Assuring the public of forthcoming positive changes, Vice President Kashim Shettima predicts significant improvements in various economic indicators for Nigeria, including inflation rates and food security.
Speaking at the 21st Century Chronicle’s second Chronicle Roundtable at the Ladi Kwali Hall in Abuja Continental Hotel, VP Shettima emphasized the imminent economic growth, once the current challenges are overcome.
He mentioned, “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.”
Recent reports from the National Bureau of Statistics reveal a spike in Nigeria’s headline inflation rate, climbing to 33.20 percent in March 2024 from 31.70 percent in February 2024.
Following the removal of fuel subsidies by the current government, Nigerians are facing increased costs in essential commodities and services like transportation and housing, prompting calls for government interventions.
“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,” pleaded the Vice President.
Reflecting on the decision to remove fuel subsidies, Shettima highlighted the choice made by the President to prioritize the nation’s well-being over short-term economic fixes.
He lamented the nation’s debt service to revenue ratio hitting 111.18 percent in 2022, denouncing it as an “economic death sentence.”
Highlighting the administration’s economic reforms to stabilize the Naira, Shettima commended the efforts of the Central Bank Governor, Olayemi Cardoso, and the National Security Adviser, Nuhu Ribadu, in thwarting currency manipulations that hindered the reform processes.
“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.”