Michael Johnson
Wed, Sep 6, 2023 7:41 AM

Vice President Shettima: Tinubu's Economic Policies Yielding Positive Results, Allocations Increased

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Vice President Shettima: Tinubu's Economic Policies Yielding Positive Results, Allocations Increased
Vice President Kashim Shettima has praised the economic policies of the President Bola Tinubu administration, stating that they are already showing positive results. Shettima highlighted the increased allocations available to states from the federation account, attributing it to the absence of unaccounted fuel subsidies. He emphasized the need for a strong partnership with the banking and finance industry to propel Nigeria's economic growth and rejuvenation. Shettima also outlined the priorities of the Tinubu administration, including food security, poverty eradication, economic growth, access to capital, and improved security. The article discusses the importance of cooperation from stakeholders in implementing these priorities and commends the reform initiatives undertaken by the Tinubu administration.

ABUJA - Vice President Kashim Shettima has said that the economic poli­cies of the President Bola Tinu­bu administration was already yielding the desired results, es­pecially with more allocations available to states from the fed­eration account.

Shettima made the comment on Tuesday as special guest of honour at the opening of the 16th Annual Banking and Finance Conference with the theme, 'Ni­geria's Economic Growth and Empowerment: The Role of the Financial Services Industry'.

"Regarding the outcomes of recent government policies and programmes, I must announce with pride that our decisions are already yielding tangible results, with both state and federal gov­ernments now enjoying more substantial allocations.

"These funds promise a di­rect and positive impact on the lives of our citizens. Without the serially unaccounted fuel subsi­dies, we can now redirect our savings towards more deserving causes", Shettima said.

According to the number two citizen, a stronger partnership with experts in the banking and finance industry can spur "turning the economy around in record time".

His remarks were part of a presentation titled 'Our Priori­ties in a Post-Pandemic World'.

He noted that "we must now do what pessimists may regard as impossible: turning the econ­omy around in record time. We seek your partnership in getting this done. We cannot take your support for granted."

Continuing, he said, "This journey towards economic reju­venation is not one to be under­taken in isolation. It is a call to forge robust partnerships with strategic nations and multilat­eral organisations, for in unity, Nigeria can reposition itself as a formidable, globally competitive partner."

Speaking further about the role of the banking and finance industry in rejuvenating the economy, Sen. Shettima called on the stakeholders to "join us in serving the nation. We have promised to reposition consum­er finance, and that can't be done without you.

"We have promised to incen­tivise and finance value-addition to our agricultural and other products, and you are our ally in this. We need you because Ni­geria teeters on the edge of a pre­carious balance of payments as we import more than we export.

"The future is already here, and this industry is a spring­board for the success of our reforms and programmes. Whether in incorporating block chain technology or expanding financial inclusion to deliver div­idends of democracy to banking and unbanked citizens, Nigeria is here to occupy the high-table in a fast-changing world".

He also said, "We envision a future where no leader can re­sort to the tired excuse of 'scarci­ty of funds' to evade completion of projects or delayed salary pay­ments. Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme."

Speaking on the 'Eight-Point Agenda' of the Tinubu adminis­tration, the vice president said, "We have resolved to prioritise food security and ending poverty. We are prioritising economic growth and job creation. We are prioritising access to capital and improving security.

"We are prioritising improv­ing the playing field on which people and particularly compa­nies like yours operate. We are also prioritising the rule of law and the fight against corruption. Each agenda cannot be fully im­plemented without your cooper­ation."

Earlier in his remarks, Pres­ident of the Chattered Institute of Bankers, Ken Opara, said the event which has grown to become the largest gathering of banking and finance profession­als in Africa provides the plat­form for professionals to come together to drive conversation on topical issues that are critical to the growth of the Nigerian econ­omy.

He praised the reform ini­tiatives of President Bola Tinu­bu, noting that "the reform initiatives such as subsidy removal, unifying the foreign exchange regime, investing in infrastructure, promoting agri­culture, supporting SMEs, and tax reforms, among others, if well implemented, will unlock the economic potentials of the country."

Also present at the event were: Minister of Budget and Economic Planning, Sen. Abu­bakar Bagudu; Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso; Ag. Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, and World Bank rep­resentative in Nigeria, Mr. Shu­bam Chaudhuri, among others.

Source of content: OOO News 2023-09-06 News

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