Vice President Kashim Shettima, yesterday, declared that the President Bola Tinubu-led government has performed well in its fiscal responsibilities and management, as the administration maintains transparency in financial dealings.
   
“There is no doubt that this government has demonstrated transparency in its financial dealings and protections,” Shettima said, citing the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s outlook to positive, and describing it as a reflection of increasing confidence in the nation’s economy.  Shettima spoke during the 141st meeting of the National Economic Council (NEC), which was held at the Presidential Villa, Abuja.
   
 “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 said.
  
 NEC also had members of the Institute of Chartered Accountants of Nigeria in attendance to “shed light on the accountability index and their ranking of states on Public Financial Management”.
   
This, Shettima said, would guide the government at all levels to adjust its “finances and planning for the rainy days based on realistic projections”. The Council deliberated on the general state of the economy and resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).
   
Urging members of the Council to assess the administration’s journey so far, Shettima drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.
   
“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 MSMEs that should keep us awake at night.
    
“Accounting for about 96 per cent of all businesses in the country and contributing 49 per cent 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,” he pointed out.
   
On account balances, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, briefed the Council on the update of the Excess Crude Account (ECA), Stabilisation and Development of Natural Resources accounts.
   
The CBN Governor put the ECA as at the end of April 2024 at $473,754.57, while the Stabilisation account was put at N17,209,155,588.20, during the same period. The Development of Natural Resources Account was put at N62,307,926,804.17, also at the end of April 2024.