Vice President Kashim Shettima expressed confidence that Nigeria’s economy is on the cusp of significant transformation despite recent challenges. Speaking at the second edition of the Chronicle Roundtable hosted by the 21st Century Chronicle in Abuja, Shettima assured Nigerians of forthcoming positive changes across various economic indicators, including inflation and food security.
“Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices,” declared the Vice President, highlighting anticipated improvements in inflation rates, per capita income, GDP figures, poverty reduction, and food security.
The Vice President’s remarks come amidst a backdrop of economic turbulence, with Nigeria’s headline inflation rate climbing to 33.20% in March 2024, according to a report from the National Bureau of Statistics. The removal of fuel subsidies by the government has further exacerbated challenges, impacting the costs of essential commodities and services.
Acknowledging the hardships faced by citizens, Shettima appealed for patience and collective sacrifice, emphasizing the necessity of addressing economic ailments decisively. He underscored the government’s commitment to making tough but necessary decisions, including the removal of fuel subsidies, to safeguard the nation’s economic future.
Reflecting on the nation’s debt burden, Shettima lamented the alarming debt service-to-revenue ratio, describing it as an “economic death sentence.” He elucidated the dire consequences of unsustainable debt servicing, likening it to a vicious cycle of borrowing to repay debts.
Shettima credited the administration’s economic reforms for stabilizing the Naira, praising the efforts of the Central Bank Governor, Olayemi Cardoso, and the National Security Adviser, Nuhu Ribadu, in countering currency manipulation. He highlighted the successful outcomes of their interventions, emphasizing the resilience of the Naira amid external pressures.