Vice President Kashim Shettima, hailed President Bola Ahmed Tinubu-led administration.
Shettima added that Tinubu’s government has performed well in its fiscal responsibilities, including maintenance of transparency in financial dealings.
Citing the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s credit outlook to positive, the former Bornu state governor described it as a reflection of increasing confidence in the nation’s economy.
In a statement made available to the public by his media aide, Stanley Nkwocha, stated that the Vice President led this out on Thursday, during the 141st meeting of the National Economic Council, at the Presidential Villa.
The statement reads: “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.
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“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.
“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.”
