Shettima foresees positive changes, seeks patience

Vice President Kashim Shettima has assured that Nigerians will soon see significant changes across all economic indicators, including inflation, and food security, among others.

The VP stated this at the second edition of the Chronicle Roundtable, hosted by the 21st Century Chronicle at the Ladi Kwali Hall, Abuja Continental Hotel, on Thursday.

He declared, “Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people.”

Nigeria’s economy has seen a downward dive in recent times as the headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024, a report from the National Bureau of Statistics disclosed.

Since the removal of the fuel subsidy by the current government, Nigerians have continued to seek interventions from the FG to ameliorate the subsidy removal, as it has impacted the costs of food items, transportation, and housing, among others.

“There is no doubt that there’s a time to plant and a time to reap. In between those times, we appeal for patience and seek collective sacrifice from all, especially from us. We wish there were a way to treat this ailment without surgery,” the VP pleaded.

Shettima noted that the President “chose the option that would save the life of the nation, instead of one that would merely prolong its imminent and predicted economic death. Before we took charge, the biggest elephant in the room was the question of fuel subsidy removal.

“We understood why our predecessor made the decision to remove it and refused to budget for it in their final fiscal year.”

The VP lamented that in 2022, the nation’s debt service to revenue ratio had grown to 111.18 per cent, describing it as an “economic death sentence.”

He said, “The year before we took office, Nigeria’s debt service-to-revenue ratio had grown to 111.8%. The anticipated debt crisis may sound like fancy economic jargon to the man on the street, but you and I are in a better position to understand how such miscalculations have played out in other countries. It’s an economic death sentence.”

“In plain terms, our debt servicing was such that if you earned, say, N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor. How do you intend to survive this, and how many more loans before you become a pariah?

Talking about the administration’s economic reforms to stabilise the Naira, Shettima commended the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the National Security Adviser, Nuhu Ribadu, for neutralising “the overpowering influence of currency manipulators who had conspired to frustrate our reforms.

“Today, I stand proud to say that their interventions have translated into desired results, and Naira’s pushback against all odds is an inspiring journey that doesn’t have to be learnt in Buenos Aires, as some would want us to do.”