Lawrence Olaoye 
Vice President Kashim Shettima yesterday said the latest Fitch Ratings reflected President Bola Tinubu’s transparency in financial dealings.
Shettima said this at the 141st National Economic Council (NEC) meeting he chaired at the Presidential Villa According to a release by his spokesman, Stanley Nkwocha, the Vice President said the Tinubu government has performed well in its fiscal responsibilities and management, as the administration maintained transparency in financial dealings.
Fitch, a global credit rating agency, had recently upgraded Nigeria’s credit outlook to positive and the Vice President described the rating as a reflection of increasing confidence in the nation’s economy.
“There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, 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 stated. NEC 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).
The Vice President underscored the role of digital technology in the growth and sustainability of small businesses, tipping Investment in Digital and Creative Enterprises (iDICE) as “a work in progress to upscale these businesses.
Shettima also called for proactive measures in tackling flooding this year, cautioning that incident reports of Nigeria’s vulnerability to flooding in 2024 are such that it requires constant vigilance and preparedness.
On the 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.
