated.

Some members of the Institute Chartered Accountants of Nigeria (ICAN) attended the NEC meeting, which “shed light on the accountability index and their ranking of states on public financial management (PFM).”

Mr Shettima said the essence of ICAN attendance was to guide the government at all levels to adjust their “finances and planning for the rainy days based on realistic projections.”

The council also deliberated on the general state of the economy. It resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

The vice president urged the council members to assess the administration’s journey so far and acknowledge the impact of their decisions.

He drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.

“MSMEs are the backbone of our economy, accounting for about 96 per cent of all businesses in the country and contributing 49 per cent of the national GDP,” he said.

Mr Shettima noted that access to capital must be a central driver of the target.

He underscored the role of digital technology in the growth and sustainability of small businesses, tipping Investment in Digital and Creative Enterprises (iDICE) as “a work in progress to upscale these businesses.

“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,” said Mr Shettima.

Mr Shettima also called for proactive measures in tackling flooding this year, cautioning that incident reports of Nigeria’s vulnerability to flooding in 2024 indicate that constant vigilance and preparedness are required.

On the Human Capital Development (HCD) programme launched by the immediate past administration, Mr Shettima disclosed that the federal government was set to commence its implementation phase on Friday.

On account balances, the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, briefed the council on the update of the Excess Crude Account (ECA) and the stabilisation and development of natural resources accounts.

The CBN governor estimated the ECA at the end of April 2024 at about $473.8 million, while the stabilisation account was estimated at over N17.2 billion during the same period.

The Development of Natural Resources Account was also over N62.3 billion at the end of April 2024. 

(NAN)