On May 21, 2024, Vice President Kashim Shettima announced that the government, led by President Bola Tinubu, is committed to revitalizing the struggling Economy of Nigeria without resorting to quick fixes, despite the challenges faced by Nigerians as a result of ongoing reforms. During the inaugural Asiwaju Scorecard Series held in Abuja, Shettima provided reassurance to attendees, emphasizing the commitment of the All Progressives Congress (APC) Professionals Forum. He stated that when the new government of APC took office, they were faced with a critical economic crisis.
Shettima revealed that this economic crisis required the current administration to implement severe and unpopular measures in order to prevent a complete collapse. In a statement delivered by Aliyu Modibbo Umar, the Special Adviser on General Duties for the ex-governor of Borno State, it was emphasized that the administration’s interventions were strategically planned to address deep-seated economic challenges rather than applying quick but temporary solutions. During his examination, the Vice President highlighted the encouraging outcomes of their continuous changes and actions.
It is important to avoid taking shortcuts in reviving the economy.
He expressed satisfaction with the advancements in bolstering the Naira, stating that they take pride in the progress achieved. It was mentioned that in their efforts to revive the economy, it is important to avoid taking shortcuts. The decisions made by President Bola Ahmed Tinubu have been tough but essential for the future stability and prosperity of Nigeria. Despite the challenges, the chosen path is believed to prevent economic decline and secure the nation’s future.
Hence, the initial action taken was the deliberate elimination of the fuel subsidy. It was not a decision made lightly, but rather as a necessary step to address the concerning debt service-to-revenue ratio that had escalated to dangerous levels in recent years. We understood the difficult road ahead and accepted the responsibility of guiding the nation through this turbulent economic period, bracing ourselves for the sacrifices that would be required. Their commitment to eradicating Corruption is unwavering, as evidenced by their pursuit of prominent cases.
Citizens are urged to show patience and come together in unity.
Furthermore, the implementation of digital Revenue collection in government departments is anticipated to bring about substantial improvements and uphold the transparency they have pledged to deliver to the Nigerian people. It is imperative for them, as leaders, to bear the weight of their choices. Their actions should be informed by data and a strong vision for the country. That’s why they are urging all citizens to show patience and come together in unity as they strive for a future filled with security, wealth, and hope for everyone.
Prior to the current administration, the Administration of President Muhammadu Buhari had crafted a Medium Term Plan known as the Economic Recovery and Growth Plan (ERGP). This plan aimed to revitalize Economic Growth by harnessing the creativity and resilience of the Nigerian people, who are considered the nation’s most valuable resources. The then government understood that without intervention, the Economy will continue to deteriorate rapidly. This realization led to the creation of the ERGP, a plan designed to address the root causes of the economic downturn and shift the national economic course in a significant manner.
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Additionally, the ERGP is an expansion of current sector-specific strategies like the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan. Through the enhancement of what has worked well in these previous plans and tackling obstacles encountered during implementation, the ERGP aims to align with the Sustainable Development Goals (SDGs) set by the United Nations (UN). This alignment involves addressing economic, social, and Environmental Sustainability concerns across all three dimensions outlined in the SDGs.